Marketing Keywords

Product Positioning
deciding on the image and target market you want for your own product or brand
Target Market
the type of customer your product or service is aimed at
Economies of Scale
factors that cause cost per unit to fall when a firm operates at a higher level of production
Generic Brands
brands that are well known that customers say the brand when they mean the product
Price Elasticity
the responsiveness of demand to change in price
Product Differentation
the extent to which consumers perceive your brand as being different from others
Homogenous Good
have no points of differentiation and therefore each one is the same as every other
Marketing Budget
the sum of money provided for marketing a product or service during a period of time
Marketing Mix
the elements involved in putting marketing strategy into practice (7P’s)
Marketing Strategy
the medium to long term plan for meeting the firms marketing objectives
Portfolio Analysis
an analysis of the market position of the firms existing products; it is used as part of the marketing planning process
Extension Strategy
marketing activities used to prevent sales from declining
Cash Cow
product that has a high share of a low growth market
Dog
a product that has a low share of a low growth market
Problem Child
a product that has a small share of a fast growing market
Rising Star
a product that has a high share of a fast growing market
Complementary Goods
products bought in conjunction with each other, such as bacon and eggs
Monopoly
a market dominated by one supplier
Price Elasticity
a measurement of the extent to which a products demand changes when its price is chnged
Price Sensitive
when customer demand for a product reacts sharply to a price change
Barrier to Entry
factors that make it hard for new firms to break into an existing market
E-commerce
electronic commerce carried out online
Impulse Purchasing
buying in unplanned way
Penetration Pricing
pricing low enough to attract high sales in order to establish a satisfactory market share
Product Differentation
the extent to which consumers perceive a product to be distinct from rival product