Splitting the market for a product or service into different parts or segments., Market segmentation, Physical distribution, Digital distribution, Competitor pricing, An important element in a number of different products, especially where style and technology work together., Point of sale promotion, Digital distribution, Design, Skimming, The introduction of a totally new product or service., Invention, Market share, Physical distribution, Decline, The improvement of an original idea, which will often involve using new processes., Innovation, Introduction, Invention, Cost-plus pricing, The life of a product, usually shown as a graph divided up into four stages: introduction, growth, maturity and decline., Digital distribution, Maturity, Point of sale promotion, Product life cycle, When a product or service is first on sale., Introduction, Growth, Target market, Digital distribution, When sales are growing strongly as the new product or service becomes known., Growth, Point of sale promotion, Competitor pricing, Skimming, When sales are at their highest level., Design, Innovation, Cost-plus pricing, Maturity, When sales are falling as the product or service is seen by customers to be old and they switch to new products or services., Digital distribution, Decline, Maturity, Promotional pricing, Where a new product is more advanced than that of its competitors, a price is set high as consumers are willing to pay higher prices to own the newest technology. Also referred to as ‘creaming’., Skimming, Maturity, Market data, Design, A pricing method that adds a percentage for profit to the total costs of making a product. This gives the selling price., Growth, Point of sale promotion, Market segmentation, Cost-plus pricing, A price is set that is lower than those of competitors. Often used by new businesses to break into the market. It is a short-term strategy only., Growth, Market share, Marketing mix, Penetration pricing, Prices are reduced to give products a boost or to sell off old stock., Target market, Physical distribution, Promotional pricing, Invention, A price is set based on prices charged by competitors for a similar product., Growth, Promotional advertising media, Competitor pricing, Market data, A benefit the customer will receive when they buy the product, Point of sale promotion, Invention, Penetration pricing, Product life cycle, The ways in which a company can advertise its goods, such as social media, websites, print media, television and radio., Promotional advertising media, Maturity, Penetration pricing, Promotional pricing, The distribution of a good or service using a physical presence such as a shop or office., Design, Introduction, Physical distribution, Promotional advertising media, The distribution of goods and services digitally by downloading from a website., Market segmentation, Innovation, Digital distribution, Growth, The mix of different parts of the marketing campaign – price, product, place and promotion (the 4 Ps)., Introduction, Skimming, Marketing mix, Competitor pricing, Information that can help marketing decisions. It includes data on such things as market share, changes in demand and the effect of promotions., Growth, Maturity, Market data, Target market, A group of consumers to whom the business tries to sell its products. It can be based on such areas as gender, age and lifestyle and will influence the methods of advertising and promotion that are used., Point of sale promotion, Growth, Target market, Maturity, The percentage of total sales of a product that a business has made. For example, if a business sells 20,000 products and the total market for a product is 50,000 then the business has a market share of 40% (20,000 ÷ 50,000 x 100), Market share, Penetration pricing, Promotional advertising media, Digital distribution

2.3 & 2.4 Marketing (Quiz)

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