Part 2 Flashcards
(20 cards)
Boston matrix
Method of analysing brands in a firms product portfolio based on market share and growth
Brand loyalty
Repeat of customer purchase regularly making the demand price inelastic
Cash cow
High market share low market growth e.g. Nescafé
Confidence intervals
Range of values that are likely given a set confidence level
Customisation
Producing a unique good to cater for one individuals requirements e.g. tailored suit
Digital marketing
Anticipating and satisfying consumer wants using technology
Dog
Low market share and low market growth
Extension strategy
Attempts to raise sales when products are in decline
Extrapolation
Using previous patterns of numerical data to estimate future values
Inelastic
Unresponsive
Inferior good
Product for which demand falls as income rises
Star
High market share high market growth
Market mapping
Using a graph to plot existing products in terms of various criteria. It can identify various market segments and gaps in the market
Market positioning
Refers to the sector of the market the firm is targeting
Marketing mix
How the main elements of the firms marketing strategy are combined. Price, product, promotion, place, process, people and physical environment.
Market share
Firms sales of a specific product divided by total market sales of the specific product X 100
Product portfolio
The range of products that a firm produces
New product development
A firm identify, develop and market a novel or improved good or service
Question mark
Low market share high market growth
Product life cycle
The phases which most products go through measured by sales from first introduction to the market, growth, maturity, and eventually decline.
