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Unit 1 and 3 marketing notes

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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 collected by yourself.
Secondary Data Data that has been collected by somebody else.
Quantitative Data Data that is numbers and can be statistically analysed.
Qualitative Data Data about opinions, judgements and attitudes.
Survey Research involving asking questions of people or organisations.
Respondents Those who provide the data for a survey, usually by answering the questions.
Market Segment Part of a market that contains a group of buyers with similar buying habits.
A Market A place where buyers and sellers come together to exchange goods and services.
Sample A small group of the total population which is selected to take part in a survey.
Questionnaires A list of questions to be answered by respondents, designed to give information about consumers' tastes.
Types of primary research Surveys, focus groups, questionnaires, interviews.
Types of secondary research. Internet, books, previous surveys and questionnaires.
Product Trial Where a consumer buy a good for the first time and assess whether or not they want to buy it again.
Public Relations Promotions of a positive image about products or business through giving information about the product to the general public, other businesses or to the press.
Viral Marketing Getting individuals to spread a message about a product through their social networks like Facebook.
Penetration Pricing Setting an initial low price for a new product so it appeals to customers. The price is likely to rise later.
Trade Buyers Buyers of goods which then sell those goods onto consumers or other buyers e.g. supermarkets.
Wholesalers Businesses which buy in bulk from a manufacturer or other supplier and then sell the stock in smaller quantities to retailers.
Retailers Businesses that specialise in selling goods in small quantities to customers.
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