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| Question | Answer |
| Marketing Mix | the integration of product, place, promotion and pricing designed to achieve the marketing objectives of the business |
| Product development | changing aspects of goods and services to meet the changing needs of existing customers or to target a different market |
| Product Line | a set of related goods or services |
| Product Mix | The full range of products offered by a business, also known as product portfolio |
| Unique Selling Point (USP) | a feature or function of a product that makes it different to any other on the market |
| Product differentiation | creating a perceived difference for a product in a competitive market |
| Product Portfolio Analysis | analysing the existing product mix to help develop a balanced range of goods and services |
| Boston Matrix | a method of analysing the products in a firm's portfolio based on a relative market share and market growth |
| The Product Life Cycle | the path of a product from its introduction onto the market, to its eventual disappearance from that market |
| Promotion | bringing a product or range of products to the attention of existing and potential customers |
| Sales Promotion | offers designed to increase sales |
| Promotional activities | the ways in which a business can communicate with its potential and existing customers with the aim of increasing sales |
| Direct Selling | a way of selling directly to the final consumer without another intermediary |
| Merchandising | the visual presentation of a product to the consumer at the point of sale |
| Advertising | the use of media to communicate with consumers |
| Public Relations | communicating with the media and other interested parties to enhance the image of the business and its products, and thereby increase sales |
| Branding | creating an identity for a business and its products to differentiate it from rivals in the market |
| Promotional Mix | the combination of promotional activities which make up a campaign with a target market |
| Pricing stratergies | long-term pricing plans which take into account the objectives of the business and the value associated with the product |
| Price skimming | entering a market with a high price to attract early adopters and recoup high development costs |
| Penetration pricing | below market pricing to gain a foothold in an established and competitive market |
| Price Leader | a product that has significant market share and can influence the market price |
| Price taker | a firm which sets its prices at the same or similar level to those of the dominant firm in the industry |
| Pricing tactics | the manipulation of price to achieve a specific short-term objective |
| Loss Leaders | products sold at less than cost to attract customers to a product range |
| Psychological pricing | the use of odd number pricing to increase the value-for-money appeal of a product |
| Price elasticity of demand | the responsiveness of demand for a product to a change in its price |
| Price inelastic demand | the demand for a product changes relatively less than the change in price |
| Price elastic demand | the demand for a product changes relatively more than the change in price |
| Distribution channel | method by which a product is sold to the customer |
| Direct sale | where no intermediaries are used |
| Intermediaries | organisations involved in the distribution of goods and services on behalf of other businesses |
| Business to Business Markets | companies meeting the needs of other businesses in the market place |
| Business to consumer markets | companies meeting the needs of final consumers of goods and servies |
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