Chapter 7: Marketing Flashcards Preview

GCSE AQA Business Studies Unit 1 and Unit 2 > Chapter 7: Marketing > Flashcards

Flashcards in Chapter 7: Marketing Deck (16)
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1
Q

Product portfolio

A

The range of products sold by a business

2
Q

Target Market

A

The group of consumers aimed at by the business

3
Q

Diversify

A

Spreading risk by selling in different markets

4
Q

Product Life Cycle

A

The lifespan of a product, recorded in sales from launch to being taken off the market

5
Q

Extension Strategies

A

Steps taken to extend the life cycle or the product

6
Q

Competitive Pricing

A

Setting a price for a product based on prices charged by competitors

7
Q

Price Skimming

A

Setting a price at a high level to create a high-quality and exclusive image

8
Q

Cost Plus Pricing

A

Setting a price by adding a profit mark up

9
Q

Loss Leader Pricing

A

Setting a price below cost hoping to gain other profitable sales

10
Q

Promotion

A

All the ways a business communicates to consumers with the aim of selling products

11
Q

Advertising

A

Communication to consumers using a television and other media encouraging them to buy a product

12
Q

Sales Promotion

A

Activities to attract consumer to a product to increase sales

13
Q

Sponsorship

A

A business pays for an activity or an event to gain publicity

14
Q

Wholesaler

A

Middleman or distributor that buys in a bulk

15
Q

Telesales

A

Selling through a telephone contact alone

16
Q

Mail Order

A

Direct marketing through mail shots