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Definition
| Identifying a product by giving it a unique brand name and making it special in the eyes of the consumer by giving it a brand image that distinguishes it from those of competitors. |
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| The level of sales at which total costs equal total revenue. |
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Definition
| The stages through which a product will pass during production. |
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Definition
| The way in which goods get from the manufacturer to the producer. |
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Definition
| Companies base their prices according to competitors? prices. |
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| A business that operates in many different markets. |
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Definition
| A person who uses goods and services. |
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Definition
| The sales revenue of an item (its price) minus the variable cost of making and selling that item. |
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Definition
| The cost of making the product plus a percentage for profit mark up. |
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Term
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Definition
| This is data which has been previously gathered for another purpose. It can also be called Secondary data. |
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Definition
| Costs which are directly related to a production process. |
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Definition
| The money available for use by a consumer after taxes, national insurance and other deductions have been made. |
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Term
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Definition
| This is when a business expands by moving into new markets. This might be achieved by a merger. |
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Term
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Definition
| Data collected for a specific purpose at the time it is required and usually involves surveys or interviews. This can also be called Primary Data. |
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Definition
| A product that is deliberately sold for less than its cost price to attract customers. |
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Definition
| Where buyers and sellers come together to exchange goods or services for money. |
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Definition
| The number one firm in the market for a particular product measured by its percentage share of the market. |
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Definition
| The data collected about existing and potential markets. |
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Term
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Definition
| The market is divided into groups of consumers who have similar needs. |
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Term
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Definition
| The methods used to divide up consumers eg age, income. |
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Definition
| The proportion of the total sales of a product that has been gained by a brand or company. |
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Term
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Definition
| The physical container or wrapping for a product also used for promotion. |
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Term
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Definition
| A pricing strategy when pricing is set lower than competitors? prices to enter a new market. |
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Term
| Predator pricing (destroyer) |
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Definition
| Setting a price low enough to drive competitors out of the market. |
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Term
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Definition
| The major firms in the market set the price most others follow. |
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Definition
| Making products different. |
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Term
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Definition
| The different types of product that a firm produces to try to reach different parts of the market. |
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Definition
| The stages a product will pass through during its lifetime- introduction, growth, maturity and decline. |
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Definition
| Pricing to attract customers away from competitors. |
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Definition
| Keeping the product in the public eye in ways other than promotion. |
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Term
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Definition
| People are selected on the basis of certain characteristics as a source of information for market research. |
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Term
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Definition
| People are selected at random as a source of information for market research. |
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Definition
| An outlet selling goods directly to the consumer. |
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Definition
| Income from the sale of goods and services over a period of time. |
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Definition
| Setting a high price for new products to help recover development costs. Prices are lowered when competitors come onto the market. |
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Definition
| A group of people for whom a particular product is designed. |
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Definition
| A specific age, gender or socio-economic group is identified for sampling. |
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Definition
| Goods or services which people would like to have but which are not essential for living. |
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Term
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Definition
| A business that buys in bulk from the manufacturer and sells in smaller quantities to retailers or direct to consumers. |
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