Marketing Flashcards
Marketing
Is the process of identifying, anticipating and satisfying the needs of customers in a mutually beneficial manner
Marketing objective
Is a marketing target for the business, setting out what it wants to achieve and when
Corporate objective
Is a target set for the business as a whole
Marketing stratergy
Is a marketing plan to achieve the marketing objective
Business to consumer marketing
Occurs when one business is marketing to the final customers
Business to business marketing
Occurs when one business is marketing its products to other businesses
Market size
Is the total number of items sold - measuring volume or total sales
Market growth
Measure the rate at which the market ad a whole is growing over a time period
Unique selling point
Is something about your product which is perceived by your customers as unique
Niche marketing
Occurs when a business focuses on a particular ( usually small ) segment of a market
Market segment
Exists when there is a group of clearly identifiable customer needs and want
Mass marketing
Occurs when a business targets the majority of a market
Customer relationship marketing
Involves gathering and analysing data about customers to understand their behaviours and take appropriate actions to move them towards a purchase
Customer retention
Measure the proportion of customer whi continue to buy from a business over a given time period
Market research
Is the process of gathering, analysing and producing data relevant to the marketing process
Primary market research
Gathers data for the first time for a specific purpose
Focus group
Is a small number of people gathered together to talk about a particular issue in open discussion
Secondary market research
Using data which already exists
Sample
Is a group of people selected to represent the population as a whole
Validity of market research
Refers to how accurate the findings of market research are
Reliability of market research
Refers to the extent to which the same results would be received if the research was conducted again
Marketing mix
Combination of elements that Influence a customers decision on whether or not to buy a product
Products
Refer to what it offers to sell to its customer, may be good ( tangible ) or services ( intangible )
Tangible attributes
The tangible attributes of a product refer to its physical aspects, such as how it looks or feels
Intangible aspects
Refer to aspects which cannot be touched but can still be very important to customers ( Brand )
Product differentiation
Occurs when benefits of your product are perceived as clearly different from competitors products
Product portfolio analysis
Occurs when a business examines the position of all its products in terms of their relative market share and market growth
Product life cycle
Shows the stages of which a product is made
Extension strategy
Occurs when marketing activities are changed to prevent sales from falling
Boston matrix
Is a method of product portfolio which analysis that examines the products of a business in terms of their market share and market growth
Competitive pricing
Is when companies set their prices at the same level as or slightly below competitors
Penetration pricing
Is a pricing strategy aimed at gaining market share via a low entry price
Price skimming
Occurs when your product has a high initial price is set for a product and this reduced over time
Price discrimination
Occurs when different prices are charged for the same product
Dynamic pricing
Occurs when different prices are changed at different times to reflect demand conditions
Cost based pricing
Occurs when a business considers the cost of an item and add ons on an amount or a percentage to ensure profit is made
Psychological pricing
Takes into account the psychological effect of a price on customers
The promotional mix
Refers to the combination of ways in which the business communicates about its products
Digital promotion
Involves promoting a brand, product or service in digital channels such as engines, social media, email etc
Click through rate
Measure the number of visits to a website as a percentage of the number of impressions of a digital advert.
( 20 % CTR means 20 per cent of the time an advert is viewed someone clicks on it )
Marketing expenditure budget
Is the amount of money a business allocated to spend on marketing activities such as promotion
Distribution channel
Describes how the ownership of a product moves from the producer to the customer
Distribution outlet
Is where the product is actually sold ( the shop )
