Key Terms Flashcards
Product life cycle
The stages in which a product goes through
Unique Selling Point
The special features of a product that can be used to attract customers
Mix
The marketing combination of a product, place, price and promotion
Star
A person who has a high share in a fast growing company/product/brand
Brand
Any recognisable name, logo or symbol that identifies a product
Target market
The group of consumers or customers aimed at by a business
Sponsorship
Where a business pays for an event or activity to gain publicity
Questionnaire
A popular method of market research
Focus group
Where a small number of people meet to give views on a marketing issue or idea
Market segment
A group of customers with similar needs and wants
Wholesaler
A distributor that buys in bulk
Own label
A brand that is owned and promoted by retailers rather than manufacturers
Extensions
Product extensions strategies used by businesses to prolong the life of a product or brand and stop sales from declining
Sales promotion
Techniques such as discounted prices and coupons to promote a particular product
Viral
Marketing promotion that relies on word of mouth and online networks that spread the message
Product range
The collection of products sold by a business
Boston matrix
A model to help a business manage a product portfolio
Brand loyalty
When a customer feels a strong motivation to keep on buying from the same business
Cash cow
A product or brand with a high share of a mature or declining market
Loss leader
When a product is sold for less than its cost to attract customers
Credit marketing
Where a promotional message is sent straight to the potential customer
Quantitive data
The research that provides statistical analysis
Product trials
Getting customers to buy a product for the first time
Product portfolio
The range of products sold by a business
Public relations
Promoting a business through sponsorship and similar activities
Dog
The name given to a business with a very low share of a mature or declining market
