Definitions Unit 3

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Marketing
The anticipating and satisfying of the customers wants in a way that delights the consumer and also meets the needs of the organisation.
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Market Size
The volume of sales of a product (how many units sold) or the value of the sales of a product (the total revenue of the product).
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Market Growth
The percentage change in sales (volume or value) of a generic product or service over a period of time.
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Sales Growth
The percentage change in sales (volume or value) for a specific business or product over a period of time.
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Market Share
The percentage or proportion of the total sales of a product or service acheived by a firm or a specific brand of a product.
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Brand Loyalty
A measure of degree of attachment that a consumer has for a particular brand of product. High brand loyalty lowers the chance of the consumer switching to another brand.
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Market Research
The systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process.
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Primary market-research
Collection or commissioning of information, gathered first-hand for the specific purpose of the initial user.
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Secondary market-research
Information that has already been collected for a different purpose.
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Qualitative market-research
Collection of information about the market based on subjective factors such as opinions and reasons.
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Quantitative market-research
Collection of information about the market based on numbera
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Market Mapping
A technique that analyses markets by looking at the features that distinguish different products or firms.
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Sampling
Gathering data from a group of respondants whose views or behaviour should be representative of the target market as a whole.
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Confidence Interval (or margin error)
The plus or minus figure used to show the accuracy of statistical results arising from sampling.
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Correlation
A statistical technique used to establish the strength of the relationship between two sets of values.
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Casual Link
A link between two sets of information or types of behavior.
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Extrapolation
Using previous patterns of numerical data in order to predict values in the future.
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Price Elasticity Demand
The degree to which the quantity demand of a good or service is affected by its change in price.
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Income Elasticity Demand
The degree to which the quantity demanded of a good or service is affected by a change in consumer income.
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Market Segmentation
The classification of customers or potential customers into groups or sub-groups (market segments), each of which responds differently to different products or marketing approaches.
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Niche Marketing
Targeting a product or service at a small segment of a larger market.
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Mass Marketing
Aiming a product at all (or most) of the market.
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Market Positioning
Where your product or brand stands in relation to the products or brands of other businesses.
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Competitive Advantage
A benefit that allows a business to gain and retain more customers than its competitors.
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Marketing mix
Those elements of a businesses approach to marketing that enable it to satisfy its customers.
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Elements of the Marketing Mix (7 P's)
1) Product 2) Price 3) Promotion 4)Place 5) People 6) Process 7) Physical Environment
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Industrial Marketing
Where a firm sells its product to another business
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Consumer Marketing
Where a firm targets individual consumers with its product.
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Consumer Products
Products that are purchased in order to directly satisfy the needs and wants of the customers.
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Convenience Products
Products that are purchased frequently and with minimum thought and effort by consumers (e.g. milk)
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Boston Matrix
A tool of product porfolio analysis and classifies products according to the market share of a product
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Boston Matrix
A tool of product porfolio analysis and classifies products according to the market share of the product and the rate of growth of the market in which the product is sold.
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Product Life Cycle
The stages that a product passes through during its lifetime- development, introduction, growth, maturity and decline.
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Extension Strategies
Methods used to lengthen the life cycle of a product by preventing or delaying it from reaching the decline stage of the product life cycle.
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Product Development
When a firm creates a new or improves good or service, for release into an existing market.
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Penetration Pricing
A strategy in which low prices are set to break into a market or to achieve a sudden increase in market share.
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Price Skimming
A strategy in which high price is set to yield a high profit margin.
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Price War
Occurs when rival companies undercut each others price cuts in order to increase the sales volumeby keeping existing customers and attracting new customers. A srategy leads to reduced profit margins.
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Distribution Channels
Channels or routes through which a product passes in moving from the manufacturer to the consumer.
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Digital Marketing
The aniticpating and satisfying of consumer wants through the use of different forms of technology
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E-commerce
The buying and selling of goods and services through the use of electronic media.
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Other cards in this set

Card 2

Front

The volume of sales of a product (how many units sold) or the value of the sales of a product (the total revenue of the product).

Back

Market Size

Card 3

Front

The percentage change in sales (volume or value) of a generic product or service over a period of time.

Back

Preview of the back of card 3

Card 4

Front

The percentage change in sales (volume or value) for a specific business or product over a period of time.

Back

Preview of the back of card 4

Card 5

Front

The percentage or proportion of the total sales of a product or service acheived by a firm or a specific brand of a product.

Back

Preview of the back of card 5
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