Unit 3 AICE Business

business that provides the same or very similar goods or services

measurable features of a product that can be easily compared with other products

quantified picture of consumers/firm's products-showing age, income, location, social class.

the mgt task that links the business to the customer by identifying and meeting their needs

the quantity of a product that consumers are willing and able to buy at a given price

setting a relatively low price w/ strong promotion in order to achieve a high volume of sales.

manufactured product that can be reused/expected to have a long life/ ex. washing machine.

total level of sales of all producers within a market

setting a high price/firm has a unique product with low price elasticity of demand.

identifying different segments within a market/targeting different products or services to them

setting prices on variable costs of product/make a contribution towards fixed costs and profit.

approach considers not only the demands of consumers/also the effects on all members (society)

the % change in the total size of a market (volume or value) over a period of time

the four key decisions that must be taken in the effective marketing of a product

identifying and exploiting a small segment of a larger market by developing products to suit it

setting a price by calculating a unit cost for the product/fixed & variable/plus fixed profit

a firm will base its price upon the price set by its competitors.

refers to the chain of intermediaries a product passes through from producer to final consumer

the special feature of a product that differentiates it from competitors products

product has a small change in price and is accompanied by a large change in quantity demanded

the quantity of a product that firms are prepared to supply at a given price in a time frame

measure the responsiveness of demand following a change in price.

analyzing the range of existing products to help allocate resources effectively between them.

offering goods at a price that changes according to the level of demand/customer ability to pay

adding a fixed mark-up for profit to the unit price of a product.

the combination of promotional techniques that a firm uses to sell a product.

the consumer perception of a product or service as compared to its competitors

a form of promotion that is undertaken by a business by paying for communication with consumers

cannot be measure or compared easily

the goals set for the marketing department to help the business achieve its overall aims.

the use of social media sites or text messages to increase brand awareness or sell products

the pattern of sales recorded by a product from launch to withdrawal

the market price that equates supply and demand for a product

inward looking approach that focuses on making products that can be made for a long time

approach to marketing that bases strategy on the firm's existing strengths and assets

outward looking approach basing product decisions on consumer demand establish by research

marketing plans to extend the maturity stage of the product before a brand new one is needed.

selling the same products to the whole market with no attempt to target groups within it.

activities to establish successful customer relationships/keep existing customer loyatly

the % of sales in total market sold by one business; sales(time period)/total market sales