| A | B |
|---|
| Brand | a trade name or trademark created by a company for a product in order to persuade the customer that this product is different from that of any competitor. |
| Consumer panel . | groups of consumers who are asked to test a new product and comment on their findings before the product is put on the open market |
| Competition-based pricing: | setting a price based on that being charged by your competitors. |
| Cost plus pricing: | calculating a price based on what it costs to produce the product plus a percentage markup. |
| Destroyer pricing: | setting prices deliberately low in order to destroy the competition. |
| Market-orientated pricing | a price based on what the consumer expects to pay or is willing to pay. |
| Market segment | group of people in a market grouped according to age, gender, socioeconomic group or geography |
| Marketing mix: 4Ps - | product, price, place, promotion. |
| Niche market | a section within a market segment. |
| Primary research: | also called field research. Involves collecting data from consumers through surveys, questionnaires, consumer panels and personal interviews. |
| Niche market . | a section within a market segment |
| Primary research | also called field research. Involves collecting data from consumers through surveys, questionnaires, consumer panels and personal interviews. |
| Product life cycle | the length of time a product is expected to sell for and the stages it goes through from launch to final decline. The main stages are: research and development, introduction (or launch), growth, maturity and saturation, decline. |
| Secondary research | also called desk research. Involves using existing data held by the company or produced by other agencies. |
| Skimming price . | setting a high price at the launch stage to recoup the high research and development costs. Used when introducing new technology, where some consumers are willing to pay a higher price in order to be the first to own that product. Prices are lowered after the initial period |
