Lesson 15 - Heat Up Consumer Demand Flashcards
slow
SLUGGISH
It’s not surprising that business at the hotel is sluggish. The hotel is for businesspeople, and business travel is down.
to start operating more effectively
to improve one’s skills or efforts
TO STEP UP ONE’S GAME
Language Experts used to be the only language school in town. Now that there are several competitors, they need to step up their game.
all the benefits offered to the consumer by a company’s product or service
the unique value a company offers its customers that makes the company different than its competitors
VALUE PROPOSITION
The clothing store chain’s value proposition is to offer clothing in the latest fashions at a low price.
to pay a higher price (as for a superior product or service)
to pay more than the standard price for something (in exchange for better quality or convenience)
PAY A PREMIUM
The restaurant chain is introducing a new line of high-quality hamburgers, hoping people will pay a premium for better meat.
to save money
to be careful how one spends money
to start economizing
PINCH PENNIES
With revenues down and the real estate market hurting, the homebuilder had to start pinching pennies.
to manage with something less than ideal
to settle for something
MAKE DO WITH
We’d like to replace all the computers in our office with higher end models, but we don’t have the funds right now. We’ll have to make do with our current computers.
to start buying lower priced items
TRADE DOWN
When King Brewing, known for its premium beers, realized that consumers were trading down to lower cost beers, it introduced a new beer priced at $2.99 a six pack.
products that carry the name of the store instead of the name of the manufacturer or “national” brand. For example, “Walmart” coffee is a private label product and “Maxwell House” coffee is a national brand.
PRIVATE LABEL PRODUCTS
Walmart is increasing shelf space for its private label products based on consumer demand.
to spend money on (usually a lot of money; often with a negative sense, meaning a bad investment)
PLOW MONEY INTO
Even though the pharmaceutical company plowed a lot of money into research and development, it failed to develop any major new drugs.
to lower the cost of a product
TAKE A PRICE CUT
When Apple took a price cut on its MacBook laptops, demand increased.
to promote strongly or with enthusiasm
to talk very positively about something, with the goal of selling more
TOUT
In its advertising campaign, Coca-Cola touts its Powerade beverage as a “complete sports drink.”
to meet to discuss ideas
PUT OUR HEADS TOGETHER
We need a new ad strategy. Let’s put our heads together this afternoon and see what we can come up with.
