Business level 2 Learning Aim C

Description

Flashcards on Business level 2 Learning Aim C, created by s1500718 on 07/01/2016.
s1500718
Flashcards by s1500718, updated more than 1 year ago
s1500718
Created by s1500718 over 9 years ago
5
0

Resource summary

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
Show full summary Hide full summary

Similar