Chapter 4.2 Flashcards
marketing planning:
The process of formulating
appropriate strategies
and preparing marketing
activities to meet marketing
objectives
marketing mix
the key decisions that must be taken in the effective marketing of
a product
coordinated marketing mix:
key marketing decisions
complement each other
and work together to give
customers a consistent
message about the product
market segment
a subgroup of a market made up
of consumers with similar
characteristics, tastes and
preferences
target market:
the market segment that a particular product is aimed at
market segmentation:
identifying different
segments within a market
and targeting different
products or services to them
consumer profile:
A consumer profile is a detailed description of the people who buy a company’s products. It shows key details like:
• Age groups
• Income levels
• Location
• Gender
• Social class
niche market
a small and
specific part of a larger
market
niche marketing
: identifying
and exploiting a small
segment of a larger market by
developing products to suit it
mass market:
a market
for products that are often
standardised and sold in
large quantities
mass marketing:
selling the
same products to the whole
market with no attempt to
target specific groups
product position map or
perception map:
A product position map (or perception map) is a simple graph that shows how customers see different competing products. It compares two features of the products, like price and quality, and helps businesses understand where their product stands compared to others.
unique selling point/
proposition (USP):
A factor that makes a product stand out from its competitors.
such
as the lowest cost, the
highest quality or the firstever product of its kind;
a USP could be thought
of as ‘what you have that
competitors don’t
