Marketing Flashcards
Marketing
finding the needs of customers and then demonstrating how the business will meet those needs to increase sales
market research
collecting data on consumer habits to help marketing decision making
target market
the group of customers who the business will try to aim its products
primary research
data collected first hand often ( like a survey , trials , questionaires , can be very expensive yet very specific to a business )
secondary research
collecting existing data from magazines ( like a website , census data , the internet , cheap yet is not specific to a business )
questionnaire
a question sheet filled out by a potential customer
interview
a question sheet filled out by the person conducting the interview
trials
product trials are used to test whether customers will buy a product
focus group
a selected small group of customers who give their opinions of a product
census data
data collected on an entire population by a government every 10 years on their income and occupation
internal data
data already in a business
qualitative data
data based on customer opinions
quantitative data
data collected on a measurable based facts or numbers . easier to analyse
market segmentation
splitting the product into parts /segments like income age gender occupation
4ps
PRODUCT
PRICE
PLACE
PROMOTION
competitor pricing
price is set on based on priced charged by similar product
cost plus pricing
price is set by adding a percentage of profit to the total costs of making the product
penetration pricing
when a price is set lower than the competitor business usually to help break into the market
skimming pricing
charging a high price for a new product which is more advanced than that if the competition ( makes product seem luxuary and worth while buying )
promotional pricing
prices are reduced to boost sales or sell off old stock
innovation
the improvment of an original idea
deisgn
The look of the product or service
invention
the introduction of a totally new product or feature
research and development
used to help introduce both new and existing products. research can be testing new products in a lab or conducting research with customers
product life cycle
The life of a product shown as a graph ( introduction , growth , maturity and decline )
introduction
when a product has launched into the market
growth
sales of a product are growing as it is becoming more well known
maturity
sales have reached their peak
decline
sales of the product are now falling , customers switch to new products
physical distribution
goods or services sold in a physical presence like a shop or stall
digital distribution channel
selling goods or service online like a website
points of sale promotion
promotions such as price reductions , loss leaders , competitions or free samples to gain more sales
loss leaders
products are sold at a loss to attract customers to a business , where they are more likely to spend more money on additional things
advertising campaign
a series of ads often used by media
advertising media
methods a business can use to advertise ( instagram , websites , tv , radio , newspapers )
print media
newspapers , bill boards , leaflets . physical ads
market data
information that can help marketing decisions such as market share changes in demand and effects promotions
market share
percentage of a market a business controls
