Terms And Definitions Flashcards
Relationship marketing
A company seeks to build long term relationships with its customers by providing consistent satisfaction. It focuses on customer retention rather than one off sales.
Marketing objective
A target set for the marketing function, for example to increase sales by 10% within 3 years
Sales value
Measures the value of sales in a given period in pounds
Sales volume
Measures the level of sales in a given period in terms of units sold
Market share
Measures the sales of one brand or business as a percentage of total market sales in a given period.
Sales growth
The percentage change in sales volume or value over a given period
Market growth
The percentage change in the total sales in the market over a given period
Marketing research
Involves gathering and analysing data relevant to the marketing process
Competitiveness
Measures the extent to which a business offers a good value for money relative to competitors. A business is competitive if it offers better value for money than rivals.
Primary research
Gathering data for the first time
Secondary research
Uses data that already exists
Target population
All the items or people that are relevant to the market research being undertaken. For example, a business may be interested in all 16 to 18 year olds in the UK
Sample
A group of people or items selected to represent the target population
Market mapping
Analyses market conditions to identify the position of one product or brand relative to others in the market in terms of given criteria
Extrapolation
Enables a business to track what has happened in the past and to estimate what might happen in the future
