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3.1 Keywords - Marketing
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- 1MarketingThe management process that is responsible for anticipating, identifying and satisfying customer needs profitably
- 2Market researchThe process of gaining information about customers, competitors and market trends through collecting primary and secondary data
- 3Primary dataInformation that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments
- 4Secondary dataInformation that already exists such as accounts and sales records, government statistics, newspaper and Internet articles and reports from advertising agencies
- 5Quantitative dataData that can be expressed as number and can be statistically analysed
- 6Qualitative dataData about opinions, judgements and attitudes
- 7RespondentsThose who provide data for a survey usually by answering questions
- 8Market SegmentPart of a market that contains a group of buyers with similar buying habits
- 9SampleA small group out of the total population which is selected to take part in a survey
- 10QuestionnaireA list of questions to be answer by respondents, designed to give information about consumers’ tastes
- 11Product TrialWhen consumers buy a good for the first time and assess whether or not they want to buy it again
- 12Repeat PurchaseWhen a customer buys a product more than once
- 13Public RelationsPromotion of a positive image about a product or business through giving information about the product to the general public
- 14Viral MarketingGetting individuals to spread a message about a product through their social networks like Facebook or their group of friends
- 15Penetration PricingSetting 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.
- 16Trade BuyersBuyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers
- 17RetailersBusinesses which specialise in selling goods in small quantities to the consumer
- 18Customer LoyaltyThe willingness of buyers to make repeated purchases of a product or from a business
- 19Product Life CycleThe stages through which a product passes from its development to being withdrawn from sale; the phases are research and development, launching the product, growth, maturity, saturation and decline
- 20Research and DevelopmentThe process of scientific and technological research and then development of the findings of that research before a product is launched
- 21Extension StrategyMethod used to increase the life of a product and prevent it falling into decline
- 22Product Portfolio or Product MixThe combination or range of products that a business sells
- 23Product Portfolio AnalysisInvestigation of the combination of products sold by a business
- 24Boston MatrixA 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
- 25BrandA named product which consumers see as being different from other products and which they can associate and identify with
- 26Generic ProductA 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
- 27Own BrandA product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product
- 28Product DifferentiationMaking one product different from another in some way, for instance through the quality of a product, its design, packaging or advertising
- 29Premium PriceA price which is above average for products of a particular type
- 30Marketing MixA combination of factors which help a business to take into account customer needs when selling a product, usually summarised as the 4P’s (price, product, promotion and place)
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- Keywords/Definitions for 3.1 Marketing - Edexcel GCSE Business Stuides
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- Mr_Lambert_Hungerhil
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