35D WORD REVISION 1 (half page)

ADDING VALUE:the process of increasing the value of resources by changing them during the production process(the difference between the price of the finished product and the costs incurred in making it)

BOSTON MATRIX:a method of analysing the current position of the products within a firm`s portfolio.

DESIGN MIX:how the firm combines three key design elements in order to fit the market gap that has been identified.

1. aesthetic appeal(appeal to the senses)
2. function(how well the product works and lasts)
3. economic manufacture

DISTRIBUTION CHANNELS:the stage of ownership that take place as a product moves from the manufacture to the consumer

EXTENSION STRATEGY:a medium-to large-term plan for lengthening the life cycle of the a product or brand

INCOME ELASTICITY:measures the way in which demand changes when consumer`s real income change

MARKET MIX:the main variables through which a firm carries out its marketing strategy(4P)

MARKET OBJECTIVES:marketing department must achieve in order to help the company achieve its overall objectives

MARKETING STRATEGY:a medium-to long-term plan for meeting marketing objectives

MARKET RESEARCH:the process of gathering primary and secondary data on the consumer

MARKET SEGMENTATION:analysing a market to identify the different types of the consumer

MARKET SHARE:the percentage of all the sales within a market that are held by one brand or company

MARKET SIZE:the total sales of the producer within a market-place

MASS MARKETING:target the firm`s advertising and promotional spending an the whole market

NICHE MARKETING:a small range of market