Marketing

All key terms used in Unit 3: 3.1 Marketing

?
Marketing
The management process that is responsible for anticipating, identifying, and satisfying consumer needs profitably.
1 of 32
Market Research
The process of gaining information about customers, competitors, and markets trends through collecting primary and secondary data.
2 of 32
Primary Data
Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments.
3 of 32
Secondary Data
Information that already exists suchs as accounts and sales records, government statistics, newspaper and internet articles, and reports from advertising agencies.
4 of 32
Quantitative Data
Data that can be expressed as numbers and can be statistically analysed.
5 of 32
Qualitative Data
Data about opinions, judgements and attitudes.
6 of 32
Survey
Research involving asking questions of people or organisations.
7 of 32
Responsants
Those who provide data for a survey usually by answering questions.
8 of 32
Market Segment
Part of a market that contains a group of buyers with similar buying habits.
9 of 32
Sample
A small group out of the total population which is selected to take part in a survey.
10 of 32
Questionnaires
A list of questions to be answered by respondents, designed to give information about consumers tastes.
11 of 32
Product Trial
When consumers buy a good for the first time and assess whether or not they want to buy it again.
12 of 32
Public Relations
Promotion of a positive image about a product or business through giving information about the product to the general public, other businesses or to the press.
13 of 32
Viral Marketing
Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends.
14 of 32
Penetration Pricing
Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share.
15 of 32
Trade Buyers
Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers.
16 of 32
Wholesalers
Businesses which buy in bulk from a manufacturer or other supplier and then sell the stock in in smaller quantities to retailers.
17 of 32
Retailers
Businesses which specialise in selling goods in small quantities to the consumer.
18 of 32
Customer Loyalty
The willingness of buyers to make repeated purchases of a product or from a business..
19 of 32
Repeat Purchase
When a customer buys a product more than once.
20 of 32
Product Life Cycle
The stages through which a product passes from it's development to being withdrawn from sale; that phases are research and development, launching the product, growth, maturity, saturation and decline.
21 of 32
Research and Development
The process of scientific and technological research and then development of the findings of that research before a product is launched.
22 of 32
Product Portfolio or Product Mix
The combination or range of products that a business sells.
23 of 32
Product Portfolio Analysis
Investigation of the combination of products sold by a business.
24 of 32
Boston Matrix
A model which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within that market; a product is placed in one of four categories - star, cash cow, problem child or dog.
25 of 32
Extension Stratagy
Method used to increase the life of a product and prevent it falling into decline.
26 of 32
Brand
A named product which consumers see as being different from other products and which they can associate and identify with.
27 of 32
Generic Product
A product made by a number of different businesses in which customers see very little or no difference between the product of one business compared to the product of another business.
28 of 32
Own Brand
A product which is sold under that brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product.
29 of 32
Product Differentiation
Making one product different from another in some way, for instance through the quality of a product, it's design, packaging or advertising.
30 of 32
Premium Price
A price which is above the average for products of a particular type.
31 of 32
Marketing Mix
A combination of factors which help a business to take into account customer needs when selling a product, usually summarised as the 4 P's (price, product, promotion and place)
32 of 32

Other cards in this set

Card 2

Front

The process of gaining information about customers, competitors, and markets trends through collecting primary and secondary data.

Back

Market Research

Card 3

Front

Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments.

Back

Preview of the back of card 3

Card 4

Front

Information that already exists suchs as accounts and sales records, government statistics, newspaper and internet articles, and reports from advertising agencies.

Back

Preview of the back of card 4

Card 5

Front

Data that can be expressed as numbers and can be statistically analysed.

Back

Preview of the back of card 5
View more cards

Comments

LH

Report

Brilliant, thank you so much.

Similar Business Studies resources:

See all Business Studies resources »See all Marketing mix resources »