A system that allows buyers and sellers to agrees prices and to trade
1 of 10
Differentiation
Making your product stand out from others, either because of real differences (e.g. Innovation) or by effective marketing
2 of 10
Competitive Advantage
a unique feature that gives a business an edge over its rivals. Examples include: Innovation, reputation, and relationships.
3 of 10
Unique Selling Point (USP)
Something that is attractive to buyers and are not matched by competitors. This is useful to gain competitive advantage.
4 of 10
Outsourcing
Sub-contracting the making of parts or entire products to other firms in order to concentrate activity on marketing. Multinationals normally outsource to countries with lower costs (e.g. China)
5 of 10
Market Niche
A small section of a market with distinctive specialized requirements.
6 of 10
Demand
The combination of willingness and ability to buy/ purchase a product or service at a particular price
7 of 10
Substitutes
Alternatives to a particular product; similar brands are close substitutes.
8 of 10
Complementary Goods
Items/products/services that go together e.g. cars and gas, DVD and DVD players etc.
9 of 10
Inferior Goods
Products we buy less as rising income lets us switch to more attractive substitutes.
10 of 10
Other cards in this set
Card 2
Front
Making your product stand out from others, either because of real differences (e.g. Innovation) or by effective marketing
Back
Differentiation
Card 3
Front
a unique feature that gives a business an edge over its rivals. Examples include: Innovation, reputation, and relationships.
Back
Card 4
Front
Something that is attractive to buyers and are not matched by competitors. This is useful to gain competitive advantage.
Back
Card 5
Front
Sub-contracting the making of parts or entire products to other firms in order to concentrate activity on marketing. Multinationals normally outsource to countries with lower costs (e.g. China)
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