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
Boston matrix
Matrix that describes products according to the market share
Cost-plus or cost-based pricing
Adding a percentage to the costs of producing a product to get the price
Make-up
Percentage added to costs that makes a profit for a business when setting the price
Competition-based pricing
Pricing strategies based on the prices charged by rivals
Destroyer or predatory pricing
Setting a low price until rivals have gone out of business
Patents
Document giving a company the right to sell a product and stating that others are not allowed to do this
Loss leader
Product sold below cost to draw in customers
Above-the-line promotion
Placing adverts using the media
Below-the-line promotion
Promotion that does not involve using the media
Coupons
Printed piece of paper that allows to pay less for the product.
Direct mail
Advertisement that are sent to people in the post.
Distribution channel
Route taken by a product form the producer to the customer
Intermediary
Organisation that helps to arrange business deals between organisations
Wholesalers
Businesses that buy goods from manufacturers and sell them in smaller quantities to retailers
Retailers
Business that buy goods form manufactures and sell in smaller quantities to consumers
Bulk breaking
Dividing a large quantity of goods before selling in smaller quantities to customers
E-commerce or e-tailing
Use of electronic systems to sell goods and services
Business to consumers (B2C)
Selling of goods by businesses to consumers
Direct selling
Where business sell their products directly to consumers
Agent or broker
Intermediary that brings together buyers and sellers
