7853241
Description
| 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| Product Life Cycle | The stages through which a product passes from its development to being withdrawn from sale; the phases are research and development, launching the product, growth, maturity, saturation and decline |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) |
| 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 |
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