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Description
Flashcards by Ayomide Sola-Ayodele, updated more than 1 year ago
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Created by Ayomide Sola-Ayodele
about 10 years ago
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| Question | Answer |
| Market | Refers to all people and organizations involved in the buying and selling of a product |
| Marketing | Identifying consumers' requirements and identifying how to supply those requirements at a profit |
| Product Development | Is the process if creating a new product or altering an existing one |
| Target Market | The group of consumers identified as being the most likely to buy a particular product. |
| Market segmentation | Subdividing the market for a product into specific groups if people who share common characteristics e.g young people, old people |
| Market Research | The collection and analysis of information about a product and the market for that product |
| Desk Research | Using information that has already been collected |
| Field Research | Gathering new information through research |
| Advertising | The communication of information about a product or service to people in general or to a particular group of people that tries to persuade them to buy a product or service. |
| Persuasive advertising | Advertising that attempts to convince people that they need the product |
| Informative advertising | Advertising that gives useful information to the general public |
| Competitive Advertising | Used to convince people that the firm's product is better than that of their competitors. |
| Point-of-sale advertising | Advertising material in the shop (place) where the product is sold |
| Merchandising | A very prominent (important) display of a product at the point of sale. |
| Branding | Applying a specific name or logo to a company's products to distinguish them from similar products made by other manufacturers. |
| Public Relations (PR) | Involves establishing and maintaining a good company image in the mind of the public |
| After-Sales Service | The support offered by manufacturers, distributors, and retailers to consumers after they have purchased a product |
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