unit 3 key words Flashcards
market research
the process of collecting recording and analysing data about the customers, competitors and market for product
unique selling point
the special feature of product that sets it apart from competitors product
market-oriented
products are developed based on customer demand as identified by market research
product-oriented
the firm decided what to produce and then tries to find buyers for the product
Quantitative research
the collection of numerical data that can be analysed using statistical techniques
Qualitative research
the collection of information about consumers buying behaviour and their opinion about products
sample
a representative sample of the target market selected to take part in market research
marketing mix
four marketing decisions needed for the effective marketing of a product
four ps
the right product at the right price with the right promotion in the right place
product
the goods and services produced to satisfy a customer need or want
brand image
the general impression of the product held by consumers
brand
a name, image or symbol that distinguishes a product from competitors products
product life cycle
the pattern of sales of a product from introduction to its withdrawal from the market
Extension strategies
marketing activities to extend the maturity stage of a product
price
the amount paid by the customer to the supplier when buying a good service
