Marketing tool that uses the 4 P's - Product, Price, Promotion and Place, to plan for a successful product.
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Marketing Objectives
Targets that the marketing department must achieve within their set time-period.
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Market Segmentation
Dividing a market up by customers' age, gender or income to find areas that under-served.
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Marketing Strategy
A medium or long-term plan that tries to meet the marketing objectives, which is delivered through the marketing mix.
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Economies of Scale
Factors that cause costs per unit to fall when a firm operates at a higher level of production
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Franchise
A business that sells the rights to the use of its name/brand & trading methods to local businesses, for a period of time.
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Generic Brands
Brands that are very well known that customers say the brand when they mean the product.
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Product Differentiation
The extent to which consumers perceive your brand as being different from others.
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Bias
An element that causes research findings to be unrepresentative of the whole population, because of an unfair research method (misleading survey questions) or a favoured point-of-view.`
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Primary Research
Gathering information or data first-hand. It can be costly & time-consuming.
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Secondary Research
Gathering information that has already been found. Data may not be frequently updated.
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Sample Size
The size or number of people being interviewed or researched. It should be large enough to be representative but small enough to gather data effectively.
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Market Map
A grid that plots where each existing brand sits on a scale based on two important features of a market. Most commonly; price & quality.
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Price Elasticity
A measurement of the extent to which a product's demand changes when its prices change.
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Unique Selling Point
A consumer benefit that no rival can match - Usually because the benefit is protected by a strong patent.
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Other cards in this set
Card 2
Front
Marketing Objectives
Back
Targets that the marketing department must achieve within their set time-period.
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