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Business keywords > Marketing Keywords > Flashcards

Marketing Keywords Flashcards

1
Q

Market Research

A

Collection, presentation and analysis of info relating to the marketing and consumption of goods and services

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2
Q

Untapped

A

Market or talent that is available but has not yet been exploited

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3
Q

Primary or field research

A

Gathering of new info that does not already exist

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4
Q

Consumer panels

A

Groups of customers are asked for feedback about products over a set period

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5
Q

Secondary or desk research

A

Collection of data that already exists

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6
Q

Qualitative data

A

Info about attitudes, beliefs, and intentions, usually written in words

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7
Q

Quantitive data

A

Info that can be quantified, that is, in numbers

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8
Q

Sample

A

Small group of people which must represent a proportion of the total market when carrying out market research

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9
Q

Market

A

Set of arrangements that allows buyers and sellers to communicate and trade in goods and services

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10
Q

Marketing

A

Identifying customer needs and satisfying them profitably

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11
Q

Product oriented

A

Where a business focuses on the design and manufacture of the product rather than the needs of customers

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12
Q

Market oriented

A

Where a business focuses on the needs of consumers when developing new products

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13
Q

Market share

A

Proportion of sales in a total market that a business or product enjoys

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14
Q

Market analysis

A

Quantitive and qualitative assessment of a market

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15
Q

Mass markets

A

Very large markets in which products with mass appeal are marketed

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16
Q

Niche markets

A

Smaller market, usually within a large market of industry

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17
Q

Market segments

A

Part of a whole market where a particular customer group has similar characteristics

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18
Q

Socio economic groups

A

Division of people according to social class based on employment status

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19
Q

Marketing mix

A

Elements of a firms marketing that are designed to meet the needs of customers

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20
Q

Product life cycle

A

Level of sales at the different stages through which a product passes over time

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21
Q

Skimming

A

Setting a high price initially and then lowering it over time

22
Q

Penetration pricing

A

Setting a low price to begin with in order to get established in the market. Price may be raised once established

23
Q

Extension strategies

A

Methods are sed to lengthen the life of a product

24
Q

Product portfolio

A

Range of products a business is currently marketing

25
Q

Boston matrix

A

2x2 matrix that describes products according to the market share they enjoy and wether the market has any potential for growth

26
Q

Cost plus pricing

A

Adding a percentage to the costs of producing a product to get the price

27
Q

Mark up

A

Percentage added to costs that makes a profit for a business when setting the price

28
Q

Competition based pricing

A

Pricing strategies based on the prices charged by rivals

29
Q

Destroyer pricing

A

Setting a low price until rivals have gone out of business

30
Q

Parents

A

Legal documents giving a person or company the right to make or sell a new invention, product, or method of doing something. No one else can do or make what is patented

31
Q

Loss leader

A

Product sold below cost to lure customers

32
Q

Early adopters

A

Consumers who are keen to buy new products as soon as hey are launched

33
Q

Distribution channel

A

Route taken by a product from the producer to the customer

34
Q

Intermediary

A

Person or organization that helps arrange agreements or business deals between other people or organization

35
Q

Wholesalers

A

Persons or businesses that buy goods from manufacturers and sell them in smaller quantities to retailers

36
Q

Retailers

A

Business that buy goods from manufacturers and wholesalers and sell them in smaller quantities to consumers

37
Q

Bulk breaking

A

Dividing a large quantity of goods received from the supplier before selling them on in smaller quantities to customers

38
Q

E commerce

A

Use of electronic systems to sell goods and services

39
Q

Business to customers

A

Selling of goods by businesses to consumers

40
Q

Direct selling

A

Where businesses sell their products directly to consumers

41
Q

Agent or broker

A

Intermediary that brings together buyers and sellers

42
Q

Above the line promotion

A

Placing adverts using the media

43
Q

Below the line promotion

A

Any promotion that does not involve using the media

44
Q

Merchandising

A

The way the goods are arranged and placed in store

45
Q

Coupons

A

Printed piece of paper given to customers by the seller of a product, allowing the customer to pay less than the usual price for a products

46
Q

Direct mail

A

Advertisements that are sent to people in the post, often people who have chosen because they night be interested in the products

47
Q

Advertising

A

Communication between a business and its customers where messages are placed in the media to encourage the purchase of products

48
Q

Public relations

A

Attempt by a business to communicate with interested parties

49
Q

Viral advertising

A

Direct marketing technique in which a company persuades internet users to forward its publicity via social media

50
Q

Exposure

A

Advertising and publicity that is used to sell a product or a service

51
Q

Product positioning

A

Way that people think about a product in relation to the competing products, or the wya that a business would like them to think about it

Business keywords (8 decks)

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