Marketing Terms

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rhyssyhr92
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Glossary of Marketing Terms

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Primary Market Research The Collection of original data via direct contact with potential or existing customers. Also called field research
Secondary Market Research The use of information that has already been collected and is available for use by others. Also called desk research.
Quantitative The use of numerical analysis techniques to provide information useful to those involved in promoting products or services. e.g. from questionnaires and surveys.
Qualitative Interviews conducted with small number of consumers, primarily to gather initial consumers needs or early reaction to new product concepts.
Primary Research Methods e.g. Questionnaires, Focus Groups, Observation
Sources of secondary research data e.g. Market research reports, Trade Journals, Government statistics, Sales and customer records
Random Sampling Everyone in the population has an equal chance of being chosen to be in the sample.
Quota Sampling People in the sample are chosen to reflect the proportions of different groups in the target market e.g. 80% over 60s, 20% under 60s when researching the market for mobility aids.
Stratified Sampling The appropriate market segment is first selected, for example married men, then the sample is randomly selected from this segment.
Cluster sampling This uses random sampling from a specific area or cluster e.g. tourist towns when researching leisure hotels.
Convenience sampling The simply means using a sample of willing volunteers. This method often results in bias and may only produce small samples.
Systematic Sampling Every nth person is selected from a list of the population. This can be costly if the sample is widespread.
Market Segmentation The market is divided up into groups of consumers who have similar needs.
Mass Market Selling a product without segmenting the market to different customers.
Niche Market A small specific section of a market.
Marketing Mix The four factors that businesses can use and mix to influence sales of a product the four Ps: Product Price Place Promotion Right product at the right price in the right place at the right time.
Product Mix or Product Portfolio The range of products that businesses sell.
Product Life Cycle The stages a product will pass through from it's introduction, through it's growth until it is mature and then finally it's decline. Stages of PLC: Introduction - Researching, developing and then launching the product. Growth - When sales are increasing at their fastest rate. Maturity - Sales are near their highest but the rate of growth is slowing down, e.g. new competitors in market or saturation. Decline 0- final stage of the cycle, when sales begin to fall.
Price Elasticity of Demand Responsiveness of demand to a change in price.
Inelastic Demand Percentage change in price is greater than percentage change in demand.
Elastic Demand Percentage change in price is less than percentage change in demand.
Penetration Pricing A pricing strategy where price is set lower than the competitors' prices in order to be able to enter a new market.
Price Skimming A pricing strategy where a high price is set for a new product on the market.
Competitive Pricing A pricing strategy where the product is sold at a very low price for a short period of time.
Promotional Pricing A pricing Strategy where the product is sold at a very low price for a short period of time.
Psychological Pricing A pricing strategy where particular attention is paid to effect that the price of a product will have upon consumers' perceptions of the product.
Cost-Plus Pricing The cost of manufacturing the product plus a profit mark-up.
Channels of distribution the path a product takes from producer or manufacturer to the final user. Producer - Wholesaler - Retailer - Consumer
Wholesaler A wholesaler buys in bulk (larger quantities) from the manufacturer and sells on smaller quantities either to retailers or, occasionally, direct to customers.
Aim A specific goal or purpose. "My aim is to be a strong, hard-working employee."
Objective A specific result that a person or system aims to achieve within a time frame and with available resources. Objectives need to be SMART: Specific Measureable Achievable Realistic Time Bound
USP Unique Selling Point - What makes products different from their competition (only natural ingredients, no colours etc.)
Customer Individuals or groups who use (Consume) different items. They are the end user.
Target Market A particular market segment at which a marketing campaign is focused.
Market Share The Percentage of the total sale that a company has.
Customer Loyalty Likelihood of previous customers to continue to buy from a specific organization. e.g. Tesco Clubcard Scheme
Business to Business (B2B) Selling to industrial buyers or retailers and not directly to the public. Businesses purchase goods for resale, raw materials to make other products and consumables and services needed for their day to day operations.
Business to Consumer (B2C) Selling to private individuals and households who buy good and services for their own use, such as clothes retailers and hairdressers.
Situational Analysis A collection and evaluation of part and present economical, political, social, and technological data. Assessment of the organization's current and future strengths, weaknesses, opportunities, and strengths. And the PESTLE influence on businesses.
S.W.O.T Strengths, Weaknesses, Opportunities and Threats.
P.E.S.T.L.E External threat sand opportunities on businesses. Political Economic Social Technological Legal Environmental
Branding Branding is a way of clearly highlighting what makes your product or service different to, and more attractive than, your competitors'.
Components of branding. Logo Symbols Colours Images Celebrity endorsements
Brand Awareness Extent to which a brand is recognized by potential customers. Expressed usually as a percentage of target market, brand awareness is the primary goal of advertising in the early months or years of a product's introduction.
Guerrilla Advertising Finding creative ways to stand out in the market place and is an important part of the marketing mix.
Viral Marketing Explosive growth in sales or spread of product information through customers contact/referrals.
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