Unit 2- Business Studies 0.0 / 5 ? Applied BusinessUnit 2- MarketingGCSEAQA Created by: abi_biggs7Created on: 07-04-15 14:44 What is a Product Portfolio? The range of products sold by one business. 1 of 16 What is a Target Market? The group of consumers the business if targeting with its products. 2 of 16 What is Diversify? Spreading risk by selling in different markets. 3 of 16 What is a Product Life Cycle? The life span of a product recorded in sales, from its launch to it being taken off the market. 4 of 16 What is a Extension Stragegy? Steps taken to extend the life cycle of a product. 5 of 16 What is Price War? When companies try to compete with eachother by consistently cutting their prices in order to be the cheapest firm in the market. 6 of 16 What is Competitive Pricing? Pricing the product that is similar to what competitors charge. (eg. Cadburys) 7 of 16 What is Price Skimming? Setting high prices to create a high quality and exclusive image and then reducing the price as the product matures. (eg. Sony) 8 of 16 What is Penetration Pricing? Setting a lower priice to gain a greater market share and then increasing the price as the product matures. (eg. Maybeline) 9 of 16 What is Cost-Plus Pricing? Setting a price by adding a profit mark-up to the cost of production. (eg. Buddies) 10 of 16 What is Loss-Leader Pricing? Selling a product cheaper in the hope of selling other items to customers at the same time. (eg. HP Printers) 11 of 16 What is Promotion? The methods a business uses to communicate information about its products to customers. 12 of 16 What is Direct Marketing? When the business personally contacts people to give them information about their products. 13 of 16 What is Sales Promotion? A scheme designed to increase sales by changing that the business offers the customer for a period of time. 14 of 16 What is Sponsorship? When a business pays money to something like an event sports team or TV programme. In return the business gets its name publicised. 15 of 16 What is the Promotional Mix? The combinaton of promotion methods used by a business. 16 of 16
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