IGCSE Business Studies Key Terms 12

the percentage change in demand is greater than the percentage change in price

Measures by how much demand (sales) for a product changes when there is change in price

the product meets the needs and expectations of the buyer

a name, image or symbol that distinguishes a product from competitor's products

four marketing decisions needed for the effective marketing of a product

setting a price similar to competitor's products which are already established in the market

the percentage change in demand (sales) is less than the percentage change in price

setting price of small number of products below cost to attract customers to the outlet

setting a low price to attract consumers to buy a need product

smaller firms set their price based on the price set by the dominant firm in the industry

the right product at the right price with the right promotion in the the right place

the amount paid by the customer to the supplier when buying a good or service

the pattern of sales of a product from introduction to its withdrawal from the market

setting high price for a new product that is unique or very different from any other product

the general impression of a product held by consumers

marketing activities to extend the maturity stage of a product

the quantity of goods and services consumers are willing and able to buy

setting price by adding a fixed amount to the cost of making or buying the product

the amount earned by a business from sales of its products

the goods and services produced to satisfy a consumer need or want