business chap 18 key terms

  • Created by: ngaelsa
  • Created on: 21-04-17 15:20
Marketing mix
the 4 key decisions that must be taken to the effective marketing of a product
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Intangible attributes of a product
subjective opinions of customer about a product that cannot be measured or compared easily with other products
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Tangible attributes of a product
measurable features of a product that is easy to compare with its competitors
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Brand
an identifying name, symbol, image, trademark that distinguishes a product from its competitors
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Product portfolio analysis
analysing the range of existing product of a business to help allocate resources effectively between them
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Product life cycle
pattern of sales recorded by a product from launch to withdrawal from the market, 1 of the main forms of product portfolio
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Consumer durable
manufacture product than can be reused and is expected to have a reasonably long life such as car, washing machine
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Price elasticity of demand (PED)
measures the responsiveness of demand due to changes in price
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Customer relationship management (CRM)
using marketing activities to establish customer relationship in order to maintain existing customer loyalty
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Mark-up pricing
adding a fixed mark-up for profit for each item
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Full-cost (absorption) pricing
setting price by calculating a unit cost of a product (variable, fixed cost) and then add fixed profit margin
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Contribution (marginal) - cost pricing
setting price bases on the variable cost of making a product in order to make a contribution towards fixed cost and profit
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Target pricing
setting price that will give a required rate of return at a certain level of output
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Competition-base pricing
a firm will set its price bases upon price set by its competitors
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Dynamic pricing
offering goods at a given price that changes according to level of demand and the ability of customer to pay
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Penetration pricing
setting relatively low price often supported with strong promotion to achieve high volume of sales
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Market skimming
setting high price for a new product due to its highly differentiated from competitors (USP) with low price elasticity of demand
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Product
end result of production process that is sold on the market to satisfy customer's needs and wants
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Product positioning
consumer's perception of a product or service as compared to its competitor
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Extension strategy
marketing plans to extend the maturity stage of a product before a brand new one is needed
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Other cards in this set

Card 2

Front

subjective opinions of customer about a product that cannot be measured or compared easily with other products

Back

Intangible attributes of a product

Card 3

Front

measurable features of a product that is easy to compare with its competitors

Back

Preview of the back of card 3

Card 4

Front

an identifying name, symbol, image, trademark that distinguishes a product from its competitors

Back

Preview of the back of card 4

Card 5

Front

analysing the range of existing product of a business to help allocate resources effectively between them

Back

Preview of the back of card 5
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