chapter 4: Marketing Flashcards
market research
collection,presentation and analysis of information relating to the marketing and consumption of goods and services
consumption
act of buying and using products
durability
staying in good condition after a long time, even when used alot
anticipate
to expect that something will happen and be ready for it
untapped
supply,market or talent that is available but has not yet been exploited
primary/feild research
gathering of new information that hasn’t been gathered yet
jargon
words and expressions used in a particular group of people
consumer panels
groups of customers are asked about feedback about products
secondary research
collection of data that already exists
qualitative data
information about attitudes,beliefs and intentions (usually written in words )
quantitative data
information that can be quantified (usually expressed in numbers )
sample
small group of people which represent a proportion of a total market when carrying out a market research
market
set of arrangements that allows buyers to communicate and trade in goods and services
marketing
identify customer needs and satisfying them profitability
retain
to keep something or continue to have something
product oriented
where a business focuses on the design and manufacturing of the product rather than the needs of the customers
market oriented
where a business focuses on the needs of consumers when developing products
market share
the portion of a market controlled by a particular company or product.
market analysis
quantitative and qualitative assessments in a market
mass markets
very large markets in which products with mass appeal are marketed
niche markets
smaller market within a larger market or industry
market segmentation
part of a whole market where a particular customer group has similar characteristics
socio-economic groups
division of people according to social class based on employment status
Marketing mix
Elements made to reach the customers needs
-the 4ps
Extension strategies
Methods used to lengthen a products life
Product portfolio
Range of products a buisness is marketing
BOSTON MATRIX STAR CASH COW QUESTION MARK DOGS
Describes products according to market share
Star-high market share and growth
Cash cow-high market share low growth
Question mark-low market share high growth
Dog- low market share low growth
Cost plus
Cost based pricing
Price is made from the cost amount plus slightly extra
Penetration pricing
Setting a low price to start with in order to get established in the market
Patents
Legal document allowing the rights to make a new product
Loss leader
Products sold low to attract customers
Agent
Broker
Brings together buyers and sellers
Above the line advertising
Adverts using media
Below the line advertising
Promotion without media
