A-level Business Studies Lesson 18 (3.3.4) Flashcards
Business-to-business (B2B) marketing
Where a firm sells its products to another business
Consumer marketing
The good or service provided by the business for its customers
Consumer products
The sum of money paid by a customer for one product
Convenience products
Communicating with customers or potential customers
Shopping products
The location at which the purchase of a product is made and the means of distributing the product to the consumer
Speciality products
Anyone who represents the firm and comes into contact with the firm’s customers
Process
The system involved in ensuring that an efficient service is provided to prospective and actual customers
Physical environment
The nature and appeal of the physical evidence a customer will observe during a transaction, such as company stationery,
delivery lorries, and staff uniforms
Boston Matrix
A tool of product portfolio analysis that classifies products according to the market share of the product and the rate of growth of the market in which the product is sold.
Product portfolio
The range of products or brands provided by a business
Product life cycle
The stages that a product passes through during its lifetime - development, introduction, growth, maturity and decline
Extension strategies
Methods used to lengthen the life cycle of a product by preventing or delaying it from reaching the decline stage of the product life cycle.
Product development
When a firm creates a new or improved good or service, for release into an existing market
