3.1 terms

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  • Created by: Imran
  • Created on: 16-05-13 18:29
Advertising
One way in which customers can be informed about products and then be persuaded to try the product
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Boston Matrix
A technique used to analyse the product mix (range of products a business sells). Types of products identified are called stars,cash cows,problem children and dogs.Products are categorized according to market growth
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Branding
A named product which customers see as being different from other products
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Customer loyalty
The willingness of buyers to make repeat purchase of a product
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Generic product
A product made by different businesses in which customers see now difference between the product of one business compared to another
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Marketing
The management process responsible for anticipating, identifying and satisfying customer wants and needs and making a profit in doing so
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Marketing mix
A combination of factors helping a business to take into account customer needs when selling a product (The 4 P's)
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Market research
Gaining information about customers, competitors, market trends through primary and secondary data
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Own brand
A product which is sold under the brand name of a supermarket chain rather than the producer of the product
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Product differentiation
Making one product different from others on the market
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Product life cyce
Shows the stages that a product passes through its life time
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Product mix
The combination of products that a business sells
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Product range
A group of similar products made by a business e.g. a number of different soap powders
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Product trial
Persuading customers to try out a new product or service to help make the customer aware of it.
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Promotion
Commincation between the business or customer, making the customer aware that the product is for sale.
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Public relations
Promotions of positive image about a product or service by the public or VIP's
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Repeat purchase
When a customer buys a product more than once
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Respondents
People or organisations who respond to the question asked
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Sample
A small group out of a population asked to take a survey
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Trade buyers
Buyers of goods which then sell the goods on to consumers or other buyers
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Other cards in this set

Card 2

Front

A technique used to analyse the product mix (range of products a business sells). Types of products identified are called stars,cash cows,problem children and dogs.Products are categorized according to market growth

Back

Boston Matrix

Card 3

Front

A named product which customers see as being different from other products

Back

Preview of the back of card 3

Card 4

Front

The willingness of buyers to make repeat purchase of a product

Back

Preview of the back of card 4

Card 5

Front

A product made by different businesses in which customers see now difference between the product of one business compared to another

Back

Preview of the back of card 5
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