Business Studies Unit 2 Definitions 0.0 / 5 ? Business StudiesDefinitionsASAQA Created by: Laura WijsmullerCreated on: 25-03-14 18:51 Psychological Pricing Using price as a way of influencing a consumer’s behaviour or perceptions, for example using high prices to reinforce quality image 1 of 7 Promotional Mix The mix of activities and approaches taken to promoting a product, including advertising, direct selling 2 of 7 Profitability The ability of a business to generate profits from its activities 3 of 7 Product Portfolio The collection of products and brands owned and operated by a firm 4 of 7 Product Life Cycle A theory which predicts the stages a product goes through from introduction to withdrawal from a market 5 of 7 Pricing Tactics The short-term pricing decisions and approaches taken 6 of 7 Pricing Strategies The overall strategic approach to pricing over the medium-to-long-term often based on the market positioning of a product 7 of 7
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