Chapter 27~Marketing Flashcards
Target market?
All the people who might buy a particular product or service
Market research?
Collecting information about a product and its market and then using that information to make business decisions
Advertising?
The communication of information about a product or service to the consumer
Sales promotion?
All ideas other than advertising, used by a firm to try and increase sales of a particular product or service
Merchandising?
Any methods used to display products in a shop in order to generate interest in the product and encourage consumers to make a purchase
Piggyback selling?
A new product is given free by being attached to a related product
Sponsorship?
Where a firm pays money to have their name or products associated with a major event e.g Irish rugby team sponsored by three
The 4 marketing mixes(P’s)?
- product
- price
- place
- promotion
4 aims or market research?
- find out what product/services the consumer wants
- find out the most suitable method of advertising to use
- to decide on a suitable selling price
- to find out the most suitable method of distributing the product/service
2 methods for market research?
Desk research: information collected by looking up pre existing information e.g reports
Field research: collected by going out on the market and gathering new information e.g survey
3 methods of field research?
- questionnaires
- test marketing
- direct observation
4 reasons for advertising?
1) to inform : to tell
2) to persuade : convince
3) to compete : encourage
4) to remind
4 forms of advertising media?
- TV
- radio
- Internet
- newspapers
3 sales promotion techniques?
- free gifts
- special introductory price
- competitions
4 things to reminder when creating a advertisement?
1) 5 facts
2) slogan
3) image
4) box at bottom corner
