Marketing - The anticipating and satisfying of customers' wants in a way that delights the consumer and also meets the needs of the organisation.
Marketing Objectives - The goals of the marketing function in an organisation.
Business to consumer marketing - Where a firm targets individual consumers with its products.
Business to Business Marketing - Where a firm sells its products to another business.
Niche Marketing - Targeting a product or service at a small segment of a larger market.
Mass Marketing - Aiming a product at all (or most) of the market.
Product Differentiation - The degree to which consumers see a particular brand as being different from other brands.
Marketing Mix - Those elements of a business's approach to marketing that enable it to satisfy and delight its customers.
Product - The good or servise provided by a business.
Product Design - Deciding on the make-up of a product so that it works well, looks good and can be produced economically.
Product Development - When a firm creates a new or improved good or service, for release into an existing market.
Unique selling point - A feature of a product or service that allows it to be differentiated from other products.
Product Portfolio - The range of products or brands provided by a business.
Product Portfolio Analysis - The study of a range of products with a view to deciding whether new products should be added to the portfolio and whether any existing products should no longer be provided.
Boston matrix - A tool of product portfolio analysis that classifies products according to the market share of the product and the rate of growth of the market in which the product is sold.
Product Life-cycle - The stages that a product passes throught during its lifetime - development, introduction, growth, maturity and decline.
Extension Startergies - Methods used to lengthen the life cycle of a product by preventing or delaying it from reaching the decline stage of the product life cycle.
Promotion - In the contect of marketing, the process of communicating with customers or potential customers. Promotion can also describe communication with other interested groups, such as shareholders and suppliers.
Promotional Mix - The coordination of various methods of promotion in order to achieve overall marketing targets.
Public Relations - Gaining favourable publicity through the media.
Branding - The process of differentiating a product or service from it's competitors through the name, sign, symbol, desgin or slogan linked to that product or service.
Merchandising - Attempts to persuade consumers to take action at the 'point of sale'.
Direct Selling - The process of communicating directly to the individual consumer through an appropraite form of communication (eg. postal, system or telephone).
Advertising - The process of communicating with customers or potential customers through specific media (e.g television, newspapers etc.)
Cost per thousand (CPT) - An indicator used commonly in the advertising industry to assess and compare the expense of different forms of promotion.
Pricing Stratergies - Approaches adopted in order to achieve marketing objectives.
Penetration Skimming - A stratergy in which a high price is set to yield a high profit margin.
Penetration Pricing - A startergy in which law prices are set to break into a market or to achieve a sudden spurt in market share.
Price Leadership - A stratergy in which a large company sets a market price that smaller firms will tend to follow.
Price Taking - a stratergy in which a small firm follows the price set by a price leader.
Predatory Pricing - A stratergy in which a firm sets very low prices in order to drive other firms out of the market.
Pricing Tactics - Pricing approach or techniques used in the short-term to achieve specific objectives.
Loss Leadership - A tactic in which a firm sets a low price for its product(s) in order to encourage consumers to buy other products that provide profit for the firm.
Psychological Pricing - A tactic intended to give the impression of value (e.g selling a good for £9.99 rather than £10).
Price Elasticity of demand - The responsiveness of change in quantity demanded of a good or service to a change in price.
F...Price elasticity of demand = % change in quantity demand / % change in price.
Distribution Channels - Channels or routes through which a product passes in moving from the manufacturer to the consumer.