Business Definitions

Targeting a product or service at a small segment of a larger market
niche marketing
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Aiming a product at all (or most) of a market
mass marketing
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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
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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
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Attempts to pursuade consumers to take action at the point of sale
merchandising
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The process of communicating with customers
advertising
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Short term incentives to pursuade customers to buy a particular product
sales promotion
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Entering a market at a high price to attract early adopters to cover r and d costs
price skimming
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Below the market price to gain a foothold in an established and competitive market
price penetration
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A product that can influence the market price
price leader
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A firm which sets its prices the same or similar level to those of the dominant firm in the industry
price taker
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Products sold at less than cost to attract customers to a product range
loss leader
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The use of odd number pricing to increase the value for money appeal of a product
physchological pricing
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The responsiveness of demand for a product to a change in price
elasticity of demand
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The demand for a product changes relatively lees than the change in price
inelastic
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The demand for a product changes relatively more than a change in price
elastic
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Other cards in this set

Card 2

Front

Aiming a product at all (or most) of a market

Back

mass marketing

Card 3

Front

A theory describing the stages a product passes through during its time in the marketplace

Back

Preview of the front of card 3

Card 4

Front

The integration of price,product, place and promotion to achieve marketing aims

Back

Preview of the front of card 4

Card 5

Front

Gaining favourable publicity through the media

Back

Preview of the front of card 5
View more cards

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