Marketing Key Terms
- Primary Resarch: First hand research collected by the business itself
- Secondary Research: Data from second hand sources
- Qualitative Data: Data not expressed numerically
- Quantitative data: Data expressed numerically
- Socio-Economic Groups: consumers divided into class
- Market Segments: portions of the market with similar charecteristics
- Product trial: Consumers sampling the products for the first time
- Customer Loyalty: When customers buy without checking the price, a motivated and long term decision to purchase a certain brand.
- Brand: A product made unique by its image or design.
- Extension Strategies: Strategies which extend the product life cycle of a product, to prolong maturity and to prevent decline in sales
- Family branding: Where each product is established under one brand
- Line branding: Where each product has an individual brand
- Product differentiation: Making a product appear different from competitors
- USP: A feature that your product has which your competitors doesn't
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- Adding value allows businesses to increase the price that consumers are willing to pay for a product.
- Customers need to perceive that the product is better than it actually is= So a higher price can be charged
- Value added= Price and cost of bought in materials
Ways of adding value:
- Convenience and speed (e.g. sandwich)
- Good design
- High quality manufacture e.g. Lexus vs Lada
- Brand name
- After sales care (Warranty)
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- Positioning of a brand influenced by the perceptions of the customer rather than the business itself
- A comparison to other brands in the market
- Identify two key variables within the market
- plot existing brands in the market within the key variables
- A market segment is a part of the market which contains a group of buyers .
- E.g. Age, Socio economic groups, ethnicity/ culture, gender
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