MyT Terminology | Baamboozle - Baamboozle | The Most Fun Classroom Games!

It is a marketing plan of action to promote a business organization’s goods or services to increase brand awareness, brand recognition, and (ultimately) sales revenues.

Promotional strategy

Online platforms where users can create, share, and engage with digital content. For Myt PLC, it plays a key role in its promotional strategy, allowing the company to reach and interact with a wide audience.

Social Media

Acquisition of one company by another, where the acquiring company gains control of the target company by purchasing a majority stake of its shares.

Takeover

Growth strategy whereby a company expands by acquiring or merging with businesses at different stages of the production process, but typically within the same industry.

Vertical integration

Organized alliance that seeks to influence public (government) policy and/or business practices, often advocating for specific social, environmental, or political causes.

Pressure group

Detailed documents outlining an organization’s goals and strategies. For Myt, it includes modernizing its factories, reducing caffeine and sugar levels, exploring healthy snacks market and improving CSR

Business plan

Range of goods or services offered by a business. Myt's includes over 30 different non-alcoholic drinks, such as root beer and bottled water, reflecting the company’s growing and diverse offerings that cater to various consumer preferences

Product Portfolio

Physical locations or points of sale where a business organization’s goods or services are offered to customers. In the case of Myt includes the retail locations where its drinks are sold as well as Lotssa Coffee’s 4,000 coffee shops

Outlets

Company that operates in two or more countries. Myt manufacturing factories are on six continents and sells its products globally,

Multinational

Growth strategy that involves a business seeking to enter new markets with its existing products. Myt PLC is pursuing it by expanding its customer reach through acquisitions, such as taking over Lotssa Coffee and Honest Water

Market development

All existing and potential customers who have an interest and ability in purchasing a business organization’s goods or services. For Myt PLC, this includes individuals and organizations purchasing non-alcoholic beverages or healthy snacks

Market

Process of producing physical goods, typically using production methods such as batch or mass production (MyT: non- alcoholic drinks, including root beer, bottled water, and canned carbonated drinks)

Manufacturing

Category of growth that refers to the expansion of a business organization through its own efforts and resources, such as increasing sales, launching new products, or expanding production capacity.

Internal growth

Central location of a multinational company where key management and administrative functions are coordinated, and strategic decisions are made for Myt PLC’s global operations.

Head office

Process of a business organization, such as Myt PLC, increasing its scale of operations through various means, e.g., expanding production facilities, increasing production capacity, or expanding its product portfolio.

Growth in size

Manufacturing facilities that are designed and operated with a focus on environmental sustainability. This includes reducing energy consumption, minimizing waste, using renewable resources, and lowering carbon emissions at Myt’s factories.

Green factories

Business expansion achieved through mergers, acquisitions, or partnerships rather than internal development. Myt PLC’s takeover of Lotssa Coffee and Honest Water are examples

External growth

The riskiest growth strategy, as it involves both product development and market development, requiring the business to venture into areas where it has little, if any, prior experience.

Diversification

Company’s commitment to operate ethically and contribute positively to society and the environment. This can include actions like reducing environmental impact, supporting community projects, or improving the welfare of employees.

Corporate Social Responsibility

A series of interconnected business outlets, like Lotssa Coffee, that are owned or managed by the same company and operate under a common brand name. It is centrally managed, typically including a common marketing mix and corporate policies

Chain

Small group of individuals elected or appointed to oversee the management and overall direction of a company. They are responsible for making major decisions, setting policies and ensuring that the operations align with the mission

Board of directors

Crucial element of an organization’s promotional strategy within the marketing mix. It involves paid-for communication strategies designed to inform and persuade consumers about Myt PLC’s diverse range of beverage products.

Advertising