marketing Flashcards
what is a competitive environment
it is where there are a number of businesses attempting to persuade consumers to buy their products. such competition will be based on such factors as price, design and quality.
what is the marketing mix
the marketing mix is the combination of factors which help a business to sell its products. it usually considered to involve the 4Ps which are product, price, promotion and place
what is meant by the term product
a product is any good or services offered for sale to customers
what is product portfolio
the collection/range of all the goods and services offered by a business
what is product differentiation
product differentiation involves distinguishing a product or service from others. this is done by making a product different or appearing to be different from similar products sold by rivals, a business will hope to attract more custom
what is meant by the term brand
brand is the unique design, symbol, and/ or words used in creating a unique image that identifies a product and differentiates it from competitors
what is secondary research
(desk research) secondary research involves using information that already exists this can be collected internally or externally
what is primary research
(field research) primary research is collecting primary data. it is collecting information that does not already exist and it is collected for a specific purpose
what is meant by product life style
the stages a product passes from its earliest development until it is no longer available on the market
what is meant by manufacturer
the manufacturer is the maker of the products
what is meant by wholesaler
a wholesaler buys goods from the manufacture and sells these goods in smaller quantities to retailers
what is meant by E-Commerce
(electronic commerce) involves buying and selling of goods and services via the internet
what is meant by M-Commerce
(mobile commerce) Involves buying goods and services through hand-held mobile devices such as smartphones
what is multi-channel distribution
multi-channel distribution involves a business using more than one channel to distribute its goods perhaps through traditional shops and catalogues and online
what is direct marketing
direct marketing occurs when there’s a direct link from the producer to the customer with no intermediaries
what is a ware house
a place where recourses or finished products are stored before they are sold
what is market growth and what does sales value and sales volume measure
measures the percentages of increase in the sales volume or value
sales value - measures the revenue generated
sales volume - measures the number of items sold
what is market research
the way in which information and data is gathered about consumers, competitors and market trends
what are niche markets
a smaller part of a large market with products tailored to specific consumers needs
what is meant by mass markets
a large market of customers which is undifferentiated and that sells products and services to suit a large number of people
what is market segmentation
market sales involves dividing the market (target market / niche market) into parts which have specific characteristics e.g age / gender / income / socio-economic group.
what is the promotional mix
the combination of promotional materials used by a business to communicate with its customers
what is meant by promotion
promotion involves information and techniques used by business to make consumers aware of products and to persuade them to buy those products now and in the future
