Marketing Flashcards
Marketing
Identifying and meeting the needs of customers
Market share
(Sales from a business $ / Total market sales $) x 100 (
[in %]
Customer loyalty
The willingness of a customer to continue to buy the same products from a business
Customer relationships
Communication with customers to encourage customer loyalty
Mass market
Large number of sales of a product to a broad market segment
Niche market
A small specialized market segment of a large market
Market segment
Identifiable sub-group of a whole market in which consumers have similar characteristics and prefrences
Market research
Gathering, analyzing and interpreting data about the market
Market orientated
Carrying out market research to find out what consumers want, before developing and producing a new product
Product orientated
A business that cares and focuses on the product rather than the market for it
Primary research
Field research-Collecting original data
Secondary research
Desk research-Information already collected by others but is available for others to use
Sample
A group of people chosen to extract research information from
Quota group
Sample is selected on a particular basis eg between ages 18-25
Focus group
A group which represents the market segment which provide information in the form of market research
Marketing mix
All the activities that go into marketing a service or goods (4 ps) Product, Price, Place, Promotion
Unique Selling Point (USP)
The special features of a product that differentiate it from its competitors
Brand name
The unique name of a product that distinguishes it from another brand
Brand image
The identity of a product that consumers can identify and which gives it a “personality” distinct from other products
Packaging
The physical container or wrapping used for a product
Product life cycle
The stages the sales of a product go through from introduction, growth, maturity, and decline
Extension strategy
A way to keep a product at the maturity stage of its life cycle and therefore extending the cycle
Cost-plus pricing
The unit cost + a profit markup
Competitive pricing
The price of the product is the same or just below the price of the competitor products
Psychological pricing
The price of the product is set to match the consumers perception and expectations of the product
Price skimming
The product is set high for a new product on the market
Penetration pricing
Setting prices lower that competitors in order to enter the market and gain market share
Promotional pricing
The price is set at a low level for a short period of time
Price elasticity
A measure in responsiveness of demand following a change in price
Promotion
Marketing activities that aim to raise awareness of a product
Advertising
Paid-for communication with customers which is informative and persuasive increasing the desire for the product
Sales promotion
Incentives such as special rewards or offers to increase sales for the short term
Target market
Consumer groups who are potential buyers of the product
E-commerce
Buying and selling products or services using a computer connected to the internet
Distribution channel;
The means by which a product is passed on from the place of production to the customer
Agent
A person appointed to the sales of a product typically in another country
Marketing strategy
A plan with the appropriate marketing mix to achieve the marketing objectives of a business
