Marketing Definitions Flashcards
Brand
The name of a particular product which conjures up a positive image that differentiates the product from other similar products in the mind of the consumer. Branding means developing certain reputations in peoples minds
Brand loyalty
When customers return to regularly purchase a product which is likely to make demand price inelastic
Business to business marketing
A firm targets it’s sales on other firms
Business to consumer marketing
Firms target its sales on households
Confidence intervals
The range of values that are likely given a set confidence level
Confidence levels
The probability that the research findings are correct
Consumer good
Goods bought for consumption by the general public
Convenience goods
Widely available mass market standard products which are purchased regularly, often cheap and habitually bought. They may be impulse purchases as they are affordable and customers know about them
Correlation
A statistical technique used to establish the strength of a relationship between two sets of values
Demographic market segmentation
Markets or customers are targeted on the basis of their age, gender or family makeup
Extrapolation
Involves using previous patterns of numerical data to estimate future values
Industrial good
Goods bought for use in business processes
