Key Terms Flashcards
Niche marketing
Targeting a product or service at a small market segment of a larger market
Mass marketing
The process of promoting the sales of large numbers of a product to the whole market in order to facilitate high levels of production
Marketing mix
A combination of factors that can be controlled by a company to influence consumers to purchase its products
Market size
The volume of sales of a product or service of the value of sales of a product or service
Market share
The percentage or proportion of the total sales of a product or service achieved by a firm or a specific brand name
Dynamic market
One that is subject to rapid or continuous changes
Online market
The promotion of brands to connect with potential customers using the internet and other forms of digital communication
Product orientation
A business approach which focuses on the production process and the product itself rather than the consumer
Market orientation
A business approach which identifies, reviews and analyses consumer needs
Primary market research
Research you conduct yourself e.g. questionnaire
Secondary market research
A type of research that has already been done by others
Quantitative research
Provides statistical data
Qualitative research
Provides non-statistical in-depth opinions and is commonly undertaken by psychologists
Market segmentation
A marketing strategy that uses well - defined criteria to divide a brands addressable market share into smaller groups
Adding value
The difference between the cost of making a product and what you will then sell it for
Unique selling point
The feature of a product that can be focused on in order to differentiate it from all competition
Branding
Refers to any feature that allows consumers to instantly recognise the produce and differentiate it from those of competitors e.g. name, logo
Viral marketing
Any strategy that encourages people to pass on messages to others about goods/ sales or a firm
