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start learning
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the political / legal, economic, social / cultural, and technological factors operating in the external world
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start learning
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product, price, place, promotion, packaging and people
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studying people's behaviour in natural environments start learning
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Four basic methods for segmenting a market start learning
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product-related, demographic, psychographic, geographical
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adding a specific percentage (=markup) to the base cost to give the selling price start learning
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determining the minimum sales volume that covers all the costs start learning
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start learning
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profitability, market share, matching the market leaders, prestige pricing, identifying the correct price point, social objectives
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Pricing strategy: the normal business aim of achieving a return on investment by maximising revenue and minimising costs start learning
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Pricing strategy: increasing you percentage of the market by selling at a low price, even if it means that profits are also low start learning
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Pricing strategy: setting price according to what is standard in the market, and then competing by emphasising other benefits such as design, service, convenience start learning
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matching the market leaders
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Pricing strategy: setting a high price to maintain an image of quality and exclusivity start learning
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Pricing strategy: in a price-sensitive market, increasing the price beyond a certain point will damage sales start learning
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identifying the correct price
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Pricing strategy: governments can subsidise prices so that low-income groups can afford a basic product (typical examples are utilities and farm products) start learning
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the process by which a company collects information about consumer needs and preferences start learning
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group of related products that are physically similar or intended for the same market start learning
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assortment of product lines and individual offerings start learning
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product mix / product range
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introduction > growth > maturity > decline start learning
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a name, symbol or design (or some combination) that identifies a product start learning
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a name or symbol that cannot be used by another producer start learning
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brand loyalty passes through three stages: start learning
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brand awareness, brand preference, brand instance
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start learning
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the sales volume at which the product starts to make a profit start learning
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Another word for the final consumer of a product is the... start learning
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Another word for the final consumer of a product is the 'end-user'
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Marketers tend to emphasise ... rather than... start learning
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Marketers tend to emphasise 'benefits' rather than 'features'
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A name or symbol that has legal protection is called a... start learning
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A name or symbol that has legal protection is called a 'registered trademark'
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something that makes a product special or different from others start learning
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unique selling point / proposition (USP)
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(usually plural) exact technical details, or a detailed instruction about how something should be made start learning
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advantage that a customer gets if they buy the product start learning
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important, special or interesting part of a product start learning
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typical quality that makes a product recognisable start learning
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an approximate price that someone will charge you start learning
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We got estimates from three firms and accepted the lowest.
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a fixed price that someone will charge you, often showing different items in detail start learning
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