4065374
Description
Flashcards by Libby Rose, updated more than 1 year ago
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Created by Libby Rose
over 8 years ago
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| Question | Answer |
| Product design | The process of creating a new product or service |
| Prototype | A test model of a planned design used to see if it functions properly with durability, reliability and safety |
| Sustainability | Making a product that uses materials that will be around for future generations, perhaps because you are planting a tree for e |
| Branding | The marketing practice of creating a name, symbol or design that identifies and differentiates a product from others |
| Corporate brand | A brand that represents the whole company as well as its products eg. every JCB holds the JCB label |
| Capacity Utilisation | This measures actual usage of your facilities as a % of the maximum possible eg. a half empty hotel has 50% capacity utilisation. |
| Crowd funding | Obtaining external finance from many individual small investments usually through a web-based appeal. |
| Price | The amount paid by the customer for a good or service. |
| Pricing tactics | The use of pricing tools over the short term in response to opportunities and threats |
| Skimming pricing | Setting a high price initially and then lowering it at a later date |
| Penetration pricing | Setting a low price when launching a new product in order to get established in the market. |
| Cost plus pricing | Adding a percentage (mark-up) to the costs of producing a product to get the price |
| Competitive pricing | Pricing strategies based on the prices charged by rival firms |
| Predatory pricing | Setting a low price and forcing rivals out of business |
| Psychological pricing | Setting the price slightly below a round figure |
| Loss leader pricing | Pricing a product below cost in order to attract further profitable business |
| Product lifecycle | Show the different stages in the life of a product and the sales behaviour that can be expected |
| Revenue | Price x quantity |
| Profit | Revenue - total costs |
| Opportunity cost | The cost of a decision as measured by the benefits foregone of the next best alternative |
| Impulse purchasing | When a consumer makes a purchasing decision in an unplanned way |
| Wholesaler | The middleman between the producer and the retailers, they break bulk down from container lorry loads into manageable parcel loads. |
| Barriers to entry | Factors make it difficult for new firms to break into existing markets |
| e-commerce | Electronic commerce- transactions carried out online |
| Long tail | The large number of tiny businesses appealing to minority tastes that can find a profitable existence online by being able to target a wide audience not just the local area. |
| Extension strategy | Marketing activities used to prevent sales from declining |
| Portfolio analysis | An analysis of the market position of the firm's existing products; it is used as part of the marketing planning process |
| Cash cow | A product that has a high share of a low growth market |
| Problem child | A product that has a small share of a fast growing market |
| Rising star | A product that has a high share of a fast growing market |
| Dogs | A product that has a low share of a low growth market |
| Marketing strategy | The range of marketing tools used to achieve long term aims |
| Distribution | The delivery of goods from producer to consumer |
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