A test model of a planned design, used to see if it functions properly, with durability, reliability and safety.
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Sustainability
Making something using materials that will still be around for future generations, perhaps because you are planting a tree for everyone you fell.
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Capacity Utilisation
This measures actual usage of your facilities as a percentage of the maximum possible.
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Corporate Brand
A brand that represents the whole company as well as its products.
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Crowdfunding
Obtaining external finance from many individual, small investments, usually through a web-based appeal.
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Loss Leader
Pricing a product below cost in order to attract further, profitable business.
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Price Elasticity
A measurement of the extent to which a product's demand changes when its price is changed.
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Price Sensitive
When customer demand for a product reacts sharply to a price change (that is, demand is highly price elastic).
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Pricing Tactics
Short-term pricing responses to opportunities or threats.
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Barrier to Entry
Factors that make it hard for new firms to break into an existing market.
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E-Commerce
Literally, electronics commerce - carried out online.
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Impulse Purchasing
Buying in an unplanned way.
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Long Tail
The huge number of tiny businesses appealing to minority tastes that can find a profitable existence online because they can target the whole planet, not just the local area.
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Opportunity Cost
The cost of missing out on the next best alternative when making a decision (or when committing resources).
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Wholesaler
The middleman between the producer and retailers, who breaks bulk down from container lorry-loads into manageable parcels.
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Cash Cow
A product that has a high share of a low-growth market.
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Dog
A product that has a low share of a low-growth market.
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Extension Strategy
Marketing activities used to prevent sales from declining.
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Portfolio Analysis
An analysis of the market position of the firm's existing products; it is used as part of the marketing planning process.
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Problem Child
A product that has a small share of a fast-growing market.
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Rising Star
A product that has a high share of a fast-growing market.
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Homogenous Goods
These have no points of differentiation and therefore each one is the same as every other (making competition focus on price).
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Product Differentiation
The extent to which consumers perceive your brand as being different from others.
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Design
Finding the right balance between creating something that people desire to have, that they can afford to buy and that works reliably.
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Branding
The skill of giving a product or service distinctiveness or personality.
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Promotion
The part of the marketing mix that focuses on persuading people to buy the product or service.
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Price
The amount paid by the customer for a good or service.
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Pricing Strategy
The plan for setting a product's price for the medium-to-long term.
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Distribution
Related to availability (how to get the product to the right place for customers to make their purchases). It includes physical or online distribution availability and visibility.
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Product Life Cycle
The theory that all products follow a similar pattern over time, of development, birth, growth, maturity and decline.
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Product Portfolio
Places brands into a matrix based on market share and market growth.
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Marketing Strategy
A carefully evaluated plan for future marketing activity that balances company objectives, available resources and market opportunities. It is implemented through the marketing mix.
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Other cards in this set
Card 2
Front
Making something using materials that will still be around for future generations, perhaps because you are planting a tree for everyone you fell.
Back
Sustainability
Card 3
Front
This measures actual usage of your facilities as a percentage of the maximum possible.
Back
Card 4
Front
A brand that represents the whole company as well as its products.
Back
Card 5
Front
Obtaining external finance from many individual, small investments, usually through a web-based appeal.
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