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Definitions and Meanings

Topic 2.2 Making marketing decisions

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How well the product or service works for the customer; for example, are the beds comfortable at a hotel; does the smartphone take sharp photos?
The design mix takes into account the cost (economic manufacture), function and aesthetics
Refers to the look, feel and visual appeal of a product
Show the sales of a product through time, from introduction to decline or extension strategies
Where a business tries to increase its sales of a product that is going into decline e.g. lowering the price, re-advertising etc
Where a business makes their product stand out from their rivals, the product will have a unique selling point (USP)
Producing a lot of products at a low cost and selling these products at a low price
Where products are sold at high price often in Niche markets or where businesses have a strong brand.
A market segment is a group of people who share one or more common characteristics
A small market where customers have specific needs, usually high priced goods as less competition
A large market where customers have similar needs and characteristics
Design Mix
Product Life Cycle
Extension Strategies
Differentiating a product
High-volume pricing strategy
High-margin pricing strategy
Market Segment
Niche Market
Mass Markets