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Product portfolio
The range of products sold by a business.
Target Market
The group of consumers aimed at by the business.
Diversify
Spreading risk by selling in different markets.
Product life cycle
The lifespan of a product, recorded in sales from launch to being taken off the market.
Extension strategies
Steps taken to extend the life cycle of the product.
Competitive pricing
Setting a price for a product based on price charged by competitors.
Price skimming
Setting a price at a high level to create a high-quality and exclusive image.
Penetration pricing
Setting a price at a low level to gain greater market share.
Cost-plus pricing
Setting a price by adding a profit mark-up to the total cost of producing a product.
Loss-leader pricing
Setting a price below cost hoping to gain other profitable sales.
Promotion
All the ways a business communicates to consumers with the aim of selling products.
Advertising
Communication to consumers, using television and other media, to encourage them to buy a product.
Sales promotion
Activities to attract consumer attention to a product to increase sales.
Direct marketing
Using direct means to contact consumers to increase sales (e.g. e-mail, telemarketing and direct mail).
Sponsorship
A business pays for an activity or an event to gain publicity.
Promotional mix
The combination of promotion methods used by a business.
Wholesaler
Middleman, or distributor that buys in bulk, holds stocks and sells mainly to retailers not consumers.
Telesales
Selling to the customer through telephone contact alone.
Mail order
Direct marketing through mail shots leading to goods being delivered directly to customer.