Marketing and Business Concepts

Flashcards covering key marketing and business concepts from the lecture notes, including pricing strategies, market analysis, and research methods.

What are two methods of pricing mentioned?

Price skimming and penetration pricing.

Explain price skimming.

A business charges a high price for an innovative product before competitors launch their versions.

Explain penetration pricing.

Undercutting competitors to increase market share, then slowly increasing prices.

What is the purpose of the product lifecycle?

It shows what sales are like over time, identifying stages like growth (question mark/star) and maturity (cash cow).

How is market share calculated?

(Business's sales / Total market sales) x 100.

What is dynamic pricing?

A business prices based on demand, using price to attract customers with cheaper rates.

Name two different ways to segment a market.

Gender, age, and socio-economic status.

Define a 'mass market'.

When a firm targets the whole market rather than a particular segment, e.g., Cadbury's.

Define a 'niche market'.

When a firm targets a small subsection or a previously unexploited gap in the market, e.g., wedding dress skincare.

What are two methods of primary research?

Group interviews and surveys (questionnaires).