Flashcards
Theme 1: section 1.1 : Meeting customer Needs
Flashcards do conjunto (19)
- 1MarketingMarketing can be defined as the department tasked with targeting the right product at the right target market using the the right combination of price, promotion and place.
- 2marketing mixThe plan for getting the right blend of products ,price,promotion and place
(4Ps). - 3Marketing ObjectivesThe targets the marketing department must achieve, such as increasing sales by 15 per cent within 12 months.
- 4Market SegmenationDividing a market up by customers age , gender or income to find areas that are under-served. e.g. bikes for older people.
- 5Marketing StrategyThe medium -to-long-term plan for meeting the marketing objectives , delivered through the marketing mix.
- 6The MarketWhere buyers meet sellers, either face to face or online.
- 7Economies of scaleFactors that cause costs per unit to fall when a firm operates at a higher level of production
- 8Franchisea business that sells the rights to the use of its name and trading methods to local businesses.
- 9Generic Brandsbrands that are so well known that customers say the brand when they mean the product ( e.g. i'll hoover the floor).
- 10Product DifferentiationThe extent to which consumers perceive your brand as being different from others
- 11Market ResearchGathers information about consumers,competitors and distributors within a firms target market. It is a way of identifying consumers buying habits and attitudes to current and future products
- 12BiasA factor that causes research findings to be unrepresentative of the whole population -for example, bubbly interviewers or misleading survey questions.
- 13Primary ReaserchFinding out information first hand - for example, coca-cola designing a questionnaire to obtain information from people who regularly buy diet products.
- 14Secondary ResearchFinding out information that has already been gathered-for example, the government's estimates of the number of the number of 14-16 year olds in wales.
- 15Sample SizeThe number of people interviewed; this should be large enough to give confidence that the findings are representative of the whole population.
- 16Market PositionWhen launching a new product or service, companies need to decide where exactly they want to position the brand in relation to customer perceptions and the positioning of competitors.This is largely done by market mapping.
- 17Market MappingA grid plotting where each exciting brand sits on scales based on two important features of a market ; for example , in the car company : luxury/economy and green/gas guzzling.
- 18Price ElasticityA measurement of the extent to which a products demand changes when its price is changed.
- 19Unique Selling PointA customer benefit that no rival can match, perhaps because it is protected by a strong patent.
Informações
- Descrição
- keywords in section 1.1 -introduction to marketing -the market -market research -market position
- Criado por
- Rue Rus
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- 78
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