meeting costumer needs key words and ideas

Question 1

marketing

Answer 1

targeting the right product at the right target market using the right combination of price, promotion and place

Question 2

marketing mix

Answer 2

the right mix of 
price
product
placement 
promotion

Question 3

marketing objectives

Answer 3

targets the marketing department must achieve

Question 4

market segmentation

Answer 4

dividing a market up by customers’ age, gender or income to find areas that are underserved

Question 5

marketing strategy

Answer 5

medium to long term plan for meeting the marketing objectives delivered through the marketing mix

Question 6

the market

Answer 6

where buyers meet sellers either face to face or online

Question 7

economies of scale

Answer 7

factors that cause cost per unit to fall when a firm operates at a higher level of production

Question 8

franchise

Answer 8

a business that sells the rights to the use of its name and trading methods to local businesses

Question 9

generic brands

Answer 9

brands that are so well known that customers say the brand not the product

Question 10

product differentiation

Answer 10

the extent to which customers conceive you’re brand to being different from others

Question 11

market research

Answer 11

gathers information about consumers, competitors and distributors within a companies target market and identifies consumers buying habits and attitudes to future and current products

Question 12

bias

Answer 12

a factor that causes research to be unrepresentative of the whole population

Question 13

primary research

Answer 13

finding out information first hand

Question 14

secondary research

Answer 14

finding out information that has already been gathered

Question 15

sample size

Answer 15

the number of people interviewed; should be larger enough to give confidence that the findings represent the whole population

Question 16

market positioning

Answer 16

when launching a new product companies need to decide where they want to position themselves in relation to customer perceptions and the positioning of competitors - largely done by market mapping

Question 17

market map

Answer 17

a grid plotting where each existing brand sits on scales based on two important features of the market

Question 18

price elasticity

Answer 18

a measurement of the extent to which a products demand changes when its price is changed

Question 19

unique selling point

Answer 19

a consumer benefit that no rival can match