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| Question | Answer |
| Marketing | Marketing can be defined as the department tasked with targeting the right product at the right target market using the the right combination of price, promotion and place. |
| marketing mix | The plan for getting the right blend of products ,price,promotion and place (4Ps). |
| Marketing Objectives | The targets the marketing department must achieve, such as increasing sales by 15 per cent within 12 months. |
| Market Segmenation | Dividing a market up by customers age , gender or income to find areas that are under-served. e.g. bikes for older people. |
| Marketing Strategy | The medium -to-long-term plan for meeting the marketing objectives , delivered through the marketing mix. |
| The Market | Where buyers meet sellers, either face to face or online. |
| Economies of scale | Factors that cause costs per unit to fall when a firm operates at a higher level of production |
| Franchise | a business that sells the rights to the use of its name and trading methods to local businesses. |
| Generic Brands | brands that are so well known that customers say the brand when they mean the product ( e.g. i'll hoover the floor). |
| Product Differentiation | The extent to which consumers perceive your brand as being different from others |
| Market Research | Gathers information about consumers,competitors and distributors within a firms target market. It is a way of identifying consumers buying habits and attitudes to current and future products |
| Bias | A factor that causes research findings to be unrepresentative of the whole population -for example, bubbly interviewers or misleading survey questions. |
| Primary Reaserch | Finding out information first hand - for example, coca-cola designing a questionnaire to obtain information from people who regularly buy diet products. |
| Secondary Research | Finding out information that has already been gathered-for example, the government's estimates of the number of the number of 14-16 year olds in wales. |
| Sample Size | The number of people interviewed; this should be large enough to give confidence that the findings are representative of the whole population. |
| Market Position | When launching a new product or service, companies need to decide where exactly they want to position the brand in relation to customer perceptions and the positioning of competitors.This is largely done by market mapping. |
| Market Mapping | A grid plotting where each exciting brand sits on scales based on two important features of a market ; for example , in the car company : luxury/economy and green/gas guzzling. |
| Price Elasticity | A measurement of the extent to which a products demand changes when its price is changed. |
| Unique Selling Point | A customer benefit that no rival can match, perhaps because it is protected by a strong patent. |
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