3.3 Marketing management Flashcards
Sales volume
The total number of units of a product or service sold within a specified time period.
Sales value
The total monetary worth of a product or service sold within a specific time frame, calculated
by multiplying the number of units sold by their respective prices.
Market size
The total value or quantity of a specific product or service that can potentially be sold in a
defined market during a given period, often measured in terms of revenue or units.
Market share
The percentage of total sales within a specific market that a particular company or product
holds, reflecting its relative position compared to competitors
Qualitative data
Information or data that is descriptive in nature and provides insights into opinions,
behaviours and attitudes.
Quantitative data
Information or data that is numerical in nature and can be measured and quantified
Primary market research
The process of collecting original data directly from the source through methods like surveys,
interviews or observations.
Secondary market research
The process of gathering existing data and information that has already been collected by
others, such as industry reports, articles or government publications.
Sampling
The process of selecting a subset of individuals or units from a larger population to represent
the whole.
Random sampling
A sampling technique where every member of the population has an equal chance of being
selected for the sample.
Stratified sampling
A sampling technique where the population is divided into subgroups or strata, and random
samples are taken from each subgroup.
Quota sampling
A sampling technique where specific quotas or proportions of the population are selected
based on certain characteristics.
Positive correlation
A statistical relationship in which the values of two variables tend to move in the same
direction, meaning an increase in one variable corresponds to an increase in the other
Negative correlation
A statistical relationship where the values of two variables move in opposite directions,
indicating that an increase in one variable is associated with a decrease in the other.
Confidence interval
A range of values the research is expected to fall between.
Extrapolation
The process of estimating or projecting future data points based on existing trends or
patterns.
Segmentation
The process of dividing a market into distinct groups of consumers based on similar
characteristics or needs.
Positioning
The strategic process of creating a distinct identity or image for a product or brand in the
minds of consumers relative to competitors.
Niche marketing
A marketing strategy that targets a specific segment or niche of the market with specialised
products or services
Mass marketing
A marketing strategy that targets the entire market with standardised products or messages.
Boston matrix
A strategic planning tool that categorises a company’s products or business units based on
their market share and growth rate.
Product life cycle
The stages that a product goes through from introduction to decline, including development,
growth, maturity and decline.
Extension strategies
Marketing strategies aimed at extending the life cycle of a product.
Penetration pricing
A pricing strategy where the initial price of a product is set low to gain market share quickly.
