Product portfolio
The range of products sold by a business
Target Market
The group of consumers aimed at by the business
Diversify
Spreading risk by selling in different markets
Product Life Cycle
The lifespan of a product, recorded in sales from launch to being taken off the market
Extension Strategies
Steps taken to extend the life cycle or the product
Competitive Pricing
Setting a price for a product based on prices charged by competitors
Price Skimming
Setting a price at a high level to create a high-quality and exclusive image
Cost Plus Pricing
Setting a price by adding a profit mark up
Loss Leader Pricing
Setting a price below cost hoping to gain other profitable sales
Promotion
All the ways a business communicates to consumers with the aim of selling products
Advertising
Communication to consumers using a television and other media encouraging them to buy a product
Sales Promotion
Activities to attract consumer to a product to increase sales
Sponsorship
A business pays for an activity or an event to gain publicity
Wholesaler
Middleman or distributor that buys in a bulk
Telesales
Selling through a telephone contact alone
Mail Order
Direct marketing through mail shots
