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| Question | Answer |
| Above the Line | These are paid for promotions |
| Below the Line | These are all other types of promotions |
| 4 P's | Product Price Place Promotion |
| Augmented Product | This is the core product but with 'extras' that make it more desirable (3D TV) |
| Competitive Pricing | Using a similar price to competitors |
| Core Product | This is the basic product (a TV, a phone) |
| Cost Plus Pricing | This is the cost of making the product + a percentage of profit |
| Customer relationship management (CRM) | Obtaining data on customers and using this, to improve customer relationships and encourage customer loyalty |
| Direct channels of distribution | Is when the product goes from producer straight to the consumer |
| Distribution channels | Channels or routes which a product passes in moving from the manufacturer(producer) to the consumer |
| E-Business | Business functions linked via technology, IT |
| Ecommerce | Buying and selling goods over the internet. Includes offering service online |
| Efficiency | Being competent and making the best use of resources, such as time or money |
| Elasticity of demand | This is the degree to which demand (and sales) increase as prices fall |
| Extension strategy | A plan to revive sales by adapting a product or launching in new market |
| Guerrilla advertising | These are unsual and unconvential taetics used to promote a brand, product or idea (graffiti, flash mobs) |
| Indirect channels of distribution | Is when the product goes from retailer to consumer, including wholesaler or third party |
| Loss leader | Setting a very low price to attract customers. The business often makes a loss. Often used by supermarkets |
| Marketing mix | Is the way in which a firm puts into practice its marketing strategy. The 4 p's |
| Mark-up pricing | This is the cost of how much the product costs to make + a percentage mark - up |
| Penetration pricing | Asking a low price at the launch of the product to interest people |
| Premium pricing | asking a high price for a desirable luxury product |
| Price taking | Using exactly the same price as competitors |
| Pricing strategies | Products have a several options when deciding what price to charge |
| Product life cycle | The different stages through which a product passes and the levels of sales experienced at each stage. Development Growth Maturity Decline |
| Product Portfolio | Is the range of products offered by a business |
| Productivity | The amount of output produced by a person or industry |
| Promotional channels | Is channels used to attract customers such as advertising, sales promotions, personal selling and etc. |
| Skimming | Asking a high price at the launch of a new / novelty product |
| Unique Selling Point | This is the key aspect of the product that makes it different or special. It sets the product apart from its competitors |
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