Definitions Flashcards
(24 cards)
Fairtrade
An alternative method of international trade which promotes environmentalism, fair wages etc..
Market segmentation
When the total market is subdivided up into groups of people, which share common characteristics .
Ethical consumerism
Buying products that are not harmful to the environment, animals and society
Personal selling
Communication between a sales representative and a potential customer.
Product differentiation
When products are the same/ similar are made to appear different/ better when compared to its competitors
Product endorsement
When celebrities act as opinion leaders and show their support for a product.
Product placement
The inclusion of advertising in entertainment
Product positioning
The creation of a products image when compared to competing products
Promotion
Used to inform, persuade and remind consumers about its products
Publicity
A free news story about a business’ product
Sales promotion
Activities or materials used to direct inducements to customers.
Sponsorship
Promoting a product by associating it with a specific event
Niche market
A small segment of the total market
Shareholder
Owner of the company
Market research
Collecting and analysing information about customers and the business opportunities available
Owners equity
The value of this business to the owners
Asserts
Items of value owned by the business
Entrepreneur
Someone who takes on the risk of a business idea in hopes of making a profit
Franchise
The rights from a manufacturer to distribute its products under its name
Advertising
A paid, non personal message
Primary target market
the market segment which most of the marketing resources are directed
Secondary target market
A smaller and less important market segment
Promotion mix
The various promotion strategies a business uses in its promotional campaign
Niche market
A small segment of the total market
