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The range of products sold by a business.
The group of consumers aimed at by the business.
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.
Steps taken to extend the life cycle of the product.
Setting a price for a product based on price charged by competitors.
Setting a price at a high level to create a high-quality and exclusive image.
Setting a price at a low level to gain greater market share.
Setting a price by adding a profit mark-up to the total cost of producing a product.
Setting a price below cost hoping to gain other profitable sales.
All the ways a business communicates to consumers with the aim of selling products.
Communication to consumers, using television and other media, to encourage them to buy a product.
Activities to attract consumer attention to a product to increase sales.
Using direct means to contact consumers to increase sales (e.g. e-mail, telemarketing and direct mail).
A business pays for an activity or an event to gain publicity.
The combination of promotion methods used by a business.
Middleman, or distributor that buys in bulk, holds stocks and sells mainly to retailers not consumers.
Selling to the customer through telephone contact alone.
Direct marketing through mail shots leading to goods being delivered directly to customer.