Unit Two - Marketing

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Unit Two
Marketing
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Marketing
Finding the needs of consumers and demonstrating how a business fulfils those needs in a way that increases sales.
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Market Research
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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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 a consumer.
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Interview
A question sheet filled in by the person conducting the interview.
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Trials
Trials are used to test whether consumers will buy a product or not.
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Focus Groups
Selected small groups of people 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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Internal Data
Data already in 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. Eg. age, gender, income, location, lifestyle
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4 P's of the Marketing Mix
The 4 P's are 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 similiar 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 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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Innovation
The improvement on an original idea, which will ofeten involve using new processes. It is closely linked to design, where new ideas can be used in a product due to changes in the design.
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Design
Design is an important element in a number of different products, especially where style and technology work together.
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Invention
The introduction of a completely new product or feature.
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Research and Development [R&D]
Used to help introduce both new and existing products. The research may be testing products in a laboratory or conducting market research by interviewing 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, maturityand decline.
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Introduction
When a product or service is first on sale.
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Growth
When sales a growing strongly as the new product becomes known.
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Maturity
When sales are at their highest level.
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Decline
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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Physical Distribution
The distribution of goods using a physical presence such as a shop or office.
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Digital Distribution
The distribution of goods and services digitally by downloading from a website.
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Point of Sale Promotions
Include price reductions, loss leaders, competitions and free samples.
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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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Market Data
Information that can help marketing decisions. It includes data on such things as market share, changes in demand and the effect of promotions.
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Target Market
The group of customers who the business tries to sell its product to. It can be baseed on such areas as gender, age and lifestyle and will influence methods of advertising and promotions.
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Market share
The percentage of total sales that a business has made.
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Other cards in this set

Card 2

Front

Finding the needs of consumers and demonstrating how a business fulfils those needs in a way that increases sales.

Back

Marketing

Card 3

Front

The collection of data on customer habits to help decision-making in marketing.

Back

Preview of the back of card 3

Card 4

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

Preview of the back of card 4

Card 5

Front

Data collected first-hand, often in the form of surveys. Sometimes referred to as field research.

Back

Preview of the back of card 5
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