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Business > Key Terms Marketing > Flashcards

Key Terms Marketing Flashcards

1
Q

Market research

A

Collection,presentation and analysis of information relating to the marketing

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2
Q

Untapped

A

Market that is available but has not yet been exploited

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3
Q

Primary/Field research

A

Gathering of new information that does not already exist

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4
Q

Consumer panels

A

Feedback from customers about product over a set of period

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5
Q

Secondary/research

A

Collection of data that already exists

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6
Q

Qualitative data

A

Information usually written in words

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7
Q

Quantitative data

A

Information expressed in numbers

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8
Q

Sample

A

Small group of people, which represents promotion of a total market

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9
Q

Market

A

Set of arrangements that allows trade in goods and services

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10
Q

Marketing

A

Identifying customer needs and satisfying them to get profit

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11
Q

Product orientated

A

Where a business focuses on the design and manufacture of the product itself rather than needs of customers

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12
Q

Market orientated

A

Where a business focuses on the needs of consumers rather than developing products

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13
Q

Market share

A

Proportion of sales in a total market

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14
Q

Market analysis

A

Quantitative and qualitative assessment of a market

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15
Q

Mass market

A

Where a business sells in the largest part of a market

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16
Q

Niche Marketing

A

Where business targets a smaller segments of a larger market

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17
Q

Market segments

A

Part of a whole market where a particular customer group has similar characteristics

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18
Q

Socio-economic groups

A

Division of people according to social class based on employment status

19
Q

Market mix

A

Elements to make product effectively ( 4Ps) product,price,place and promotion

20
Q

Product life cycle

A

Level of sales at the different stages through which a product passes over time

21
Q

Skimming

A

Making a high prices at the beginning and then lower it later

22
Q

Penetration pricing

A

Putting a low price at start to establish in the market

23
Q

Extension strategies

A

Methods used to lengthen the life of a product

24
Q

Product portfolio

A

Range of products a business is marketing

25
Q

Boston matrix

A

Matrix that describes products according to the market share

26
Q

Cost-plus or cost-based pricing

A

Adding a percentage to the costs of producing a product to get the price

27
Q

Make-up

A

Percentage added to costs that makes a profit for a business when setting the price

28
Q

Competition-based pricing

A

Pricing strategies based on the prices charged by rivals

29
Q

Destroyer or predatory pricing

A

Setting a low price until rivals have gone out of business

30
Q

Patents

A

Document giving a company the right to sell a product and stating that others are not allowed to do this

31
Q

Loss leader

A

Product sold below cost to draw in customers

32
Q

Above-the-line promotion

A

Placing adverts using the media

33
Q

Below-the-line promotion

A

Promotion that does not involve using the media

34
Q

Coupons

A

Printed piece of paper that allows to pay less for the product.

35
Q

Direct mail

A

Advertisement that are sent to people in the post.

36
Q

Distribution channel

A

Route taken by a product form the producer to the customer

37
Q

Intermediary

A

Organisation that helps to arrange business deals between organisations

38
Q

Wholesalers

A

Businesses that buy goods from manufacturers and sell them in smaller quantities to retailers

39
Q

Retailers

A

Business that buy goods form manufactures and sell in smaller quantities to consumers

40
Q

Bulk breaking

A

Dividing a large quantity of goods before selling in smaller quantities to customers

41
Q

E-commerce or e-tailing

A

Use of electronic systems to sell goods and services

42
Q

Business to consumers (B2C)

A

Selling of goods by businesses to consumers

43
Q

Direct selling

A

Where business sell their products directly to consumers

44
Q

Agent or broker

A

Intermediary that brings together buyers and sellers

Business (4 decks)

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