1.1 keywords Flashcards
marketing
The action of a business of promoting and selling products or services, including market research and advertising.
marketing objective
A marketing target or goal that an organization sets to achieve within a given period of time.
marketing strategy
The medium to long term plans for achieving its marketing objectives.
market segmentation
Involves dividing a broad target market into customers with similar needs and wants.
market
A place where buyers and sellers meet to exchange goods or services for a set amount of cash.
generic brand
A type of consumer product that lacks a recognized name or logo.
mass market
The largest part of a market, where there are many similar, undifferentiated products offered by competitors
niche market
A smaller segment of a larger market, where customers have specific needs and wants requiring differentiated products.
economies of scale
Factors that cause costs per unit to fall when a firm operates at a higher level of production.
market size
This can be measured by volume of sales or the value of sales of a product.
market share
The proportion of total sales that a particular firm has. (Total Sales / Total Market Sales x 100)
brand
A product manufactured by a particular company that is recognized and distinguished from competitors.
product differentiation
A distinctive feature of a product that distinguishes it from competitors.
dynamic markets
Competitive markets where the environment are always changing.
franchise
A business that sells the rights to use its name and trading methods.
risk
The potential for loss by an entrepreneur when undertaking a venture to attain rewards.
uncertainty
The inability to predict what will happen in the future.
market research
The collection, analysis and collation of data that enables businesses to identify what customers want and meet their demands.
primary research
The collection of information first hand for a specific purpose.
secondary research
The use of information that has already been collected for a different purpose.
qualitative research
Non-statistical data about attitudes, beliefs and intentions that explains consumer behavior.
quantitate research
Collection of data that has been quantified and informs a company by measuring consumer behavior.
sample size
The number of people used as a representative for a population.
bias
Inclination or prejudice for or against one person or group, especially in a way considered unfair.
