Economic viability
I understand the factors which affect economic viability of a product and can design considering this.
Economic viability
I understand the factors which affect economic viability of a product and can design considering this.
These resources will be removed by end of Summer Term 2025.
Lesson details
Key learning points
- Knowing the socioeconomic status of the target market ensures that the product is viable.
- Enterprise in design is when designers identify new design opportunities.
- Advertising and marketing a product is used to promote sales.
Keywords
Socioeconomic - a measure of a person's standing based on their income, education, and job type
Enterprise - a business or organisation that works to make money or achieve goals
Crowdfunding - a way of raising money by gathering small contributions from many people
Marketing - how businesses promote and sell their products or services
Advertisng - the act of promoting products or services to attract customers
Common misconception
Socioeconomic status is just about a person's income.
It is a combination of things such as income, education, occupation and even influence.
Equipment
Use of the internet for research in the last task.
Licence
Lesson video
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