Chapter 2: Marketing Flashcards
Market Research
Research that enables a firm to find out about its market, its customers and its potential customers
Primary Research
Gathering new information specifically for the purpose identified by the business
Secondary Research
Research that uses information that has already been gathered for another purpose
Questionnaire
A set of questions designed to discover information relating to a product or service. These may be left for consumers to complete themselves, carried out by using face-to-face interviews by researchers or from the basis of a telephone or postal survey
Internet Research
Using information that has already been published on the internet to gather information about the market for a firm’s products or services
Telephone Survey
A series of set questions delivered over the telephone to consumers as a method of primary research
Supplier Feedback
Gathering information from companies that supply products or services on their forecasts for what is likely to happen in the market in the future
Customer Feedback
Formal or informal responses from customers to the product or service offered by a business
Focus Group
In-depth discussion with a small group of consumers (8-10), which probes their feelings towards a product or service.
Marketing Mix
The 4 major variables for which decisions must be made when marketing a product
Product
The service or physical good being sold by the company
Price
The amount charged by a business for its product or service
Promotion
All the ways a business communicates to consumers with the aim of selling products.
Place
The methods used by a firm to sell its products or services to consumers
Product range
The collective term given to all the products made or sold by a business
Product differentiation
Attempting to make your products stand out from those of your rivals through advertising, design or different product features
Demand
The quantity that consumers are willing and able to buy at the current price level
Marketing budget
The amount to be spent on marketing and promotion over a certain period of time
Advertising
Communication to consumers, using television and other media, to encourage them to buy a product
Publicity
Gaining press coverage for your business
Word-of-mouth recommendations
Getting customers to talk to their friends and family about your product or service
Direct mail
Sending promotional material directly to consumers
Personal selling
Employing a person to visit potential customers to persuade them to buy your goods and services
Website
Many businesses now have their own website on the Internet to provide information about their business for consumers
Banner
An Internet advert shown on another firm’s website in the form of horizontal bar across the page
Pop-up
An Internet advert that ‘pops-up’ in a new window when visiting another company’s website
Channel of distribution
The method used to transfer goods or services from the producer to the final consumer
e-Commerce
Transactions between people and business carried out entirely via the Internet
Wholesaler
Buys large quantities of a product from producers and break them down into more manageable batches for retailers or consumers
Retailers
Offer consumers a convenient and comfortable environment in which to buy products
