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35 Cards in this Set
- Front
- Back
Marketing |
Process involved in identifying anticipating and satisfying customer requirements |
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Market |
A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services |
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Marketing objective |
The targets the business department must achieve |
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online retailing |
The retailing of goods online |
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Brand name |
A name,term,sign,symbol design or any other feature that allows consumers to identify the goods and services of a business and to differentiate them from competitors |
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marketing strategy |
The medium to long term plan for meeting the marketing objectives delivered through the marketing mix |
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Target market |
A particular group of consumers at which a product or service is aimed |
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Market segment |
part of a whole market where a particular customer group have similar characteristics |
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Market segmentation |
The process of dividing a market up into different sections that share similar characteristics |
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Mass marketing |
When a business focuses on the whole market |
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Niche marketing |
When a business focuses on a specific segment of the market |
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Economies of scale |
Factor that causes cpu to fall when a firm operates at a higher level of production |
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Market size |
Total number of sales or quanity in a market Value or volume |
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Market growth |
The change in size of the market |
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Product Differentiation |
The extent to which consumers perceive your brand as being different from others |
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Dynamic market |
Markets that are constantly changing due to change in consumer tastes or technology |
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Risk |
can be planned for as the possibility's and outcomes are known and is often a conscious decision |
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Contingency planning |
Is the creation of plans of how unwanted events which might affect a business will be dealt with should they arise |
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Uncertainty |
Is unpredictable and outside of the business control it may cause problems |
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Market oreintation |
When a business focusses on the needs and wants of the market |
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Product oreintation |
When a business focuses on the quality of the product rather than the needs of the market |
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Market research |
collection,presentation,and analysis of information relating to the market and consumption of goods and services |
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Primary research |
Gathering of new information which soes not already exist first hand |
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Secondary research |
Collection of data which already exists- second hand |
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Qualiative |
attitudes beliefs and intensions |
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quantitative |
Stats and numbers |
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sample |
a small group of people who represnt the population |
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sample size |
The number of people in a sample |
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Market positioning |
View consumers have about the quality and image of product in relation to compectitors |
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repostion |
Change in the view of consumers about a product |
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market map |
2d diagram showing the attributes of each compectiter in a market |
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compective advantage |
enables a business to perform better thah its rivals in the market |
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Production differentiation |
an attempt by a business to perform better than its rivals |
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usp |
consumer benifit than a comeciter can not match |
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adding value |
extra features that may be offered by a business when selling a product such as high quality customer service which helps to exceed customer expectations |