The department tasked with targeting the right product at the right target market using the right combination of price, promotion and place.
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Marketing Mix
The plan for getting the right blend of product, price, promotion and place.
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Marketing Objectives
The targets the marketing department must achieve, such as increasing sales by 15% within 12 months.
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Market Segmentation
Dividing a market up by customers' age, gender or income to find areas that are under-served.
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Marketing Strategy
The medium-to-long-term plan for meeting the marketing objectives, 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 and trading methods to local businesses
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Generic Brands
Brands that are so well know 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
A factor that causes research findings to be unrepresentative of the whole population.
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Primary Research
Finding out information first-hand.
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Secondary Research
Finding out information that has already been gathered.
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Sample Size
The number of people interviewed; this should be large enough to give confidence that the findings are representative of the whole population.
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Market Map
A grid plotting where each existing brand sits on scales based on two important features of a market. E.g. car market: luxury/economy and green/gas guzzling.
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Price Elasticity
A measurement of the extent to which a product's demand changes when its price is changed.
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Unique Selling Point
A consumer benefit that no rival can match, perhaps because it is protected by a strong patent.
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The Market
Where buyers meet sellers, either face-to-face or online.
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Market Research
Gathers information about consumers, competitors and distributors within a firm's target market. It is a way of identifying consumers' buying habits and attitudes to current and future products.
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Market Positioning
When launching a new product, companies need to decide where exactly they want to position the brand in relation to customer perceptions and the positioning of competitors. This is largely achieved by market mapping.
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Market Positioning
When launching a new product, companies need to decide where exactly they want to position the brand in relation to customer perceptions and the positioning of competitors. This is largely achieved by market mapping.
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Other cards in this set
Card 2
Front
The plan for getting the right blend of product, price, promotion and place.
Back
Marketing Mix
Card 3
Front
The targets the marketing department must achieve, such as increasing sales by 15% within 12 months.
Back
Card 4
Front
Dividing a market up by customers' age, gender or income to find areas that are under-served.
Back
Card 5
Front
The medium-to-long-term plan for meeting the marketing objectives, delivered through the marketing mix.
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