Marketing Flashcards
Market
any situation where buyers and sellers come into contact
Marketing
identifying and anticipating customer requirements in order to meet these requirements and make a profit
Niche Marketing
to offer and sell products to a smaller segment of a wider market (ie. specific groups of customers with specialist tastes and needs)
Mass Marketing
to offer and sell products to everyone who makes up a market, using mass selling techniques
Integrated Marketing
process of coordinating messages across communication channels, so that consumers receive a consistent message about a company and its products
Data Mining
finding patterns in large sets of data such as purchases made by consumers
Market Research
carefully gathering and analysing data about the market for goods and services
Consumer Behaviour
factors that influence consumers to buy one product instead of another, and how this behaviour might change over time
Advertising
a means of communicating with the buyers or users of a product
any form of paid, formal communication about goods and services
Marketing Mix
the four key decisions that must be taken in the effective marketing of a product
Inelastic
if there is a rise or fall in sales that is less than proportional to the price change
Cost Plus Pricing
setting a price in relation to the costs of production by adding a set amount or percentage on top of the price
Competitive Pricing
Pricing products lower than that of rivals
Penetration Pricing
setting a low price in order to gain sales in a market
Skimming
designed to attract different types of customers
prices will initially be high, then will be reduced
Promotional Pricing
selling a new product at a lower price as a promotion to attract new customers
Public Relations
managing the flow of information from an organization to its public in order to build the reputation of a company and its brands
Sponsorship
the act of giving money to help support an event, organization or person, in return for being able to advertise your product with that event, organization or person
Merchandising
the way in which products are arranged in a physical or online store to maximize sales
Shop
a retail business where goods and services are sold
Hire Purchase
hiring a good until the final payment for it has been made
Layaway
good is put in storage until it has been fully paid for
Consignment
goods are sent by a supplier to a seller who will only for the goods when they have been sold to the end consumer
Trade discount
a reduction in the sales price offered to traders
eg. wholesaler to retailer
