3. Complete the sentences using the necessary term from the box.

Retail outlet Substitute product Commercial marketing strategy Market potential Discount store Corporate identity Blind product test Mass-market products

1. __are designed and produced for selling to large numbers of people. A typical one of them is Coca Cola.

2. A store that simply sells merchandise directly to the consumer; the merchandise is generally purchased by the store from a wholesaler, or it may be manufactured by the company that owns the store is called __.

3. The entire size of the market for a product at a specific time is called __. It represents the upper limits of the market for a product and is usually measured by either sales value or sales volume.

4. __ is the strategy a company employs to market its products or services. There are two main types of it: traditional and nontraditional.

5. A type of department store, which sells products at prices lower than those asked by traditional retail outlets is known as __.

6. __ is the overall image of a corporation or firm or business in the minds of diverse publics, such as customers and investors and employees. It is usually visibly manifested by way of branding and the use of trademarks.

7. The term __refers to a good or product with a positive cross-elasticity of demand, in economics parlance. The term is used by business and economic theorists to make sense of demand and how it affects the marketplace.

8. __ is a method of research in which people in a sample are asked to test various products that are not identified by brand name-for example, Brands X, Y, and Z.

4. Match the words from two columns to form a phrase.

market	curve
brand	pricing
supply	strategy
cut-throat	competition
cost-plus	factors
response	penetration
social-economic	models
niche	loyalty

5. Circle the correct word or phrase.

1. Coverage/Brand loyalty is a result of consumer behavior and is affected by a person's preferences. Customers will consistently purchase products from their preferred brands, regardless of convenience or price.

2. Odd-even pricing/cost-plus pricing occurs when a company prices a product a few cents or a few dollars below the next dollar amount. For example, instead of being priced $10.00, a product will be priced at $9.99.

3. A market test/cluster analysis is an experiment in which the company launches a new offering in a limited market in order to gain real-world knowledge of how the market will react to the product.

4. Some companies create sophisticated statistical models called niche models/response models, which are based on how customers have responded in the past to marketing strategies.

5. A warranty/ coverage is a promise by the seller that an offering will perform as the seller said it would.

6. A cluster analysis/ market test is an experiment in which the company launches a new offering in a limited market in order to gain real-world knowledge of how the market will react to the product.

7. Competition between suppliers of goods or services, by price cutting or otherwise, which is so intense as to endanger the survival of some or all of the competitors is called cut-throat competition/commercial strategy.

8. A product or range of products offered by a retailer under their own name in competition with branded goods is known as own brand product/market potential.

Reading 1