Branding Flashcards
1
Q
What is an early adopter?
A
An individual or a business who uses a new product or technology before others
2
Q
What is mean by a mark up?
A
The amount added to the cost price of goods to cover overheads and profits
3
Q
What is meant by price skimming?
A
Setting high prices before other firms enter the market
4
Q
Dis adv of price skimming?
A
- may slow down growth
- does not last forever as competitors launch their products which hinder the price
5
Q
What is meant by branding?
A
a brand is a product with a unique character e.g design or image
6
Q
Advantages of good branding?
A
- can inspire customer loyalty leading to repeat sales
- can charge a higher price if the brand is the market leader.
7
Q
What is viral marketing?
A
Viral marketing is any marketing technique that uses website to pass on a marketing message to other websites, creating growth
