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35 Cards in this Set
- Front
- Back
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Marketing |
The process that identifies and satisfies customer needs profitably. |
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Market Research |
The process of gaining information about customers, competitors and trends, through gathering data. |
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Primary Data |
Information that has been gathered for a specific purpose, such as finding out if your customers like your products. |
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Secondary Data |
Information that already exists such as Government statistics, newspapers or internet articles. |
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Quantitative Data |
Data that can be expressed as numbers and can be mathematically analysed. |
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Qualitative data |
Data about opinions, judgements and attitudes. |
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Questionnaire |
A list of questions to be answered, usually to give information about consumers' tastes. |
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Sample |
A small group from the population who you select to take part in a survey. |
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Market Segment |
Part of the market that has similar buying habits. This could be age, gender, income... |
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Product Trial |
When customers buy a product for the first time and decide whether or not they will buy it again. |
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Public Relations |
Promotion of a positive image business image. This could be an advert on TV or perhaps an open day. |
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Viral Marketing |
Getting individuals to spread a message about a product through their social networking. |
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Customer loyalty |
When buyers decide to repeat purchase this is increased. They choose to pick your product over all the other alternatives. |
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Repeat Purchases |
When a customer buys a product more than once. |
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Product Life Cycle |
The stages a product passes through from its development through to its possible withdrawal. |
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Extension Strategy |
Methods used to try and extend the life of a product and prevent it falling into decline. |
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Growth Stage |
The point at which a product's sales are growing, creating income for the business. |
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Maturity Stage |
The point at which a product's sales start to peak. |
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Decline Stage |
The point at which a product's sales start to fall. |
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Boston Matrix |
A model that classifies products according to their growth and market share. It includes cash cows, stars, problem children and dogs. |
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Product Portfolio |
The range of products that a business sells |
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Brand |
A named product that customers perceive as different to others and are willing to pay extra for. |
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Generic Brand |
A product that is hard to differentiate from that of the competition. |
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Own Brand |
A product the is produced specifically for a retailer under their name |
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Product Differentiation |
Making your product different from the others in some way such as ingredients, packaging or design. |
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Market Map |
A diagram that compares 2 features of a range of products eg price and quality |
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Marketing Mix |
A combination of factors that help a business take into account customer needs when selling a product...also called the 4 P's. |
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Product (Marketing Mix) |
All the issues that must be considered when designing a new item for the business eg size, colour, name |
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Price (Marketing Mix) |
All the issues that must be considered when deciding what to charge for your product eg image |
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Penetration Pricing |
Setting an intitial low price to attract customers. The price will be raised in the future. |
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Premium Price |
When you are able to set a price above the average due to positive perception of your product. |
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Place(Marketing Mix) |
All the issues that must be considered when deciding where to sell your product and how to get it to your customers |
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Wholesalers |
A place where businesses buy in bulk and then sell on in smaller quantities to their customers. |
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Promotion (Marketing Mix) |
All the issues that must be considered when deciding how to advertise your product to the customers. |
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Customer Perceptions |
How customers feel about your product, what standard they believe it to be |
