Chapter 10 Flashcards Preview

Business Year 1 - Keywords > Chapter 10 > Flashcards

Flashcards in Chapter 10 Deck (14):
1

Marketing mix

The combination of marketing choices that can be used by a business to influence consumers to buy products

2

Product life cycle

A model that shows the sales of a product over its life.

3

Product portfolio analysis

Examines the market position of all of the products of a business

4

Boston matrix

This model analyses all of a firm's products in terms of their market share and the growth of the market

5

Balanced portfolio

An appropriate mix of products in terms of their market shares and market growth

6

Penetration pricing

A strategy in which low prices are set to break into market or to achieve a sudden increase in the market share

7

Price skimming

A strategy in which high price is set at the launch of a new product

8

Dynamic pricing

This occurs when prices are changing rapidly in response to changing demand

9

Viral marketing

A marketing technique that uses social media and networks to raise brand awareness and boost sales by getting users to recommend the promotional campaign to others

10

Multichannel distribution

This means that customers can buy products in several ways

11

E-commerce

The buying and selling products through an electronic medium such as the internet

12

Extension strategy

Method used to lengthen the life cycle of a product b preventing or delaying it from reaching the decline stage of the product life cycle

13

Branding

The process of differentiating a product from its competitors

14

People

Representatives of a company that will have directly or indirectly come into contact with customers