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Description
Flashcards by Tankhiluun Khaya, updated more than 1 year ago
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Created by Tankhiluun Khaya
about 8 years ago
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| Question | Answer |
| Marketing | The management task that links the business to the customer by identifying and meeting the needs of customers profitability- it does this by getting the right product at the right price to the right price at the right time |
| Consumer markets | Markets for goods and servives bought by the final user of them |
| Industria markets | Markets for goods and services bought by businesses to be used in the production process of other products |
| Marketing objectives | The goals set for the marketing department to help the business achieve its overall objectives |
| Marketing strategy | Long tern plan established for achieving marketing objectives |
| Market orientation | An outward looking approach basing product decisions on consumer demand, as established by market research |
| Product orientation | An inward looking approach that focuses on making products that can be made- or have been made for a long time- and then trying to sell them |
| Asset-led marketing | An approach to marketing that bases strategy on the firm's existing strengths and assets instead of purely on what the customer wants |
| Societal marketing | This approach considers not only demand of consumers but also the effects on all members of the society/public involved in some way when firms meet these demands |
| Demand | The quantity of a product that consumers are willing and able to buy at a given price in a time period |
| Supply | The quantity of a product that firms are prepared to supply at a given price in a time period |
| Equilibrium price | The market price that equates supply and demand for a product |
| Market size | The total level of sales of all producers within a market |
| Market growth | The percentage change in the total size of a market (volume or value) over a period of time |
| Market share | The percentage of sales in the total market sold by one business ((firm's sales in a time period) : (total market sales in a time period))x100% |
| Product differentiation | Making the product distinctive so that it stands out from competitors' in products in consumers' perception |
| Unique selling Point/Proposition (USP) | The special feature of a product that differentiates it from competitors' products |
| Niche marketing | Identifying and exploiting a small segment of a larger market by developing products to suit it |
| Mass marketing | Selling the same products to the whole market with no attempt to target groups within it |
| Market segment | A sub-group of a whole market in which consumers have a similar characteristics |
| Market segmentation | Identifying different segments within a market and targeting different products or services to them |
| Consumer profil | A quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class |
| Market research | This is the process of collecting, recording and analysing data about the customers, competitors and the market |
| Primary research | The collection of first hand data that is directly related to a firm's needs |
| Secondary research | Collection of data from second hand sources |
| Focus groups | A group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging |
| Qualitative research | The research into the in-depth motivations behind consumer buying the behavior pr opinions |
| Quantitative research | Research that leads to numerical results that can be statistically analysed |
| Sample | The group of people taking part in a market research survey selected to be representative of the overall target market |
| Random sampling | Every member of te target population has an equal chance of being selected |
| Systematic sampling | Every nth item in the market population is selected |
| Stratified sampling | This draws sample froma specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum |
| Quota sampling | When the population has been stratified and the interviewer selects an appropriate number of respondents from each stratum |
| Cluster sampling | Using one or a number of specific groups to draw samples from and not selecting from the whole population, e.g. Using one town or region |
| Open questions | Those that invite a wide ranging or imaginative response- the results will be difficult to collate and represent numerically |
| Closed questions | Questions to which a limited number of pre-set answers is offered |
| Marketing mix | The four key decisions that must be taken in the effective marketing of a product |
| Customer relationship marketing (CRM) | Using marketing activities to establish succesful customer relationships so that existing customer loyalty can be maintained |
| Product | The end result of the production process sold on the market to satisfy a customer need |
| Consumer durable | Manufactured product that can be re-used and is expected to have a reasonably long life |
| Brand | An identifying symbol, name, image or trademark that distinguishes a product from its competitors |
| Product positioning | The consumer perception of a product or service as compared to its competitors |
| Product life cycle | The pattern of sales recorded by a product from launch to withdrawal from the market |
| Extension strategies | These are marketing plans to extend the maturity stage of the product before a brand nee one is needed |
| Price elasticity of demand | Measures the responsiveness of demand following a change in price |
| Mark up pricing | Adding a fixed mark up for profit to the unit price of a product |
| Target pricing | Setting a price that will give required rate of return at a certain level of output/sales |
| Full cost pricing | Setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and ten adding a fized profit margin |
| Contribution cost pricing | Setting prices based on the variable cost of making a product in order to make a contribution towards fixed costs and profit |
| Competition based pricing | A firm will base its price upon the price set by its competitors |
| Penetration pricing | Setting a relatively low price often supported by strong promotion in order to achieve high volume of sales |
| Market skimming | Setting a high price for a new product when they have a unique or a highly differentiated product with low price elasticity of demand |
| Promotion | The use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship, or public relations to inform consumers and persuade them to buy |
| Promotion mix | The combination of promotional techniques that a firm uses to sell a product |
| Advertising | Paid-for communication with consumers to inform and persuade e.g. TV and cinema advertising |
| Above the line promotion | A form of promotion that is undertaken by a business by paying for communication with consumers |
| Sales promotion | Incentives such as special offers or special deals directed at consumers or retailers to achieve short term sales increases and repeat purchases by consumers |
| Below the line promotion | Promotion that is not a directly paid-for means of communication but based on short term incentives to purchase |
| Personal selling | A member of the sales staff communicates with one consumer with the aim of selling the product and establishing a long term relationship between company and consumer |
| Sponsorship | Payment by a company to the organizers of an event so that the name of the company is associated with the event |
| Public relations | The deliberate use of free publicity provided by newspapers, TV and other media to communicate with and achieve understanding by the public |
| Branding | The strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about a product |
| Marketing or promotion budget | The financial amount made available by a business for spending on marketing/promotion during a certain period of time |
| Channel of distribution | This refers to the chain of intermediaries a product passes through from producer to final consumer |
| Internet marketing | The marketing of products over the internet |
| Integrated marketing mix | The key marketing decisions compliment each other and work together to give customers a consistent message about the product |
| Viral marketing | The use of social-networking sites or SMS text messages to increase brand awareness or sell products |
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