Key terms(1.3.5) Flashcards
Boston matrix definition
a method used to analyse the product portfolio of a business that contains stars, cash cows, question marks and dogs
Business to business (B2B) definition
when a business promotes the sale of products/services to other businesses for use in their operations
Business to consumer (B2C) definition
when a company targets to sell its products to individual customers
Customer loyalty definition
a preference for a product or brand based on experience and/or an emotional attachment which inclines buyers to repeat purchases and away from rival
Extension strategy definition
a plan that is aimed at preventing the decline stage of a product/service sale in the medium to long term
Marketing objective definition
a goal the business aims to achieve through its marketing activities
Marketing strategy definition
the methods used/plan/way chosen to achieve marketing objectives
Portfolio analysis definition
when a business considers each of its products in the context of its market position
Product life cycle definition
the steps that a product goes through from introduction to decline
Product portfolio definition
the collection/range/list of items.products produced/sold/offered by a business
