Flashcards
Business level 2 Learning Aim C
Cards in this deck (30)
- 1Above the LineThese are paid for promotions
- 2Below the LineThese are all other types of promotions
- 34 P'sProduct
Price
Place
Promotion - 4Augmented ProductThis is the core product but with 'extras' that make it more desirable (3D TV)
- 5Competitive PricingUsing a similar price to competitors
- 6Core ProductThis is the basic product (a TV, a phone)
- 7Cost Plus PricingThis is the cost of making the product + a percentage of profit
- 8Customer relationship management (CRM)Obtaining data on customers and using this, to improve customer relationships and encourage customer loyalty
- 9Direct channels of distributionIs when the product goes from producer straight to the consumer
- 10Distribution channelsChannels or routes which a product passes in moving from the manufacturer(producer) to the consumer
- 11E-BusinessBusiness functions linked via technology, IT
- 12EcommerceBuying and selling goods over the internet. Includes offering service online
- 13EfficiencyBeing competent and making the best use of resources, such as time or money
- 14Elasticity of demandThis is the degree to which demand (and sales) increase as prices fall
- 15Extension strategyA plan to revive sales by adapting a product or launching in new market
- 16Guerrilla advertisingThese are unsual and unconvential taetics used to promote a brand, product or idea (graffiti, flash mobs)
- 17Indirect channels of distributionIs when the product goes from retailer to consumer, including wholesaler or third party
- 18Loss leaderSetting a very low price to attract customers. The business often makes a loss. Often used by supermarkets
- 19Marketing mixIs the way in which a firm puts into practice its marketing strategy. The 4 p's
- 20Mark-up pricingThis is the cost of how much the product costs to make + a percentage mark - up
- 21Penetration pricingAsking a low price at the launch of the product to interest people
- 22Premium pricingasking a high price for a desirable luxury product
- 23Price takingUsing exactly the same price as competitors
- 24Pricing strategiesProducts have a several options when deciding what price to charge
- 25Product life cycleThe different stages through which a product passes and the levels of sales experienced at each stage.
Development
Growth
Maturity
Decline - 26Product PortfolioIs the range of products offered by a business
- 27ProductivityThe amount of output produced by a person or industry
- 28Promotional channelsIs channels used to attract customers such as advertising, sales promotions, personal selling and etc.
- 29SkimmingAsking a high price at the launch of a new / novelty product
- 30Unique Selling PointThis is the key aspect of the product that makes it different or special. It sets the product apart from its competitors
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- Flashcards on Business level 2 Learning Aim C, created by s1500718 on 07/01/2016.
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- s1500718
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