Half Term Test Flashcards
Boston Matrix
A method of analysing brands in a firms product portfolio in terms of market share and market growth. BRANDS ARE CLASSIFIED AS CASH COWS, DOGS, QUESTION MARKS AND STARS.
Confidence Levels
The probability that the research findings are correct. This expressed as a percent e.g. 99% confidence that the finding are accurate.
Correlation
A statistical technique used to establish the strength of a relationship between two sets of values. Eg. ice cream sales and season/temp
Distribution Channels
Ways of getting products to where the customer can buy them. Eg. wholesaler, online, in store
Extension Strategy
Attempts to raise sales when products are reaching the end of their product life cycle and have been declining. Eg. modification, packaging, etc.
Extrapolation
Using previous patterns of numerical data to estimate future values
Market growth
The percentage change in the volume or value of sales of all the brands in the product category
Market segmentation
Dividing the market up into groups of potential customers, each with different characteristics.
Niche Marketing
Targeting a small specialised part of the overall market. Eg. Left handed golf clubs, vegan cookies, etc.
Pricing Strategy
Long Term goal regarding pricing eg. John Lewis “Never knowingly undersold” was a longstanding commitment.
Pricing Tactics
Short-term approach to pricing designed to deal with a short term threat or oppitunity.
Types of marketing research
Primary Research
Secondary Research
Primary Research
gathering data that has not been collected before. Methods to collect it can include interviews, surveys, observations or any type of research that you go out and collect yourself.
Secondary Research
a research method that uses data that was collected by someone else. This includes internal sources (e.g.in-house research) or, more commonly, external sources (such as government statistics, organisational bodies, and the internet).
Qualitative research.
a type of research that explores and provides deeper insights into real-world problems
Quantitative research
the process of collecting and analysing numerical data. It can be used to find patterns and averages, make predictions, test causal relationships, and generalise results to wider populations.
Market analysis
The activity of gathering information about conditions that affect a marketplace.
Confidence intervals
a range of values in which we estimate the true mean will lie with a specified probability
Mass market
a market for goods produced on a large scale to target a large number of customers. The mass market differs from the niche market in that the former focuses on consumers with a wide variety of backgrounds with no identifiable preferences and expectations in a large market segment.
Segmentation
a visual display of data that shows prospect or customer perceptions of brands, relative to their competition. Eg. chocolate bars.
Marketing Mix
Includes multiple areas of focus as part of a comprehensive marketing plan
Product
Physical goods or services sold to make a profit for the business. The product is why marketing exists, and the best products are created to solve consumers’ real-world problems.
Price
Pricing is the only revenue-generating element in the marketing mix. If the price is too high you may not get as many customers. If too low you won’t gain as high profit margin.
Promotion
Advertising, sales promotion, personal selling, and public relations. One key consideration is the budget assigned to the marketing mix.
Place
The aspect of selling a product that relates to where and how a company delivers a product to consumers. This includes the distribution channels a company uses, how they transport and store goods and a product’s placement within a retail outlet.
