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Process Innovation
Making the production process new/improved
(changes in equipment/technique)
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Product Innovation
When a business creates a new product, an improvement of previous products and therefore aim to meet customers needs (high demand)
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Market Orientation
Outward Looking - Doing market research to produce products which satisfy consumers
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Product orientation
Inward Looking - Looking at key strategies and producing another product
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Market Mapping
A graph with 4 quadrants usually low and high price. Products are plotted on this graph to show competitor behaviour and can help spot a gap in the market
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Market Segmentation
Geographical - Where
Demographic - Who
Behavioural - Loyalty
Psychographic - Habits
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PED = %ΔQd / %ΔinP
Measures the responsiveness of quantity demanded to a change in price
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PES = %ΔQs / %ΔinP
Measures the responsiveness of quantity supplied to a change in price
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Marketing Mix
4 P's:
-Product
-Place
-Promotion
-Price
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Design Mix
Focuses on Product therefore looks at the aesthetic, function and cost
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Cost Plus
Setting a price by adding a percentage to the cost of the product/service
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Price Skimming
Making a products price high then lowering them overtime as competitors enter the market
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Penetration Pricing
Offering customers a lower price in order to attract them to a new product or service (Aldi, Lidl etc)
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Predatory Pricing
Putting a price on a product/service which makes it hard for other competitors to compete, forcing them to leave the market.
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Competitive Pricing
Pricing a product/service based on competitors
(if Tesco decreases the price of milk by 10p to £1.60, Sainsbury's would decrease it to around £1.60)
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Other cards in this set
Card 2
Front
Making the production process new/improved
(changes in equipment/technique)
Back
Process Innovation
Card 3
Front
When a business creates a new product, an improvement of previous products and therefore aim to meet customers needs (high demand)
Back
Card 4
Front
Outward Looking - Doing market research to produce products which satisfy consumers
Back
Card 5
Front
Inward Looking - Looking at key strategies and producing another product
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