3.1 Keywords - Marketing

Mr_Lambert_Hungerhil
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Keywords/Definitions for 3.1 Marketing - Edexcel GCSE Business Stuides

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Mr_Lambert_Hungerhil
Created by Mr_Lambert_Hungerhil over 3 years ago
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Question Answer
Marketing The management process that is responsible for anticipating, identifying and satisfying customer needs profitably
Market research The process of gaining information about customers, competitors and market trends through collecting primary and secondary data
Primary data Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments
Secondary data Information that already exists such as accounts and sales records, government statistics, newspaper and Internet articles and reports from advertising agencies
Quantitative data Data that can be expressed as number and can be statistically analysed
Qualitative data Data about opinions, judgements and attitudes
Respondents Those who provide data for a survey usually by answering questions
Market Segment Part of a market that contains a group of buyers with similar buying habits
Sample A small group out of the total population which is selected to take part in a survey
Questionnaire A list of questions to be answer by respondents, designed to give information about consumers’ tastes
Product Trial When consumers buy a good for the first time and assess whether or not they want to buy it again
Repeat Purchase When a customer buys a product more than once
Public Relations Promotion of a positive image about a product or business through giving information about the product to the general public
Viral Marketing Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends
Penetration Pricing Setting 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.
Trade Buyers Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers
Retailers Businesses which specialise in selling goods in small quantities to the consumer
Customer Loyalty The willingness of buyers to make repeated purchases of a product or from a business
Product Life Cycle The 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
Research and Development The process of scientific and technological research and then development of the findings of that research before a product is launched
Extension Strategy Method used to increase the life of a product and prevent it falling into decline
Product Portfolio or Product Mix The combination or range of products that a business sells
Product Portfolio Analysis Investigation of the combination of products sold by a business
Boston Matrix A 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
Brand A named product which consumers see as being different from other products and which they can associate and identify with
Generic Product A 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
Own Brand A 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
Product Differentiation Making one product different from another in some way, for instance through the quality of a product, its design, packaging or advertising
Premium Price A price which is above average for products of a particular type
Marketing Mix A 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)