Business Terminology for Myt PLC

Flashcards covering important vocabulary and concepts related to Myt PLC's business operations and strategies.

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A digital representation of a person, brand, or character used in marketing and virtual environments.

Biodegradable

Materials that decompose naturally, thereby reducing environmental impact.

Chain (of a business)

A group of business outlets operating under the same brand, often managed centrally or as franchises.

Pressure group

Organizations that influence businesses and governments to change policies on various issues.

Recycling

The process of reusing materials to reduce waste and environmental impact.

Product Life Cycle

The stages a product goes through from development to decline: R&D, Introduction, Growth, Maturity, Decline.

Branding

A name, symbol, or design used to identify a product or company, which helps in building customer identity.

Cost-plus pricing

A pricing method where total direct costs plus some markup are summed to determine the sales price.

Penetration pricing

A strategy used to attract customers by initially setting a low price for a new product.

Promotion

Strategies and methods used to inform, persuade, and remind customers about products or services.

Social media influencer

A digital personality promoting brands through social media platforms, impacting consumer decisions.

Physical evidence

Tangible aspects that help customers evaluate intangible services or products, such as packaging or branding.

Boston Consulting Group (BCG) Matrix

A tool analyzing product performance based on market share and growth, categorized into Dogs, Cash Cows, Question Marks, and Stars.

Ansoff Matrix

A business tool suggesting four growth strategies based on products and markets: Market Penetration, Product Development, Market Development, and Diversification.

Triple Bottom Line

A framework for evaluating success based on economic, social, and ecological performance.