Unit 2 Flashcards
Advertising
Campaign
A series of advertisements to encourage sales, often using different advertising media
Advertising Media
The methods by which a business can advertise a product. Includes newspapers, social media, TV, and radio
Census Data
Data collected by the Government every 10 years, questioning the entire population on their income, occupation, etc.
Competitor
Pricing
When a price is set based on prices charged by competitor businesses for a similar product
Cost-Plus Pricing
A pricing method that adds a percentage of profit to the total costs of making a product. This gives the selling price.
Decline
The final stage of the product lifecycle When sales are falling as the product or service is seen by customers as being old and they switch to newer products and services
Design
An important element in a number of different products, especially where style and technology work together
Focus Groups
Selected small groups of customers who give their opinion on
products – a method of market research
Growth
Stage 2 in the product lifecycle When sales are growing strongly as the new product or service becomes known
Innovation
The improvement on an original idea, which will often involve using new processes. It is closely linked to design, where new ideas can be used in a product due to changes in design
Internal Data
Secondary data already within a business based on past performance
Interview
A question sheet filled in by the person conducting the interview
Introduction
The initial stage of the product lifecycle. When a product or service is first on sale
Invention
The introduction of a totally new product or feature
Marketing
Finding the needs of consumers and demonstrating how a business fulfils those needs in a way that increases sales
