When a firm makes its mass-market products distinct from those of its competitors.
What is differentiation?
100
the ways that product gets from the manufacturer to the consumer.
What is the chain of distribution?
100
The use of an existing brand name that is successful to launch a new or modified product.
What is brand extension?
100
refers to a variety of the same product that a business produces for customers of a particular market.
What is a product line?
100
a marketing planning tool that helps managers plan for a balanced portfolio.
What is the Boston Matrix or BCG matrix?
200
the manner, social and cultural context in which business is conducted.
What is business etiquette?
200
the magnitude of an industry, usually measured in terms of the value of sales revenue from all the businesses in a particular market, per time period.
What is market size?
200
Made up brand names.
What are coined brands?
200
shows the different stages that a product is likely to go through from it's initial design and launch to its decline.
What is the product life cycle?
200
everyday convenience products that are sold in retail outlets such as supermarkets.
What are fast-moving consumer goods?
300
the trading of goods and services via the internet.
What is e-commerce?
300
this measures the value of the firm’s sales revenues as a percentage of the industry total.
What is market share?
300
Real world names that are used in branding.
What are bona fide names?
300
a visual tool which shows the customers’ perception of a product or brand in relation to others in the market.
What is a position map?
300
products with a low market share operating in a low growth market. Businesses may try to dispose of these products.
What are dogs?
400
This involves setting low prices to gain entry into a new market. Once the product has established market share, prices can then be increased
What is penetration pricing?
400
a strategy based on using the costs of production to determine an appropriate price.
What is cost-based pricing?
400
abbreviations that stand for the name of the business.
What are acronyms?
400
a tool that is used to analyze the process of adding value to a product. This tools sees design consisting of three components: the physical design, performance, and the reliability of the product.
What is the value analysis triangle?
400
products that operate in high growth markets and have high market shares. Businesses will invest money in developing and promoting their stars.
What are stars?
500
the image portrayed by a business (or perceived by customers) regarding its observable and tangible features such as the cleanliness and physical size of a business or the presentation of its staff.
What is physical evidence?
500
this involves charging a high price for innovative or high-tech products for an initial period. As the novelty factor wears off, prices will gradually fall.
What is price skimming?
500
brands that are names after a certain area, location, or country.
What are place names?
500
exclusive and very expensive products that require a large amount of commitment in both time and money.
What is a specialty consumer product?
500
a product that operate in a high market growth sector, but have low market share. Businesses may try to analyze the reasons for it's low market share.