Marketing Flashcards
invention
introduction of a totally new idea
innovation
improvement of an original idea
design
important element in a number of different products , can be related to style or tech eg bigger phones
product life cycle
describes the stages a product goes through from when it was first thought of until it finally is removed from the market
introduction -> growth -> maturity -> decline
product life style - introduction
researching, developing and then launching the product
product life style - growth
when sales are increasing at their fastest rate
product life style - maturity
sales are near their highest, but the rate of growth is slowing down ; because of new competitors in the market
product life style - decline
final stage of the cycle, when sales begin to fall
product life style - extension strategies
extend the life of the product before it goes into decline, examples could be advertising, price reductions, new features, exploring new markets, new packaging
place definition
refers to where products and services are sold and how the business and services get to the consumer
distribution channels definition
how products and services get to the consumers or all the organisations through which a product must pass between its point of production and purchase by the consumer
2 example places
- shopping malls ; more public transport links, greater choice of stores and protection from weather
- retail parks ; less congestion, free/plentiful parking and more convenient to shop
the three distribution channels
producer -> consumer
producer -> retailer -> consumer
producer -> wholesaler -> retailer -> consumer
wholesalers main purpose
store and break bulk
wholesaler definition
large storage centre able to take in deliveries direct from producers, they break bulk
regional distribution centre definition
owned by the retailer and are used to store products they will later sell in their stores
physical distribution definition
movement of goods that we can see and touch
digital distribution definition
distribution of goods digitally by downloading from a website or app
marketing mix defintion
known as a mix because each ingredient affects the other and the mix must overall be suitable to the target customer
market data definition
market data is information that will help a business make marketing decisions.
market share definition
the percentage of total sales that a business has in the overall market.
marketing definition
finding out the needs of consumers and demonstrating how a business fulfils those needs so that its sales increase
market research definition
the collection of data on customer habits to help decision-making in marketing
target market definition
group of customers to whom a business aims to sell its products, market could be other businesses or consumers
