chapter 7-11 marketing Flashcards
asset led marketing
marketing decisions based on the needs of the customer and the strengths of the business
market orientation
when a business bases its marketing mix on what the market wants
product orientation
marketing mix bases on its internal strengths
product portfolio
the mix of products that business sells
product breath
the number of products lines a business sells
product depth
the number of products varieties in each product lines
star
high market share
high market growth
cash cow
high market share
low market growth
question mark
low market share
high market growth
dog
low market share
low market growth
price taker
a business that has little to no control over the price of their products
market penetration
initially changing low prices to gain market share then slowly increasing over time
market skimming
initially charging high prices then reducing the price over time
psychological pricing
charging a price the consumer may expect due to perceived quality and value for money
going rate pricing
charging a price in line with their competitors
