Unit 3.1 Key words Flashcards
What is Primary research?
It is field research and is collecting data that didn’t exist before
What is Secondary research?
It is desk research that already exists
What is Quantitative research?
Data that can be expressed as number and can be statistically analysed for example surveys and observations.
What is Qualitative research?
Data about opinions, judgments and attitudes such as Interviews and Focus groups.
What is Product trial?
When consumers buy or try a business’ brand for the first time.
What is Repeat Purchase?
When a consumers buy a business’ brand again after the first time. This is essential for long term success.
What are the 5 stages of the Product life cycle?
Development, Introduction, Growth, Maturity and Decline.
What is the product life cycle?
The stages through which a product passes from its development to being withdrawn from sales
What is an extension Strategy?
Method used to increase the life of a product and prevent it falling into decline.
What is the Boston Matrix?
It is a model which helps businesses analyse their portfolio of businesses and brands.
What is the 4 category’s of the Boston Matrix?
Dog, Star, Cash Cow and Problem child.
What is the meaning of a product portfolio?
A range of products which a business sells
What is Market share?
The share of the total market that is owned by a business, product or brand.
What is Market growth?
An increase in the demand for a particular product or service over time.
What is a Brand?
A named product which consumers see as being different from other competitors which consumers can associate and identify with
What is Marketing?
The management process that is responsible for
anticipating, identifying and satisfying customer
needs profitably
What is Market research?
The process of gaining information about
customers, competitors and market trends through
collecting primary and secondary data.
What is Penetration Pricing?
The business charges low prices when the product is new to get as many customers as possible.
What is Premium pricing?
The business will charge more for the unique products or services as the business has a long term competitive advantage.
What is Price Skimming?
Businesses charge a high price to begin with, then when product has been established, the price is lowered in order to help the product become a mass-market product.
What is Loss-leader?
This is when you set the price below cost but once the product is established the firm increases the price. Usually happens when new businesses are trying to break into the market.
What is Psychological pricing?
Uses a customer’s emotional response to a price to try and increase sales.
What is Competitive pricing?
When a firm charges similar price to other firms in the market.
What is the Promotional Mix?
How a business uses elements of promotion to make customers aware of their product.
