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marketing key terms

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Marketing Key Terms
Market Research
· Desk Research: This is data which has been previously gathered for another purpose. It can also be called
Secondary research.
· Field Research: Data collected for a specific purpose at the time it is required and usually involves surveys
or interviews. This can also be called Primary Research.
· Market Research: The data collected about existing and potential markets.
· Market Segment: The market is divided into groups of consumers who have similar needs. Market Segmen-
tation: The methods used to divide up consumers e.g. age, income.
· Quota sample: People are selected on the basis of certain characteristics as a source of information for
market research.
· Random Sample: People are selected at random as a source of information for market research.
· Target Market: A group of people for whom a particular product is designed.
· Targeted Sampling: A specific age, gender or socio-economic group is identified for sampling
Product
· Branding: Identifying a product by giving it a unique brand name and making it special in the eyes of the
consumer by giving it a brand image that distinguishes it from those of competitors.
· Product Differentiation: Making products different.
· Product Range: The different types of product that a firm produces to try to reach different parts of
the market.
· Product Life Cycle: The stages a product will pass through during its `lifetime'.
· Packaging: The physical container or wrapping for a product also used for promotion.
· Trademarks: A symbol, name or logo which is registered and protected by law.
Marketing Key Terms
Market Research
· Desk Research: This is data which has been previously gathered for another purpose. It can also be called
Secondary research.
· Field Research: Data collected for a specific purpose at the time it is required and usually involves surveys
or interviews. This can also be called Primary Research.
· Market Research: The data collected about existing and potential markets.
· Market Segment: The market is divided into groups of consumers who have similar needs. Market Segmen-
tation: The methods used to divide up consumers e.g. age, income.
· Quota sample: People are selected on the basis of certain characteristics as a source of information for
market research.
· Random Sample: People are selected at random as a source of information for market research.
· Target Market: A group of people for whom a particular product is designed.
· Targeted Sampling: A specific age, gender or socio-economic group is identified for sampling
Product
· Branding: Identifying a product by giving it a unique brand name and making it special in the eyes of the
consumer by giving it a brand image that distinguishes it from those of competitors.
· Product Differentiation: Making products different.
· Product Range: The different types of product that a firm produces to try to reach different parts of
the market.
· Product Life Cycle: The stages a product will pass through during its `lifetime'.
· Packaging: The physical container or wrapping for a product also used for promotion.
· Trademarks: A symbol, name or logo which is registered and protected by law.

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Marketing Key Terms
Place
· Point of sale (POS): The actual place where the product is being sold.
· Retailer: An outlet selling goods directly to the consumer.
· Wholesaler: A business that buys in bulk from the manufacturer and sells in smaller quantities to retailers
or direct to consumers.
Price
· Disposable Income: The money available for use by a consumer after taxes, national insurance and other
deductions have been made.
· Competitive pricing: Companies base their prices according to competitors' prices.…read more

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