Topic 1 Flashcards
What is the marketing mix?
The plan for getting the right blend of a product, price, promotion and place
What are Marketing objectives?
The targets the marketing department must achieve.
What is market segmentation?
Dividing up a market by customers age, gender or income to find areas they are underserved.
What is marketing strategy?
The medium to long term plan for meeting the marketing objectives, delivered through the marketing mix.
What is mass marketing?
A marketing strategy where a firm appeals to a large market in order to get the most amount of sales.
What is niche marketing?
Identifying the needs of a smaller market segment and targeting it.
What is economies of scale?
Factors that cause costs per unit to fall when a firm operates at a higher level of production.
What is a franchise?
A business that sells the rights to use its name and trading methods to local businesses.
What are generic brands?
Brands that are known so well that customers say the brand when they mean the product
What is product differentiation?
The extent to which customers perceive your brand as being different from others.
What is market mapping?
What companies do when they are launching a new product to decide exactly where they want to position the product in relation to customer perceptions. (The car grid in CJ lesson)
What is product differentiation?
The extent to which customers perceive your brand is different from its competitors
What can product differentiation also be referred to as?
Unique selling point (USP)
What is price elasticity?
A measurement of the extent to which a products demand changes when its price is changed.
What are complementary goods?
Goods bought in conjunction with each other.
