Unit 2 Marketing Flashcards
Advertising
Campaign
A series of advertisements to encourage sales, often using different advertising media
Advertising Media
The methods by which a business can advertise a product. Includes newspapers, social media, TV, and radio
Census Data
Data collected by the Government every 10 years, questioning the entire population on their income, occupation, etc.
Competitor
Pricing
When a price is set based on prices charged by competitor businesses for a similar product
Cost-Plus Pricing
A pricing method that adds a percentage of profit to the total costs of making a product. This gives the selling price.
Decline
The final stage of the product lifecycle When sales are falling as the product or service is seen by customers as being old and they switch to newer products and services
Design
An important element in a number of different products, especially where style and technology work together
Focus Groups
Selected small groups of customers who give their opinion on
products – a method of market research
Growth
Stage 2 in the product lifecycle When sales are growing strongly as the new product or service becomes known
Innovation
The improvement on an original idea, which will often involve using new processes. It is closely linked to design, where new ideas can be used in a product due to changes in design
Internal Data
Secondary data already within a business based on past performance
Interview
A question sheet filled in by the person conducting the interview
Introduction
The initial stage of the product lifecycle. When a product or service is first on sale
Invention
The introduction of a totally new product or feature
Marketing
Finding the needs of consumers and demonstrating how a business fulfils those needs in a way that increases sales
Market Data
Information that helps marketing decisions. It includes data on such things as market shares, changes in demand, and the effect of promotions
Market Research
The collection of data on consumer habits to help decision-making in marketing
Market
Segmentation
Splitting the market for a product into different parts, or segments
Market Share
The percentage of total sales of a product that a business has made. If a business sells 20,000 products and the total market for that product is 50,000, then the business has a market share of 40%
Maturity
Stage three of the product lifecycle.
When sales are at their highest level
P’s of Marketing
Mix
Price, Product, Promotion, and Place
Penetration
Pricing
When a price is set lower than the competitor businesses. Often used by new businesses to break into a market. This should only be seen as a short-term strategy
Physical
Distribution
The distribution of goods using a physical presence such as a shop or office
Point of Sale
Promotions
Includes price reductions, loss leaders, competitions, and free samples
Primary Research
Data collected first-hand, often in the form of surveys. Sometimes referred to as field research
Product Life Cycle
The life of a product, usually shown as a graph divided up into four stages: introduction; growth; maturity; and decline
Promotional
Pricing
Where prices are reduced to give products a boost or to sell off old stock. Most commonly seen as sales in shops
Qualitative Data
Data based on opinions of those being asked
Quantitative Data
Data collected that is based on facts or numbers, usually easier to analyze than qualitative data
Questionnaire
A question sheet filled in by the consumer
Research and
Development
Used to help introduce both new and existing products. The research may be testing products in a laboratory or conducting market research by interviewing customers
Secondary
Research
The collection of data using research or information provided by others, such as magazines, journals, and the internet. Often called desk research
Skimming
Where a new product is more advanced than that of competitors; a price is set high as some customers are willing to pay higher prices to own the newest technology.
Target Market
The group of customers to whom a business aims to sell its products. The target market may be other businesses as well as consumers
Trials
Used to test whether customers will buy a product
