109 - 116 Marketing Key terms Flashcards
What is marketing?
Marketing involves the understanding, anticipation and fulfilling of customer needs.
What is market orientation?
Market orientation is when a business bases its marketing mix on the perception of what the market (customer) wants using market research and customer opinions.
What is product orientation?
Product orientation is when a business bases its marketing mix on the business’s product strengths and capabilities.
What is asset-led marketing?
A marketing strategy based on a firm’s own strengths, not solely on the customers’ needs.
What is the marketing mix?
The marketing mix outlines the marketing strategy and consists of product, price, promotion, and place.
What is a product portfolio?
The collection/range of all the goods and services offered by a business.
What is a brand?
A brand is a business or product name/logo that can give customers a perception of what the business stands for.
What is a unique selling point?
What distinguishes a product from ones sold by competitors.
What is differentiation?
Distinguishing a product or service from others to attract more customers.
What is the product lifecycle?
The product life cycle represents the stages that a product goes through from initial development to decline.
What is an extension strategy?
An extension strategy is a way of prolonging the life of a product that stops it from reaching the decline stage.
What is the Boston Matrix?
A technique which allows businesses to analyse their product portfolio by categorising products according to market growth and market share.
What is penetration pricing?
Charging a low price to penetrate the market, often used in competitive markets.
What is price skimming?
Charging a high price to maximise profits on each item sold for a limited period.
What is cost-plus pricing?
Cost-plus pricing is where a profit percentage is added to the average cost of producing the good/service.
What is competitive pricing?
Where a business considers what their competitors are charging for a product or service.
What is psychological pricing?
Pricing products to make customers believe they are paying less than they really are.
What is contribution pricing?
Price based on variable costs plus a contribution towards overheads and profits.
What is above the line promotion?
Above the line promotion is advertising through mass media such as print and broadcast media.
What is below the line promotion?
Promotional strategies used to target consumers more directly.
What is a distribution channel?
The path taken by a product from the manufacturer to the final consumer.
What is multi-channel distribution?
A combination of distribution channels used to get the product from manufacturer to consumer.
What is digital media?
Any information that is broadcast through a screen, including text, audio, video, and graphics.
What is e-tailing?
Electronic retail or e-shopping is a form of electronic commerce that allows consumers to buy goods or services online.
What is m-commerce?
M-commerce is the buying and selling of goods and services online through wireless handheld devices.
