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):
1

Product portfolio

The range of products sold by a business

2

Target Market

The group of consumers aimed at by the business

3

Diversify

Spreading risk by selling in different markets

4

Product Life Cycle

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

5

Extension Strategies

Steps taken to extend the life cycle or the product

6

Competitive Pricing

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

7

Price Skimming

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

8

Cost Plus Pricing

Setting a price by adding a profit mark up

9

Loss Leader Pricing

Setting a price below cost hoping to gain other profitable sales

10

Promotion

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

11

Advertising

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

12

Sales Promotion

Activities to attract consumer to a product to increase sales

13

Sponsorship

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

14

Wholesaler

Middleman or distributor that buys in a bulk

15

Telesales

Selling through a telephone contact alone

16

Mail Order

Direct marketing through mail shots