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Question	Answer
Marketing	The management process that is responsible for anticipating, identifying and satisfying customer needs profitably.
Market research	The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
Primary data	Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments.
Secondary data	Information that already exists such as accounts and sales records, government statistics, newspaper and Internet articles and reports from advertising agencies.
Quantitative data	Data that can be expressed as number and can be statistically analysed.
Qualitative data	Data about opinions, judgements and attitudes.
Respondents	Those who provide data for a survey usually by answering questions.
Market Segmentation	The classification of customer or potential customers into groups or sub groups each of which responds differently to different products or marketing approaches.
Sample	A small group out of the total population which is selected to take part in a survey.
Questionnaire	A list of questions to be answer by respondents, designed to give information about consumers’ tastes.
Product Trial	When consumers buy a good for the first time and assess whether or not they want to buy it again.
Repeat Purchase	When a customer buys a product more than once.
Public Relations	Promotion of a positive image about a product or business through giving information about the product to the general public.
Viral Marketing	Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends.
Penetration Pricing	Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share.
Trade Buyers	Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers.
Retailers	Businesses which specialise in selling goods in small quantities to the consumer.
Customer Loyalty	The willingness of buyers to make repeated purchases of a product or from a business.
Product Life Cycle	The stages through which a product passes from its development to being withdrawn from sale; the phases are research and development, launching the product, growth, maturity, saturation and decline.
Research and Development	The process of scientific and technological research and then development of the findings of that research before a product is launched.
Extension Strategy	Method used to increase the life of a product and prevent it falling into decline.
Product Portfolio or Product Mix	The combination or range of products that a business sells.
Product Portfolio Analysis	Investigation of the combination of products sold by a business.
Boston Matrix	A model which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within that market; a product is placed in one of four categories – star, cash cow, problem child or dog.
Brand	A named product which consumers see as being different from other products and which they can associate and identify with.
Generic Product	A product made by a number of different businesses in which customers see very little or no difference between the product of one business compared to the product of another business.
Own Brand	A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product.
Product Differentiation	Making one product different from another in some way, for instance through the quality of a product, its design, packaging or advertising.
Premium Price	A price which is above average for products of a particular type.
Marketing Mix	A combination of factors which help a business to take into account customer needs when selling a product, usually summarised as the 4P’s (price, product, promotion and place). But can be classed as the 7P's by adding people, physical environment and process.
Marketing Objective	The goals of the marketing function in an organisation. Need to be consistent and support the corporate objectives.
Sales Volume	Measures the number of items sold or produced.
Sales Value	Measures the financial worth of the items sold.
Market Size	The volume of sales of a product or the number of sales of a product.
Market Growth	The percentage change in sales (volume or value) of a generic product or service over a period of time.
Sales Growth	The percentage change in sales (volume or value) for a specific business or product over a period of time.
Market Share	The percentage or proportion of the total sales of a product or service achieved by a firm or a specific brand of a product.
Market Mapping	A technique that analyses markets by looking at the features that distinguish different products or firms.
Sampling	Gathering data from a group of respondents whose view or behaviours should be representative of the target market as a whole.
Confidence Interval/Margin of Error	The plus or minus figure used to show the accuracy of statistical results arising from sampling.
Correlation	A statistical technique used to establish the strength of a relationship between two sets of values.
Extrapolation	Using previous patterns of numerical data in order to predict values in the future.
Price elasticity of Demand	The degree to which the quality demanded of a good or service is affected by a change in price.
Income Elasticity of Demand	The demand to which the quality demanded of a good or service is affected by a change in consumer income.
Market targeting	Deciding on the consumers/market segments to whom you intend to sell your products or brand to.
Niche Marketing	Targeting a product or service at a small segment of a larger market.
Mass Marketing	Aiming a product at all/most of the market.
Marketing Mix	Those elements of a business's approach to marketing that enables it to satisfy and delight its customers.
First P of Marketing Mix: Product	The good or service provided by the business for its customers.
Second P of Marketing Mix: Price	The sum of money paid by the customer for the unit of a product.
Third P of Marketing Mix: Promotion	Promotion is the process of communicating with customers or potential customers. Can be stakeholders also.
Fourth P of Marketing Mix: Place	The location at which the purchase of the product is made and means of distributing the product to the customer.
Fifth P of Marketing Mix: People	This is anyone who represents the firm and comes in to contact with the firms customers.
Sixth P of Marketing Mix: Process	The system involved in ensuring that an efficient service is provided to customers.
Seventh P of Marketing Mix: Physical Environment	The nature and appeal of the physical evidence a customer will observe during a transaction, e.g. delivery lorries, staff uniform & company brochures.
Industrial Marketing	Where a firm sells its products to another business.
Price Skimming	A strategy in which a high price is set to yield a high profit margin.
Price War	This occurs when rival companies undercut each others price cuts in order to increase sales volume by keeping existing customers and attracting new customers. This leads to reduced profit margins.
Distribution Channels	Channels or routes through which a product passes in moving from manufacturer to consumer.
Multi-Channel Distribution	This exists when firms use more than one type of distribution channel.
Digital Marketing	The anticipating and satisfying of consumer wants through the use of different forms of technology.
E- Commerce	The buying and selling of goods and services through the use of social media.

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