Marketing marketing 3.0 / 5 based on 3 ratings ? Business StudiesMarketing mixAS Created by: Ben PhillipsCreated on: 15-05-11 15:18 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 1 of 3 Adding Value 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 USP After sales care (Warranty) 2 of 3 Market Mapping Positioning of a brand influenced by the perceptions of the customer rather than the business itself A comparison to other brands in the market 2 stages: Identify two key variables within the market plot existing brands in the market within the key variables Market Segment A market segment is a part of the market which contains a group of buyers . E.g. Age, Socio economic groups, ethnicity/ culture, gender 3 of 3
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