2: The Market Flashcards Preview

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Flashcards in 2: The Market Deck (8)
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1
Q

Franchise (3)

A
  • A business that sells the rights
  • To the use of its name and trading methods to local businesses
  • e.g. Nandos and McDonalds
2
Q

Generic Brands (3)

A
  • Brands that are so well known
  • That customers say the brand when they mean the product
  • E.g. Bacardi (white rum)
3
Q

Product differentiation (2)

A
  • The extent to which consumers perceive your brand
  • As being different from others
4
Q

Mass Marketing (3)

A
  • Creating products/services with universal appeal
  • That is, aiming a product at the whole market
  • E.g. Coca-Cola
5
Q

Mass marketing COA (5)

A
  • Succesful mass marketing
  • leads to high sales
  • As there is a huge target market
  • Leading to improved purchasing EOS
  • Thus, reducing variable costs
  • And therefore increasing contribution per unit
  • And resulting in higher operating profits
6
Q

Niche Marketing (3)

A
  • Creating products/services that target a very small segment
  • Of a much larger market
  • Usually: specialised products, lower volume, higher prices
7
Q

______________ is a way to achieve product differentiation

As it adds ___________ to your product by _____________________ (3)

A
  • Effective branding
  • percieved value
  • creaiting an image assiociated with it
8
Q

Difference between risk and uncertainty (2)

A
  • Risk can be quantified
  • Uncertainty cannot