What is meant by Market Penetration?

Increasing the market share of a product through marketing and advertising

a marketing tool that utilises socia networking

Unique Selling Point - a factor that makes a product different from another

What is meant by the term 'Pricing Strategy'?

The method used by companies to determine the price from expenditure

Critical Path Analysis (CPA) is used in product management. What is Critical Path Analysis?

A tool that lists and charts the tasks that must be completed in a project

What is a 'Price Skimming' Strategy?

Achieving profit quickly of a new product by setting prices higher

'Penetration Pricing' is a technique used by many companies. How does it work?

A company makes its prices lower than its competitors for market share

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The Key Terminology of the Subject of the Design and Technology

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1
What is meant by Market Penetration?
Increasing the market share of a product through marketing and advertising
Taking data and statistics from an existing market to make a better version
Buying shares in a major company allowing you to own a part of the market
Increasing the amount of an item into the market
2
What is SMM?
a marketing tool that utilises socia networking
a tool thats used to predict products that will have increased consumption
a tool that uses big data concepts to find out 'trendy' products
3
'The majority of the public,who are consumers,that search for information or guidance through sources' are called what?
Opinion Follower
Advice Taker
Influencer
4
What is a USP?
Unique Selling Point - a factor that makes a product different from another
Universal Selling Product - a product that has been launched most countries
Universally Successful Product -a product that has success around the world
5
Do 'Opinion Leaders' heavily influence the decisions of the general public?
False
True
6
What is meant by the term 'Pricing Strategy'?
The method used by companies to determine the price from expenditure
Purposefully setting the price lower than competitors to gain market share
A method of trying to cut cost from the overall production time
7
Critical Path Analysis (CPA) is used in product management. What is Critical Path Analysis?
A tool that is used to find possible ways of advertising to the public
A tool that lists and charts the tasks that must be completed in a project
A path that has idenified tasks that should be completed in a set order
An analyst that maps the route of a project and potenially re-directs it
8
What is the term for 'the marketing lifecycle from the launch to decline of a product'?
Market Lifecycle
Lifecycle Assessment
Product Lifecycle
9
What is a 'Price Skimming' Strategy?
Achieving profit quickly of a new product by setting prices higher
Decreasing the price of a product, at launch, to gain consumer interest
Cutting the cost of a project by analyising the methods used to create it
10
'Penetration Pricing' is a technique used by many companies. How does it work?
A company makes its prices lower than its competitors for market share
A company releases an item to the market with a fair price for market share
A company finds a price for a product by comparing items in the market

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