Marketing Flashcards
What are the three main purposes of marketing?
- increasing sales
- informing customers
- indentifying/understanding customers
What are the 4 P’s?
- price
- product
- place
- promotion
What is market research?
Collection of data on customer habits to help decision making
What is a target market?
A group of customers to whom a business aims to sell its products
What is primary research?
Data that is collected first hand (field research)
What are four methods of primary research?
- questionnares
- interviews
- trialling
- focus groups
What is secondary research?
Collection of data using research and information provided by others
What are four methods of secondary research?
- UK census data
- newspapers/magazines
- websites
- internal data
What is qualitative data?
Data based on opinions of those being asked
What is quantitative data?
Data collected based on facts/numbers
What are five different ways of segmenting a market?
- lifestyle
- income
- location
- gender
- age
What is an invention?
The introduction of a totally new product/service
What is an innovation?
The improvement of an existing product
What is the product life cycle?
Life stages of a product being made
What are the four stages of the product life cycle?
- introduction
- growth
- maturity
- decline
