Keywords Flashcards
Marketing
The management process that is responsible for anticipating, identifying and satisfying customer needs PROFITABLY
Market research
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
Primary data
Information that has been gathered for a specific purpose through direct investigation, e.g. observation, surveys and experiments
Secondary data
Information that already exists such as accounts and sales records, government statistics, newspaper and internet articles and reports from advertising agencies.
Quantitative data
Data that can be expressed as number and can be statistically analysed.
Qualitative data
Data about opinions, judgements and attitudes,
Survey
Research involving asking questions of people or organisations
Respondents
Those who provide data for a survey usually by answering questions
Market Segment
Part of a market that contains a group of buyers with similar buying habits
Sample
A small group out of the total population which is selected to take part in a survey
Questionnaire
A list of questions to be answered by respondents, designed to give information about consumer’s tastes.
Product Trial
When customers buy a good for the first time and assess whether or not they want to buy it again.
Public Relations
Promotion of a positive image about a product or business through giving information about the product to the general public
Viral Marketing
Getting individuals to spread a message about a product through their social networks, e.g. Facebook or their group of friends
Penetration Pricing
Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share.
Trade Buyers
Buyers of good which then sell those goods on to consumers or other buyers - they include supermarket chains and wholesalers
Retailers
Businesses which specialise in selling goods in small quantities to the consumer
Customer Loyalty
The willingness of buyers to make repeated purchases of a product or from a business
Repeat Purchase
When a customer buys a product more than once
Product Life Cycle
The stages through which a product passes from its development to being withdrawn from sale ; the phases are Research and Development, Launching The Product, Growth, Maturity, Saturation, Decline
Research and Development
The process of scientific and technological research and then development of the findings of that research before a product is launched.
Extension Strategy
Method used to increase the life of a product and prevent it from falling into decline
Product Portfolio / Product Mix
The combination or range of products that a business sells
Product Portfolio Analysis
Investigation of the combination of products sold by a business