Unit 3 - Marketing Flashcards
Marketing
is identifying customer wants and satisfying them pro tably
A customer
is a person, business or other organisation which buys goods or services from a business
Customer loyalty
is when existing customers continually buy products from the same business
Customer relationships
is communicating with customers to encourage them to become loyal to the business and its products
Market share
is the percentage of total market sales held by one brand or business
Mass market
is where there is a large number of sales of a product
Niche market
is a small, usually specialised, segment of a much larger market
Market segment
is an identi able sub-group of a whole market in which consumers have similar characteristics or preferences
Market research
is the process of gathering, analyzing and interpreting information about a market
Product-orientated business
is one whose main focus of activity is on the product itself
Market-orientated business
is one which carries out market research to a nd out consumer wants before a product is developed and produced
Marketing budget
a nancial plan for the marketing
of a product or product range for some speci c period of time. It speci es how much money is available to market the product or range, so that the Marketing department may know how much it may spend
Primary research
is the collection and collation of original data via direct contact with potential or existing customers
Secondary research
uses information that has already been collected and is available for use by others
A questionnaire
is a set of questions to be answered as a means of collecting data for market research
Online surveys
require the target sample to answer a series of questions over the internet
Interviews
involve asking individuals a series of questions, often face-to-face or over the phone
A focus group
is a group of people who are representative of the target market
A sample
is the group of people who are selected to respond to a market research exercise, such as a questionnaire
A random sample
is when people are selected at random as a source of information for market research
A quota sample
is when people are selected on the basis of certain characteristics (such as age, gender or income) as a source of information for market research
The marketing mix
s a term which is used to describe all the activities which go into marketing a product or service. These activities are often summarized as the four Ps - product, price, place and promotion
The USP
is the special feature of a product that di erentiates it from the products of competitors
The brand name
is the unique name of a product that distinguishes it from other brands
Brand loyalty
is when consumers keep buying the same brand again and again instead of choosing a competitor’s brand
Brand image
is an image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors’ brands
Packaging
is the physical container or wrapping for a product. It is also used for promotion and selling appeal
The product life cycle
describes the stages a product will pass through from its introduction, through its growth until it is mature, and then nally its decline
Extension strategy
is a way of keeping a product at the maturity stage of the life cycle and extending the cycle
Cost-plus pricing
is the cost of manufacturing the product plus a pro t mark-up
Competitive pricing
is when the product is priced in line with or just below competitors’ prices to try to capture more of the market
Penetration pricing
is when the price is set lower than the competitors’ prices in order to be able to enter a new market
Price skimming
is where a high price is set for a new product on the market
Promotional pricing
is when a product is sold at a very low price for a short period of time
Dynamic pricing
is when businesses change product prices, usually when selling online, depending on the
level of demand
Price elastic demand
is where consumers are very sensitive to changes in price
Price inelastic demand
is where consumers are not
sensitive to changes in price
A distribution channel
is the means by which a product is passed from the place of production to the
consumer
Promotion
is where marketing activities aim to raise
customer awareness, of a product or a brand,
generating sales and helping to create brand loyalty
Advertising
means paying for communication with potential customers about a product to encourage
them to buy it
informative advertising
is where the emphasis of
advertising or sales promotion is to give full
information about the product
Persuasive advertising
is advertising or promotion
which is trying to persuade the consumer that they
really need the product and should buy it
Target audience
refers to people who are potential buyers of a product or a service
Sales promotions
are incentives such as special off ers aimed at consumers to achieve short-term increase in
sales
Marketing budget
is a fi nancial plan for the marketing of a product or a product range for a specali ed period of time
Social media marketing
is a form of internet
marketing that involves creating and sharing content on social media networks in order to achieve marketing and branding goals. It includes activities such as posting text and image updates, videos, and other content that achieves audience engagement as well as paid social media advertising
Viral marketing
is when consumers are encouraged to share information online about the products of a business
E-commerce
is the ‘online’ buying and selling of goods and services using computer systems linked to the internet and apps on mobile (cell) phones
A marketing strategy
is a plan to combine the right combination of the four elements of the marketing mix for a product or a service to achieve a particular marketing objective(s)
