Business Definitions Unit 2 - Marketing

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Advertising Campaign
Coordinated series of linked advertisements to sell products/services
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Advertising
Producing information and promoting the sale of products/services
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Branding
Creating unique name/image for product to attract customers. TM represetns good quality.
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Census
Data collected by the Government about income, population, etc.
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Competition Based Pricing
A pricing strategy used by setting the price of a product/service based on the prices that competitors set.
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Competitors/Competition
Person/Organisation in the same industry battling to gain more customers and increase sales.
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Cost-Plus Pricing
A pricing strategy used by adding a % of profit to total costs of making a product. Gives selling price.
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Focus Groups
Small number of people together to focus on a specicfic product.
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Interviews (for market research)
Formal discussion between worker and target customer, to establish best method of advertising and what is most intruiging.
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Loss Leaders
Products advertised and sold at below cost price to attract customers.
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Market Data
Price/trade related data for a financial company reported by a trading venure, ie Stock Exchange.
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Market Research
Research to identify the specific market and other characteristics.
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Market Segmentation
Dividing a market of potential customers into segments based on: Age, Gender, Lifestyle, Income and Location
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Marketing
Action of a business promoting and selling goods.
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Marketing Mix/4Ps
Controllable elements of a products marketing plan: Product, Price, Place and Promotion.
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Penetration Pricing
A pricing strategy used by setting prices lower than competitors to gain a foothold in the market.
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Point of Sale Promotion
Price reductions, Loss leaders, Competitions and Free samples.
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Price Skimming
A pricing strategy that is used by setting prices higher than the competitors due to the luxury of a product or to set a standard price against competitors.
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Primary Research
Research obtained first hand, also known as Field research.
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Printed Media
Newspapers, Magazines, Leaflets, etc.
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Product Life Cycle
The stages a product goes through from first being developed to being withdrawn. The four stages are: Introduction, Growth, Maturity and Decline.
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Promotional Pricing
A pricing strategy that is used by setting prices lower to sell off old stock, often in the form of offers.
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Qualitative Data
Data based on the opinions of those being asked.
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Quantitative Data
Data in the form of facts of numbers. Easier to analyse than qualitative data.
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Questionnaires
Questions with a choice of answers, devised for purposes of helping a business achieve its goals.
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Religious Discrimination
Discrimination due to religion/belief.
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Secondary Research
Research collected that already exists, also known as Desk research.
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Social Media
Websites/Applications to enable social networking and advertising.
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Target Market
Patricular market segment at which a market campaign is focused.
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Trials
Trial purchases to test if a product is popular.
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Website
Web pages used on internet for advertising.
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Wholesaler
'Breaking the Bulk'. A large storage centre to but large quantities of products at lower prices.
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Other cards in this set

Card 2

Front

Producing information and promoting the sale of products/services

Back

Advertising

Card 3

Front

Creating unique name/image for product to attract customers. TM represetns good quality.

Back

Preview of the back of card 3

Card 4

Front

Data collected by the Government about income, population, etc.

Back

Preview of the back of card 4

Card 5

Front

A pricing strategy used by setting the price of a product/service based on the prices that competitors set.

Back

Preview of the back of card 5
View more cards

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