Marketing Mix Flashcards
What is market research?
MARKET RESEARCH is the process of collecting and analysing data about the market, who operates within the market and the customers within the market.
What is market segmentation?
MARKET SEGMENTATION is the process of breaking down the market into groups of consumers with similar needs and wants.
What is primary research?
PRIMARY RESEARCH (Field research) means obtaining new information.
What is secondary research?
SECONDARY RESEARCH (Desk research) means using existing information: e.g. data about the whole market or about competitors. (Internet, newspapers, magazines, office of national statistics)
What is the product life cycle?
PRODUCT LIFE CYCLE shows the stages through which a product passes through over time and the level of sales at each stage. The stages are:
What is product differentiation?
PRODUCT DIFFERENTIATION is used by businesses to make their products different from other products they sell and different from those offered by competitors. (By altering the design, features, or some other aspect of their product).
What does own brand mean?
OWN BRAND is a product which is sold under the brand name of a supermarket chain or other retailer, rather than that of the manufacturer of the product. Own brands are usually cheaper than branded products.
What is the trade descriptions act?
It is an offence for a business to make false or misleading statements about goods or services. This includes misleading statements about reduced prices.
What is the consumer protection act?
Compensation must be paid to a consumer who suffers injury or damage to property when correctly using the good.
What is a wholesaler?
WHOLESALER is a business that buys products in large quantities from manufacturers and sells in smaller quantities to retailers.
What is Place?
PLACE means where the final consumer can buy a product.
It refers to how the product is made available and distributed to customers.
