(9) Marketing strategy and product development (AA)

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PEST analysis
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the political / legal, economic, social / cultural, and technological factors operating in the external world
marketing mix (6Ps)
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product, price, place, promotion, packaging and people
studying people's behaviour in natural environments
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ethnography
Four basic methods for segmenting a market
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product-related, demographic, psychographic, geographical
adding a specific percentage (=markup) to the base cost to give the selling price
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cost-based pricing
determining the minimum sales volume that covers all the costs
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breakeven analysis
Pricing strategies
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profitability, market share, matching the market leaders, prestige pricing, identifying the correct price point, social objectives
Pricing strategy: the normal business aim of achieving a return on investment by maximising revenue and minimising costs
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profitability
Pricing strategy: increasing you percentage of the market by selling at a low price, even if it means that profits are also low
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market share
Pricing strategy: setting price according to what is standard in the market, and then competing by emphasising other benefits such as design, service, convenience
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matching the market leaders
Pricing strategy: setting a high price to maintain an image of quality and exclusivity
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prestige pricing
Pricing strategy: in a price-sensitive market, increasing the price beyond a certain point will damage sales
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identifying the correct price
Pricing strategy: governments can subsidise prices so that low-income groups can afford a basic product (typical examples are utilities and farm products)
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social objectives
the process by which a company collects information about consumer needs and preferences
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market research
group of related products that are physically similar or intended for the same market
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product line
assortment of product lines and individual offerings
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product mix / product range
introduction > growth > maturity > decline
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product life cycle
a name, symbol or design (or some combination) that identifies a product
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brand
a name or symbol that cannot be used by another producer
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trademark
brand loyalty passes through three stages:
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brand awareness, brand preference, brand instance
brand recognition
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brand awareness
the sales volume at which the product starts to make a profit
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breakeven volume
Another word for the final consumer of a product is the...
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Another word for the final consumer of a product is the 'end-user'
Marketers tend to emphasise ... rather than...
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Marketers tend to emphasise 'benefits' rather than 'features'
A name or symbol that has legal protection is called a...
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A name or symbol that has legal protection is called a 'registered trademark'
something that makes a product special or different from others
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unique selling point / proposition (USP)
(usually plural) exact technical details, or a detailed instruction about how something should be made
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specification
advantage that a customer gets if they buy the product
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benefit
important, special or interesting part of a product
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feature
typical quality that makes a product recognisable
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characteristic
an approximate price that someone will charge you
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estimate
We got estimates from three firms and accepted the lowest.
a fixed price that someone will charge you, often showing different items in detail
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quotation

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