A product from a known source (organization). The name of the organization can also serve as a brand.
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Brand loyalty
Where a person has a favourite supplier and prefers to buy products from them rather than from other suppliers.
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Competition-based pricing
A pricing strategy where a product is positioned in the market based on the price of similar products. The company will position the product by pricing it lower, similar or higher than similar products.
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Corporate social responsibility
A form of self-regulation for a company that centres on the development of goals related to three areas: economic; social; and environmental.
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Cost-plus pricing
A pricing strategy where a company will add a percentage to the total costs incurred for a product (production, design, distribution etc.)
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Demand pricing
A pricing strategy where a company will set the price based on the demand for the product.
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Environmental scanning
The study and interpretation of the political, economic, social and technological events and trends that influence a business, industry or market.
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Expert appraisal
The reliance on the knowledge and skills of an expert in the operation of the product.
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Imitative strategy
Developing products that are similar to an existing new product.
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Literature search
The use of consumer reports, newspaper, magazines, encyclopaedias, manufacturers information, etc. to conduct research.
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Corporate strategy - Market development
Finding new applications for existing products, thereby opening up new markets.
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Corporate strategy - Market penetration
Increasing sales to existing customers or finding new customers for an existing product.
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Market research
The systematic gathering of data about individuals or organisations using statistical analysis and techniques to support decision making.
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Market sector
A broad way of categorizing the kinds of market the company is aiming for.
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Market segment
Markets divide into smaller segments where the purchasers have similar characteristics and tastes.
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Marketing mix
Four factors identified through market research that provide the designer with an accurate brief of market requirements. The 4 Ps: Product; Place; Price; and Promotion.
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Perceptual mapping
A tool to quickly compare a product to others in the market in a graphical representation.
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Pioneering strategy
Being first to market with a new innovation.
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Corporate strategy - Product development
The creation of new, modified or updated products aimed mainly at a company's existing customers.
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Corporate strategy - Product diversification
Increasing sales from new products or markets.
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Product family
A group of products having common classification criteria. Members normally have many common parts and assemblies.
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Product line pricing
Where the different products from the same product range are positioned at different price points.
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Product standardisation
The process of setting uniform characteristics for a particular product, system or service.
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Promotion
The ways that can be used to communicate information about a product or system to consumers and other interested parties.
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Psychological pricing
Where a product is priced to give the impression that it is paying less. For example, pricing at €1.99 instead of €2.
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Registered design
An intellectual property mark that protects a product's appearance. This refers to the features of the product's shape, configuration, pattern or ornamentation which is new and distinctive.
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User research
Obtaining users' responses through questionnaires/surveys and interviews.
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User trial
The observation of people using a product and collection of comments from people who have used a product.
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Client-based Market Sectors
Allow designers to identify and research issues related to the intended purchaser.
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Geographical Market Sectors
Allow designers to identify and research issues related to the location of where products will be marketed.
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Hybrid corporate strategy
Using more than one corporate strategy to get a competitive edge.
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Incremental products
Engage consumers in purchasing add-ons to already purchased trigger products.
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Marketing mix - place/distribution
Concerned with getting the product from the factory to the consumer.
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Marketing mix - promotion
The ways that can be used to communicate information about a product or system to consumers and other interested parties.
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Corporate strategy - Product diversification
Increasing sales from new products and markets.
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Trademark
A symbol, word, or words legally registered or established by use as representing a company or product, and distinguishing them from other products.
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Trigger products
Products that attract the consumer on their own merit.
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Flashcard (63)