Marketing Key Terms Flashcards
1
Q
Marketing mix
A
The four ‘P’s of marketing, which are product, price, promotion and place
2
Q
Aesthetics
A
The visual attractiveness of something
3
Q
Viable
A
Capable of working or succeeding
4
Q
Product portfolio
A
The range of goods and service offered by any one business
5
Q
Economies of scale
A
A situation where average costs (of production, distribution and sales, for example) falls as business increases the amount of product that it produces, distributes and sells
6
Q
Maximise
A
Increase to the greatest possible amount or make the most of something
7
Q
Unique selling point (USP)
A
Something that makes a product stand out from its competitors
8
Q
Mass market
A
A large market where customers have similar needs and characteristics
