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Business Studies > Key Terms > Flashcards

Key Terms Flashcards

1
Q

Product life cycle

A

The stages in which a product goes through

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2
Q

Unique Selling Point

A

The special features of a product that can be used to attract customers

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3
Q

Mix

A

The marketing combination of a product, place, price and promotion

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4
Q

Star

A

A person who has a high share in a fast growing company/product/brand

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5
Q

Brand

A

Any recognisable name, logo or symbol that identifies a product

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6
Q

Target market

A

The group of consumers or customers aimed at by a business

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7
Q

Sponsorship

A

Where a business pays for an event or activity to gain publicity

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8
Q

Questionnaire

A

A popular method of market research

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9
Q

Focus group

A

Where a small number of people meet to give views on a marketing issue or idea

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10
Q

Market segment

A

A group of customers with similar needs and wants

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11
Q

Wholesaler

A

A distributor that buys in bulk

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12
Q

Own label

A

A brand that is owned and promoted by retailers rather than manufacturers

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13
Q

Extensions

A

Product extensions strategies used by businesses to prolong the life of a product or brand and stop sales from declining

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14
Q

Sales promotion

A

Techniques such as discounted prices and coupons to promote a particular product

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15
Q

Viral

A

Marketing promotion that relies on word of mouth and online networks that spread the message

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16
Q

Product range

A

The collection of products sold by a business

17
Q

Boston matrix

A

A model to help a business manage a product portfolio

18
Q

Brand loyalty

A

When a customer feels a strong motivation to keep on buying from the same business

19
Q

Cash cow

A

A product or brand with a high share of a mature or declining market

20
Q

Loss leader

A

When a product is sold for less than its cost to attract customers

21
Q

Credit marketing

A

Where a promotional message is sent straight to the potential customer

22
Q

Quantitive data

A

The research that provides statistical analysis

23
Q

Product trials

A

Getting customers to buy a product for the first time

24
Q

Product portfolio

A

The range of products sold by a business

25
Q

Public relations

A

Promoting a business through sponsorship and similar activities

26
Q

Dog

A

The name given to a business with a very low share of a mature or declining market

Business Studies (13 decks)

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