Key Terms Marketing Flashcards
Market research
Collection,presentation and analysis of information relating to the marketing
Untapped
Market that is available but has not yet been exploited
Primary/Field research
Gathering of new information that does not already exist
Consumer panels
Feedback from customers about product over a set of period
Secondary/research
Collection of data that already exists
Qualitative data
Information usually written in words
Quantitative data
Information expressed in numbers
Sample
Small group of people, which represents promotion of a total market
Market
Set of arrangements that allows trade in goods and services
Marketing
Identifying customer needs and satisfying them to get profit
Product orientated
Where a business focuses on the design and manufacture of the product itself rather than needs of customers
Market orientated
Where a business focuses on the needs of consumers rather than developing products
Market share
Proportion of sales in a total market
Market analysis
Quantitative and qualitative assessment of a market
Mass market
Where a business sells in the largest part of a market
Niche Marketing
Where business targets a smaller segments of a larger market
Market segments
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
Market mix
Elements to make product effectively ( 4Ps) product,price,place and promotion
Product life cycle
Level of sales at the different stages through which a product passes over time
Skimming
Making a high prices at the beginning and then lower it later
Penetration pricing
Putting a low price at start to establish in the market
Extension strategies
Methods used to lengthen the life of a product
Product portfolio
Range of products a business is marketing
