Unit 2 Section A Flashcards
(27 cards)
applies
To be relevant or suitable to a particular situation or to make use of something in context.
bundling
Grouping products or services together to be sold as a single package, often at a discounted price.
customization
The process of tailoring or modifying a product or service to meet specific customer needs.
customer pain points
Specific problems or frustrations faced by customers that a product or service aims to resolve.
competition
Rivalry between businesses or individuals offering similar products or services to win the same customer base.
demand
The desire and ability of consumers to purchase a product or service at a given price and time.
decline
A decrease in demand, sales, or quality
developing
The process of creating, improving, or growing something, especially in business or product creation.
displaced
Moved or forced out of position
development stage
A phase where a product or idea is being created, tested, and refined before market launch.
forecasting
Predicting future trends or outcomes based on current or historical data and analysis.
growth strategies
Plans or tactics businesses use to expand market share, increase sales, or improve profits.
leverage
The strategic use of resources or assets to gain maximum benefit, return, or influence.
marketing strategy
A plan to promote and sell a product or service to a target audience using defined steps and tactics.
market research
The process of collecting and analyzing information about customer needs, competitors, and market trends.
operational costs
Ongoing expenses required for the daily operations of a business, such as wages, rent, and utilities.
opportunities
Favorable situations that businesses can take advantage of to grow or improve profitability.
position
The perception or ranking of a product, brand, or company in relation to competitors in the market.
pigeonhole
To label or categorize something too narrowly, often ignoring its full complexity.
product life cycle
The stages a product goes through from introduction and growth to maturity and decline.
promotional strategy
A plan to increase product visibility through advertising, promotions, or other marketing tactics.
revenue
Total income generated by a business from selling goods or services.
re-evaluation
The process of reassessing or rethinking something based on new information or changes.
saturation
A market condition where demand is fully met and no room for further growth exists.
