Unit 2 Terminology

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Business Marketing
serving the needs of a business or businesses within one or more industries.
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Consumer Marketing
creating and delivering products to solve consumer's needs.
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Marketing Mix
The integration of product, place, promotion and pricing designed to achieve the marketing objectives of the business.
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Product Development
changing aspects of goods and services to meet the changing needs of existing customers or to target a different market.
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Product Line
a set of related goods and services.
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Product Mix
The full range of products offered by a business. AKA product portfolio.
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Product Differentiation
creating a perceived difference for a product in a competitive market.
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Unique Selling Point
a feature or a function of a product that make sit different to any other on the market.
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Product Portfolio Analysis
analysing the existing product mix to help develop a balanced range of goods and services.
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Distribution Channel
method by which a product is sold to the customer.
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Price Elasticity of Demand
the responsiveness of demand for a product to a change in its price.
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Product Life Cycle
the path of a product from its introduction onto the market to its eventual disappearance from that market.
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Boston Matrix
a method of analysing the products in a firm's portfolio based on relative market share and market growth.
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Promotional Mix
The combination of promotional activities which make a campaign to communicate with the target market.
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is the element of marketing mix concerned with ensuring that customers and potential customers are aware of current and new products in a firm's range.
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organisations and involved in the distribution of goods and services on behalf of other businesses.
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Pricing Tactics
The manipulation of price to achieve a specific short-term objective.
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Price Inelastic Demand
The demand for a product changes relatively less than the change in price.
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Penetration Pricing
below market pricing to gain a foothold in an established and competitive market.
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Price Skimming
entering a market with a high price to attract early adopters and recoup high development costs.
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Pricing Strategies
long-term pricing plans which take into account the objectives of a business and the value associated with the product.
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Business to Business Markets
companies meeting the needs of other businesses in the market place.
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Business to Consumer Markets
companies meeting the needs of final consumers of goods and services.
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Loss Leader Strategy
products sold at less than cost to attract customers to a product range.
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Psychological Pricing Strategy
the use of odd number pricing to increase the value-for-money appeal of a product.
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Price Leader
a product that has a significant market share and can influence the market price.
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Price Taker
a firm which sets its prices at the same or similar level to those of the dominant firm in the industry.
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creating an identity for a business and its products to differentiate itself from rivals in the market.
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Price Elastic Demand
The demand for a product changes relatively more than the change in price.
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characteristics that permit a firm to compete effectively with other businesses.
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Competitive Advantage
discovering and using methods of competing which are distinct and offer consumers a greater perceiver value, than those rivals in the market.
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the visual presentation of a product to the consumer at the point of sale.
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Direct Selling
a way of selling directly to the final consumer without another intermediary.
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Promotional Activities
the ways in which a business can communicate with its potential and existing customers with the aim of increasing sales.
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Sales Promotion
offers that are designed to increase sales.
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the use of media to communicate with consumers.
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Public Relations
communicating with the media and other interested parties to enhance the image of the business and its products, and thereby increase sales.
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Other cards in this set

Card 2


Consumer Marketing


creating and delivering products to solve consumer's needs.

Card 3


Marketing Mix


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Card 4


Product Development


Preview of the front of card 4

Card 5


Product Line


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