| Cash cow |
a product in a market with low market growth that has a
high market share |
| Discounts
|
reduced prices of goods set by the seller usually in order
to attract additional sales |
| Dog |
a product in a low growth market that has a low market
share |
| Gross profit
|
the profit arrived at by subtracting direct costs of sales
from the sales revenue without taking into account any overhead expenses |
| Marketing
|
the way in which companies attempt to create two-way
communication between themselves and consumers |
| Problem child |
a product in a market with high growth that has failed to
establish a significant market share |
| Product promotions |
all the ways in which a product is made more attractive to
consumers eg special offers, discounts, advertising, in-store tasting
|
| Qualitative data
|
data that is not numerical |
| Quantitative data |
numerical information |
| Star |
a product in a market with high market growth that has a
high share of the market |
| The Boston Matrix |
a tool used in marketing to compare products' market share
and market growth relative to those of the competition |
| Mean average |
the sum of all data divided by the number of items of data |
| Mean for grouped data
|
the sum of data (the mid-point for each group x the number
of observations) divided by the total number of observations |
| Median |
the middle item in a set of data |
| Mode |
the most popular item or group in a set of data |
| Product life cycle
|
a tool used in marketing to show the pattern of a
product's life
|