Unit 2.2

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What is a Product Portfolio?
The range of products sold by a business.
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What is a Target Market?
The group of consumers the business is targeting with its products.
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What is meant by Diversify?
Spreading risk by selling in different markets (Virgin are in cosmetics, travel and the music industry.
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What is a Product Life Cycle?
This is the time span over which consumers will want them, no onw will buy exactly the same product forever.
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What are Extension Strategies?
The steps taken to extend the life cycle of a product.
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What is a Price War?
When companies try to compete with each other by consistently cutting their prices in order to be the cheapest firm in the market.
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What is Promotion?
The method used to communicate to customers and potential customers about your products and business.
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What is the Promotional Mix?
The combination of promotion methods used by a business.
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What is a Wholesaler?
A distributor that buys in bulk from big producers and sells products onto smaller independant retailers.
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What are Telesales?
Selling to the customer through telephone contact.
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What is Mail Order?
Direct marketing through mail (such as catalogues) and then delivering products to consumers at home.
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Other cards in this set

Card 2

Front

What is a Target Market?

Back

The group of consumers the business is targeting with its products.

Card 3

Front

What is meant by Diversify?

Back

Preview of the front of card 3

Card 4

Front

What is a Product Life Cycle?

Back

Preview of the front of card 4

Card 5

Front

What are Extension Strategies?

Back

Preview of the front of card 5
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