Chapter 3 Flashcards
Market Growth
It refers to an increase in size of a market, in the terms of
value or volume of sales, over a period of time
Market Share
It refers to an organisation’s share of the total value of sales
of all products within a specific market
Market Leaders
These are firms that are dominant market players and the
ability to gain further economies of scale
Social Marketing
It refers to any activity that seeks to influence social
behaviour to benefit the target audience and society as a whole
Asset-led marketing
It is a business strategy to adopt use of core strengths of
business for marketing purpose
Marketing Audit
It refers to a review of a firm’s current marketing mix, in
terms of its strengths, weaknesses, opportunities and threats
Marketing Plan
It refers to the document outlining a firm’s marketing
objectives and strategies for a specified time period
Marketing Strategy
It is any medium to long term plan for achieving the marketing
objectives of a business
Marketing Mix
It refers to the main elements of a firm’s marketing strategy.
It consists of the 4 p’s – product, price, promotion and place
Market Size
It refers to the magnitude of an industry, usually measured in
terms of the value of sales revenue from all the businesses in a particular make, per time period
Ethical Marketing
It refers to the moral aspects of a firm’s marketing strategies.
It can be encouraged by the sue of moral codes of practice
Market Research
It refers to the range of marketing activities designed to
discover the opinions, belief and feelings of potential and existing customers to identify and anticipate the needs and wants of customers.
Primary Research
It involves data being collected by the researcher since the information does not currently exist
Secondary Research
It involves using data and information that has already been
collected by another party
Sampling
It is the practice of selecting a representative group of a
population for primary research purposes
Segmentation
It refers to the process of categorizing customers into distinct
groups of people with similar characteristics and similar wants or needs for research and targeting purposes
Targeting
It means that each distinctive market segment can have its own
marketing mix.
Sales Forecasting
It is a quantitative technique that attempts to estimate the
level of sales a business expects to achieve, over a given time period.
Product Line
It refers to a variety of the same product that business
produces for customers of a particular market
Product Mix
It describes the variety of the different product lines that a
business produces.
Product Range
It refers to all product lines of a firm’s product mix
Product Life Cycle
It shows the different stages that a product is likely to go
through form its launch stage to growth to maturity to saturation to decline. It is measured over time in terms of the differing levels of sales
Product differentiation
It is a marketing strategy that involves making a product stand
out from others, especially those offered by rival firms
Product Portfolio
It means range of products owned by a business
