Business Definitions 4.5 / 5 based on 2 ratings ? BusinessASAQA Created by: Jack AshurstCreated on: 23-03-13 12:20 Targeting a product or service at a small segment of a larger market niche marketing 1 of 18 Aiming a product at all (or most) of a market mass marketing 2 of 18 A theory describing the stages a product passes through during its time in the marketplace product lifecycle 3 of 18 The integration of price,product, place and promotion to achieve marketing aims marketing mix 4 of 18 Gaining favourable publicity through the media public relations 5 of 18 The proceess of differentiating a product or service through the name, sign, slogan branding 6 of 18 Attempts to pursuade consumers to take action at the point of sale merchandising 7 of 18 The process of communicating with customers advertising 8 of 18 Short term incentives to pursuade customers to buy a particular product sales promotion 9 of 18 Entering a market at a high price to attract early adopters to cover r and d costs price skimming 10 of 18 Below the market price to gain a foothold in an established and competitive market price penetration 11 of 18 A product that can influence the market price price leader 12 of 18 A firm which sets its prices the same or similar level to those of the dominant firm in the industry price taker 13 of 18 Products sold at less than cost to attract customers to a product range loss leader 14 of 18 The use of odd number pricing to increase the value for money appeal of a product physchological pricing 15 of 18 The responsiveness of demand for a product to a change in price elasticity of demand 16 of 18 The demand for a product changes relatively lees than the change in price inelastic 17 of 18 The demand for a product changes relatively more than a change in price elastic 18 of 18
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