Hearing the Words Stage 1 Business Studies 2009
Business Studies Stage 1
These are words you will hear your teachers use in relation to the topic Marketing Strategies – Chapter 19 pp. 264 – 294 of your textbook.
What is a product?raw materials / Rice and chicken are the raw materials for the recipe.
manufactured materials / Computers are assembled from manufactured materials.
supplies / The factory increased its supplies of cars.
services / The hairdresser offered many different services.
Developing the product
consumer tastes / The new product suited consumer tastes.
modified / The design was modified according to consumer tastes.
enhanced / The product was enhanced with new ingredients.
extended / The shop offered extended opening hours.
genetically / The food was genetically modified.
decadent / The city had many decadent shops.
sea change / The couple moved to the beach for a sea change.
nostalgia / He was filled with nostalgia for his school days.
Product life cycle
maturity / The account will reach maturity in ten years.
saturation / Market saturation was reached and the shop was not able to sell anymore air conditioners.
decline / Petrol prices have continued to decline.
Why is brand important?
differentiates / The shop’s excellent service differentiates it from competitors.
functional / The car park attendants wear functional clothes to work.
product placement / In the movie they noticed many examples of product placement.
What determines price?
pricing levels / The manager was responsible for establishing pricing levels.
portfolio / Supermarkets stock many products in their portfolio.
profit margin / Restaurants often set their profit margin at 25%.
competition / City shops face competition from other stores in the mall.
going rate / The going rate for part-time work is $10 per hour.
supply / He bought a month's supply of noodles.
demand / The demand for new cars is increasing.
Place
direct distribution / Direct distribution can be achieved through the internet.
indirect distribution / Many shops use indirect distribution to sell their goods.
Promotion
promotional techniques / Businesses use a variety of different promotional techniques.
advertising / Advertising is a very popular promotional technique.
fantasy / Her fantasy is to be a film star.
testimonial evidence / The company web site contains testimonial evidence from satisfied customers.
scientific evidence / A survey is an example of scientific evidence.
mass media / The opening of the new shop attracted attention from the television and radio mass media.
commercial channel / Channel 9 & 7 are examples of commercial channels.
direct marketing / Cosmetics are often sold in homes using direct marketing techniques.
telemarketing / A telemarketing job was advertised last night in the local paper.
sales promotion / Furniture stores often have sales promotions after the New Year holidays.
incentive / The company is offering a special low price as an incentive for new customers.
commission / Car sales assistants get commission for each car that they sell.
personal selling / Personal selling in David Jones is very popular in the cosmetics department.
public relations / Sponsoring community events is always good for public relations.
publicist / The shop’s publicist declined to comment.
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Marketing Strategies