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unit 3.3 keywords - Coggle Diagram
unit 3.3 keywords
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brand: a name, image or symbol that distinguishes a product from competitors products
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product life cycle: the pattern of sales of a product from introduction to its withdrawal from the market
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market skimming: setting a high price for a new product that is unique or very different from and other product on the market
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competitive pricing: setting a price similar to that of competitors products which are already established in the market
price leadership: smaller firms set their priced based on the price set by the dominant firm in the industry.
loss-leader pricing: setting the price of a small number of products at below cost to attract customers into the outlet in the hope that they will buy other products priced to earn profit
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price elasticity of demand: measures by how much demand for a product changes when there is a change in the price.
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