Unit 2.2 0.0 / 5 ? Business StudiesMarketing mixGCSEAQA Created by: EmilyDysonCreated on: 02-02-15 17:57 What is a Product Portfolio? The range of products sold by a business. 1 of 11 What is a Target Market? The group of consumers the business is targeting with its products. 2 of 11 What is meant by Diversify? Spreading risk by selling in different markets (Virgin are in cosmetics, travel and the music industry. 3 of 11 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. 4 of 11 What are Extension Strategies? The steps taken to extend the life cycle of a product. 5 of 11 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. 6 of 11 What is Promotion? The method used to communicate to customers and potential customers about your products and business. 7 of 11 What is the Promotional Mix? The combination of promotion methods used by a business. 8 of 11 What is a Wholesaler? A distributor that buys in bulk from big producers and sells products onto smaller independant retailers. 9 of 11 What are Telesales? Selling to the customer through telephone contact. 10 of 11 What is Mail Order? Direct marketing through mail (such as catalogues) and then delivering products to consumers at home. 11 of 11
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