Theme 1

Front 1

Brand name

Back 1

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

Front 2

Market

Back 2

a set of arrangements that allows buyers and sellers to communicate and trade in aparticular range of goods and services

Front 3

Marketing

Back 3

a managementprocess involved in identifying anticipating and satisfying consumerrequirements profitably

Front 4

Market share

Back 4

the proportion of total sales in a particular market for one or more businesses are responsible. Expressed as a percentage and can be calculated by value orvolume

Front 5

Mass market

Back 5

a very large market which products with mass appeal are targeted

Front 6

Niche market

Back 6

a smaller market, usually within a large market or industry

Front 7

Consumer panels

Back 7

groups of customers are asked for feedback about products over a period of time

Front 8

Database

Back 8

an organised collection of data stored electronically withinstant access, and sorting facilities

Front 9

Focus group

Back 9

where a number of customers are invited to attend adiscussion about a product led by market researchers

Front 10

Market orientation

Back 10

an approachto business which places the need of consumers at the centre of the decision-makingprocess

Front 11

Market research

Back 11

the collection, presentation and analysis of informationrelating to the marketing and consumption of goods and services

Front 12

Market segment

Back 12

part of a whole market where a particular customer grouphas similar characteristics

Front 13

Primary research (field research)

Back 13

thegathering of ‘new’ information which does not already exist

Front 14

Secondary research (desk research)

Back 14

the collection of data that is already in existence

Front 15

Product orientation

Back 15

an approach to businesses which place the emphasis on the production process and theproduct itself

Front 16

Sample

Back 16

a small group of people who represent a proportion of atotal market when carrying out market research

Front 17

Socio–economic groups

Back 17

division of people according to social class

Front 18

Added value

Back 18

the extra features that may be offered by a business when selling a product, suchas high quality customer service, which helps exceed customer expectations

Front 19

Marketmaps (perceptual maps)

Back 19

typically a two dimensional diagram that shows two of the attributes orcharacteristics of a brand and those of rival brands in the market

Front 20

Market positioning

Back 20

the view consumers have about the quality, value for moneyand image of a product in relation to those of competitors on

Front 21

Product differentiation

Back 21

an attempt by a business to distinguish its product fromthose of competitors

Front 22

Reposition

Back 22

change the view consumers have about a product be altering some of its characteristics

Front 23

Unique selling point (USP)

Back 23

the aspect or feature of a product that clearly distinguished it from its rivals

Front 24

Complementary goods

Back 24

goods that are purchased together because they are consumed together

Front 25

Demand

Back 25

the quantity of a product bought at a given price over a given period of time

Front 26

Demand curve

Back 26

a line drawn on a graph that shows how much of a good willbe bought at different prices

Front 27

Inferior goods

Back 27

goods for which demand will fall if income rises or rises if income falls

Front 28

Normal goods

Back 28

goods for which demand will rise if income rises if income rises or fall inincome falls

Front 29

Substitute goods

Back 29

goods that can be bought as an alternative to others, but performthe same function font

Front 30

Subsidy

Back 30

agrant given to producers, usually to encourage production of a certain good

Front 31

Supply

Back 31

the amount of a product that suppliers make available to the market at any given price in a given period of time files.

Front 32

Supply curve

Back 32

a line drawn on a graph that shows how much of a goodsellers are willing to supply at different prices

Front 33

Equilibrium price (market clearing price)

Back 33

theprice where supply and demand are equal

Front 34

Excess demand

Back 34

the position where demand is greater than supply at a given price and there are shortages in the market

Front 35

Excess supply

Back 35

theposition where supply is greater than demand at a given price and there areunsold goods in the market

Front 36

Price elastic demand

Back 36

a change in price results in a greater change in demand

Front 37

Price inelastic demand

Back 37

a change in price results in a proportionately small change in demand

Front 38

Price elasticity demand

Back 38

the responsiveness of demand to a change in price