meeting costumer needs key words and ideas Flashcards
marketing
targeting the right product at the right target market using the right combination of price, promotion and place
marketing mix
the right mix of price product placement promotion
marketing objectives
targets the marketing department must achieve
market segmentation
dividing a market up by customers’ age, gender or income to find areas that are underserved
marketing strategy
medium to long term plan for meeting the marketing objectives delivered through the marketing mix
the market
where buyers meet sellers either face to face or online
economies of scale
factors that cause cost per unit to fall when a firm operates at a higher level of production
franchise
a business that sells the rights to the use of its name and trading methods to local businesses
generic brands
brands that are so well known that customers say the brand not the product
product differentiation
the extent to which customers conceive you’re brand to being different from others
market research
gathers information about consumers, competitors and distributors within a companies target market and identifies consumers buying habits and attitudes to future and current products
bias
a factor that causes research to be unrepresentative of the whole population
primary research
finding out information first hand
secondary research
finding out information that has already been gathered
sample size
the number of people interviewed; should be larger enough to give confidence that the findings represent the whole population
