Studied by 2 people
Brand
A product from a known source (organization). The name of the organization can also serve as a brand.
Brand loyalty
Where a person has a favourite supplier and prefers to buy products from them rather than from other suppliers.
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.
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.
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.)
Demand pricing
A pricing strategy where a company will set the price based on the demand for the product.
Environmental scanning
The study and interpretation of the political, economic, social and technological events and trends that influence a business, industry or market.
Expert appraisal
The reliance on the knowledge and skills of an expert in the operation of the product.
Imitative strategy
Developing products that are similar to an existing new product.
Literature search
The use of consumer reports, newspaper, magazines, encyclopaedias, manufacturers information, etc. to conduct research.
Corporate strategy - Market development
Finding new applications for existing products, thereby opening up new markets.
Corporate strategy - Market penetration
Increasing sales to existing customers or finding new customers for an existing product.
Market research
The systematic gathering of data about individuals or organisations using statistical analysis and techniques to support decision making.
Market sector
A broad way of categorizing the kinds of market the company is aiming for.
Market segment
Markets divide into smaller segments where the purchasers have similar characteristics and tastes.
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.
Perceptual mapping
A tool to quickly compare a product to others in the market in a graphical representation.
Pioneering strategy
Being first to market with a new innovation.
Corporate strategy - Product development
The creation of new, modified or updated products aimed mainly at a company's existing customers.
Corporate strategy - Product diversification
Increasing sales from new products or markets.
Product family
A group of products having common classification criteria. Members normally have many common parts and assemblies.
Product line pricing
Where the different products from the same product range are positioned at different price points.
Product standardisation
The process of setting uniform characteristics for a particular product, system or service.
Promotion
The ways that can be used to communicate information about a product or system to consumers and other interested parties.
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.
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.
User research
Obtaining users' responses through questionnaires/surveys and interviews.
User trial
The observation of people using a product and collection of comments from people who have used a product.
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