Marketing Flashcards
Branding
A way of making your business stand out from competition by using a particular color, slogan or logo.
Market Research
Collecting and analysing information on the market
Competing firms
Other firms in the industry selling similar goods or services
Marketing
The process of getting the right product to the right people at the right time
Promotion/Advertising
Informing potential customers about your product and persuading them to buy it.
Channels of Distribution
The way in which goods will be available to customers.
Examples
Manufacturer -> Consumer
Manufacturer -> Retailer -> Consumer
Manufacturer -> Wholesaler -> Retailer -> Consumer
Manufacturer -> Agent -> Wholesaler -> Retailer -> Consumer
Marketing Plan
Part of a business plan that outlines how the firm will get the right goods/service to the right people in the right way.
Segmentation
Dividing your market into a distinct group of consumers.
Target Market
A group of customers that the business has decided to aim its marketing efforts at.
Can be split into 3
Geographic – their location
Demographic- gender, age, income, occupation, education, household size
Psychographic – attitudes, values and lifestyles
Sales promotion
Short term tactics used to achieve sales.
- Price reductions
- Samples
- Coupons
- Competitions
- Gifts with purchase
Public Relations
Public relations includes sponsorships newsletters that create a feeling of goodwill around a product or service being promoted.
- Publicity- News items “planted” by the producer about an item or event in order to gain publicity
- Sponsorships- Sponsorships of major events are an opportunity to create a favorable public image.
- Newsletters or magazines- Allow a firm to communicate with staff customers and suppliers
- Trade Shows- Business to business events attended by business in a specific
market. Examples Beauty, Software, Architecture and medical trade shows.
Personal Selling
Face to Face communication that attempts to inform and persuade others to purchase the goods from the seller.
- Door to door sales
Price Skimming
Setting a high price for a new product initially due to its unique advantage or lack of competition.
Penetration Pricing
Price is set lower than competitors to quickly gain market share.
Psychological Pricing
Price based on value placed on the item by consumers and amount they are likely to pay for it.
