The collection of data on customer
habits to help decision-making in marketing.
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Target market
The group of customers to whom a
business aims to sell its products. The target market may be other businesses as well as consumers.
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Market segment
Refers to people who are grouped together for marketing purposes. Market segments are part of a larger market, often lumping individuals together based on one or more similar characteristics.
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Primary research
Data collected first-hand,
often in the form of surveys. Sometimes referred to as field research.
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Secondary research
The collection of data using
research or information provided by others, such as magazines, journals and the internet. Often called desk research.
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Questionnaire
A question sheet filled in by the
consumer.
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Interview
A question sheet filled in by the
person conducting the interview.
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Trials
Used to test whether customers will buy
a product.
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Focus groups
Selected small groups of
customers who give their opinion on products.
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Census data
Data collected by the government
every ten years, questioning the entire population on their income, occupation etc.
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Website
An online location with several pages
that can be contacted by internet users through
its address
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Social media
Online applications that allow
people to create and share content to participate in social networking.
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Internal data
Data already within a business
based on past performance.
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Qualitative data
Data based on opinions of those
being asked.
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Quantitative data
Data collected that is based
on facts or numbers, usually easier to analyse
than qualitative data.
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Market segmentation
Splitting the market for
a product into different parts, or segments.
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4 Ps of the marketing mix
Price, product,
place and promotion.
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Competitor pricing
When a price is set based
on prices charged by competitor businesses for a similar product.
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Cost-plus pricing
A pricing method that adds a
percentage of profit to the total costs of making a product. This gives the selling price.
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Penetration pricing
When a price is set lower
than the competitor businesses. Often used by
new businesses to break into a market. This
should only be seen as a short-term strategy.
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Skimming
Where a new product is more advanced
than that of competitors; a price is set high as
some customers are willing to pay higher prices
to own the newest technology. Sometimes called ‘creaming’.
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Promotional pricing
Where prices are reduced
to give products a boost or to sell off old stock.
Most commonly seen as sales in shops.
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Loss leaders
a product sold at a loss to attract customers.
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Product life cycle
The life of a product, usually
shown as a graph divided up into four stages:
introduction, growth, maturity and decline.
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Introduction (Product life cycle)
When a product or service is first
on sale.
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Growth (Product life cycle)
When sales are growing strongly as the
new product or service becomes known.
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Maturity (Product life cycle)
When sales are at their highest level.
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Decline (Product life cycle)
When sales are falling as the product or
service is seen by customers as being old and they switch to newer products and services.
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Advertising campaign
A series of advertisements,
often using different advertising media.
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Advertising media
The methods by which
a business can advertise a product. Includes
newspapers, TV and radio.
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Point of sale promotions
Include price reductions,
loss leaders, competitions and free samples.
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Discrimination
When one worker is treated
differently from another for no acceptable reason. There are several unacceptable reasons for different treatment.
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Brand/branding
A brand is a marketing tool or business concept that helps people identify a company, product, or individual.
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Other cards in this set
Card 2
Front
The group of customers to whom a
business aims to sell its products. The target market may be other businesses as well as consumers.
Back
Target market
Card 3
Front
Refers to people who are grouped together for marketing purposes. Market segments are part of a larger market, often lumping individuals together based on one or more similar characteristics.
Back
Card 4
Front
Data collected first-hand,
often in the form of surveys. Sometimes referred to as field research.
Back
Card 5
Front
The collection of data using
research or information provided by others, such as magazines, journals and the internet. Often called desk research.
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