Business Unit 1-Marketing

Question	Answer
Market Research	Research that enables a firm to find out about its market, its customers and its potential customers.
Primary Research	Gathering new information specifically for the purposes identified by the business.
Secondary Research	Research that uses information that has already been gathered for another purpose.
Questionnaire	A set of questions designed to discover information relating to a product or service.
Internet Research	Using information that has already been published on the internet.
Telephone Survery	A series of set questions delivered over the telephone to consumers as a method of primary research.
Supplier Feedback	Gathering information from suppliers on their forecasts for what is likely to happen in the market in the future.
Customer Feedback	Formal or informal responses from customers to the product or service offered by a business.
Focus Group	In depth discussion with a small group of consumers, which probes their feelings towards a product or service.
Marketing Mix	The four major variables for which decisions must be made when marketing a product.
Product	The service or physical good being sold by the company.
Price	The amount charged by a business for its product or service.
Promotion	All the ways a business communicates to consumers with the aim of selling products.
Place	The methods used by a firm to sell its products or services to consumers.
Target Market	The group of consumers aimed at by the business.
Product Range	The collective term given to all the products made or sold by a business.
Product Differentiation	Making your products stand out from those of competitors through advertising, design or different product features.
Demand	The quantity that consumers are willing and able to buy at the current price level.
Marketing Budget	The amount to be spent on marketing and promotion over a certain period of time.
Advertising	Communication to consumers to encourage them to buy a product.
Publicity	Gaining press coverage for your business.
Word of mouth recommendation	Getting customers to talk to their friends and family about your product or service.
Direct Mail	Sending promotional material directly to customers.
Personal Selling	Employing a person to visit potential customers to persuade them to buy your goods or services.
Website	To provide information about the business to the customer.
Banner	An internet advert shown on another firm's website in the form of a horizontal bar across the page.
Pop-Up	An internet advert that pops up in a new window when visiting another companies website.
Channel of Distribuition	The method used to deliver goods or services from the producer to the final consumer.
E-Commerce	Transactions between people and businesses carried out entirely via the internet.

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Business Unit 1-Marketing

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