Vocabulary List 3 PDF

**Vocabulary List 3** 1. Adoption: the decision to start using something such as an idea, a plan or a name 2. brand recognition: extent to which a consumer can correctly identify a particular product or service just by viewing the product or service\'s logo, tag line, packaging or ad...

**Vocabulary List 3** 1. Adoption: the decision to start using something such as an idea, a plan or a name 2. brand recognition: extent to which a consumer can correctly identify a particular product or service just by viewing the product or service\'s logo, tag line, packaging or advertising campaign 3. product mix: the total range of products offered by a company. 4. Brand: a type of product made by a particular company 5. brand switcher: a ​situation in which someone ​changes from ​buying one ​brand of a ​product to ​buying a different ​brand 6. logo: a printed design or symbol that a company or an organization uses as its special sign 7. reputation: the opinion that people have about what somebody/something is like, based on what has happened in the past 8. competitor: a person or an organization that competes against others, especially in business 9. target customer: a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards 10. product launch: The debut of a product into the market. 11. market research: the action or activity of gathering information about consumers\' needs and preferences. 12. a niche in the market: the subset of the market on which a specific product is focused 13. marketing: activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people 14. persuade: induce (someone) to do something through reasoning or argument. 15. distribution channel: a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors and even the internet itself. 16. market segmentation: is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations. 17. Wholesaler: a person or company that sells goods in large quantities to other companies or people who then sell them to the public 18. product differentiation: the marketing of generally similar products with minor variations that are used by consumers when making a choice. 19. market penetration: a measure of the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service. Can also include the activities that are used to increase the market share of a particular product or service. 20. market skimming: a product pricing strategy by which a firm charges the highest initial price that customers will pay. As the demand of the first customers is satisfied, the firm lowers the price to attract another, more price-sensitive segment. 21. product life cycle: progresses through a sequence of stages from introduction to growth, maturity, and decline 22. product features: characteristics of your product that describe its appearance, components, and capabilities. 23. market opportunities: A good business plan analyzes and evaluates customer demographics, purchasing habits, buying cycles, and willingness to adopt new products and services. The process starts with understanding your market\--and the opportunities inherent in that market 24. market leader: a company that has the largest market share in an industry, and which can use its dominance to affect the competitive landscape and direction the market takes. Companies may be the first to develop a product or service. 25. market followers: a smaller business that might keep close tabs on the activities at major market leader firms and seek to copy or improve upon the leader\'s product releases and marketing efforts. 26. market challenger: a company which tries to expand its market share by aggressively flooding the market with its products at competitive prices 27. unique selling proposition (USP): a factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind. A USP could be thought of as \"what you have that competitors don\'t.\" 28. dominate: to control or have a lot of influence over somebody/something, especially in an unpleasant way 29. differentiation: the act of recognizing or showing that two things are not the same 30. economies of scale: reduced costs per unit that arise from increased total output of a product. For example, a larger factory will produce power hand tools at a lower unit price when it produces more (mass production) 31. segmentation: the act of dividing something into different parts; one of these parts 32. cultural-sensitivity: being aware that cultural differences and similarities between people exist without assigning them a value - positive or negative 33. market positioning: the consumer\'s perception of a brand or product in relation to competing brands or products. 34. market entry costs: costs that must be incurred or paid by a new entrant into a market that previous companies did not have 35. standardization: the process of making objects or activities of the same type have the same features or qualities; the process of making something standard 36. adaptation: the process of changing something, for example your behavior, to suit a new situation 37. exit barrier: something that blocks or prevents the ability of a company (competitor) to leave an industry. 38. vertical competition: all of the suppliers and buyers from the supply change, from the source supplier to the end user 39. horizontal competition: competition between firms of the same type (e.g., direct competitors)