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23 Cards in this Set
- Front
- Back
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Marketing mix |
The plan for getting the right blend of product, price, promotion and place (4Ps) |
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Marketing objectives |
The targets the marketing department must achieve |
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Market segmentation |
Dividing a market up by customers' age, gender or income to find areas that are under served |
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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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Economies of scale |
Factors that cause costs per unit to fall when a firm operates at a higher level of production |
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Franchise |
A business tat sells the rights to the use of its name and trading methods to local businesses |
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Generic brands |
Brands that are so well known that customers say the brand when they mean the product |
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Product differentiation |
The extent to which consumers perceive your brand as being different from others |
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Market research |
Gathers information about consumers, competitors, and distributors within a firms target market |
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Primary research |
Finding out information first hand |
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Secondary research |
Finding out information that has already been gathered |
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Market positioning |
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 |
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Market map |
A grid plotting where each existing brand sits on scales based on two important features of a market |
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Price elasticity |
A measurement of the extent to which a products demand changes when its price is changed |
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Unique selling point |
A consumer benefit that no rival can match, perhaps because it is protected by a strong patent |
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Predatory pricing |
Pricing low with the deliberate intention of driving a competitor out of business |
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Branding |
The skill of giving a product or service distinctiveness - even personality |
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Promotion |
The part of the marketing mix that focuses on persuading people to buy the product or service |
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Capacity utilisation |
This measures actual usage of your facilities as a percentage of the maximum possible |
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Corporate brand |
A brand that represents the whole company as well as its products |
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Crowdfunding |
Obtaining external finance from many individual, small investments, usually through a web based appeal |
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Product life cycle |
The theory that all products follow a similar pattern over time, of development, birth, growth, maturity and decline |
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Product portifolio |
Places brands into a matrix based on market share and market growth |
