Chap 21 + 22 Flashcards
What is market research
Gathering and analysing information about consumer preferences for a good or service
Benefits of carrying out market research
Info on customer needs and wants, Info about their rivals, Best price to charge
What is Field research
Field research involved gathering info directly from the marketplace
What is desk research
Desk research is analysing info that has already been collected
What is a focus group
Focus group is a group of consumers brought together to discuss a particular product or service
What is Marketing?
Marketing is the process of identifying and satisfying customer needs and wants while making profit
What is target marketing
Target marketing is the group of people who the business aims to sell its products
What is marketing mix
Marketing mix is a combination of 4 elements that can help a business to market its products to its target market
Name the 4 elements in market mix
Product, price, place and promotion
What is product
Product is an actual item provided to meet consumer needs
What is product life cycle
It is the diff stages that a product goes through
Name the 5 stages a product goes through
Introduction, growth, maturity, saturation and decline
What is a brand
A brand is a name or design that makes a product easy to recognize from other products
What is USP ( unique selling point)
USP is what makes a business different from others
What is price
The amt of money a seller charges a customer for a product
Name and explain 3 pricing strategies
Cost plus, Competitive and premium
What is place
Place refers to where customers will buy the product
Channels of distribution
Refers to the way in which the product gets from the manufacturer to the consumer
What is promotion
Promotion means making customers aware of a product
What is promotion mix
The combination of promotional activities that a business uses to communicate with existing and potential customers.
What is advertising
Communicating with public to let them know about a product and get them interested in buying it
Name some sales promotion
Free samples, buy one get one free, 50% off
