Advertising
influencing the buying behavior of consumers with a persuasive selling message about products and/or services.
Brand
A name image or logo which distinguishes a product or serivce from competitors
Brand image
The the general impression that a brand presents to consumers
Building customer relationships
Building strong relationships to ensure customer loyalty
Competitive pricing
Setting a price close to competitors products in the same market
Cost plus pricing
Adding a fixed price to the cost of making or buying a product
Customer loyalty
Consumers who make repeated purchases of a specific product or brand
Distribution channels
The path a product takes from producer to consumer
E-commerce
Selling products and services over the internet
Extension strategies
Strategies to lengthen the maturity stage of a product
Licensing
An agreement in which one company gives another company permission to manufacture its product for a payment.
Market
All potential consumers who have an interest in buying a product and the money to do so
Market orientated
Products or services developed in reponse to market research data
Market segmentation
Splitting a market into smaller parts based on consumer characteristics
Marketing Mix
Four marketing decisions required for the successful marketing of a product or service (4p's or 4c's)
Market research
Collecting and analysing data about customers, competitors and the market for a product or service
Market Share
Revenue of a business as a % of the total market revenue
Marketing Strategy
Plan to achieve marketing targets with set resources
Mass marketing
Selling the same product to a whole market
Niche marketing
Developing product for a small market segment
Packaging
The wrapping material around a consumer item that serves to contain, identify, describe, protect, display, promote and otherwise make the product marketable and keep it clean.
Penetration pricing
Setting a low price to attract consumers to buy a new product
Price elasticity
How much demand is impacted by a change in price
Price skimming
Setting a high price for a new unique product which has no direct competitor in the market
Product development
The creation of products with new or different characteristics that offer new or additional benefits to the customer.
Product life cycle
Pattern of sales from introduction to withdrawl from the market
Product oriented
A business decides what to produce then finds buyers for the product
Promotional pricing
reducing the price of a product or services in short term to attract more customers & increase the sales volume
Sales Promotion
incentives used to encourage short term increases in sales or repeat purchases
Sampling
Taking a representative sample from the target market to complete market research
Secondary research
Collection of data from second hand resources
Social media marketing
is the use of social media websites and social networks to market a company's products and services.
Primary research
First hand data collected specifically for a business needs
4c's
Consumer wants and needs, Cost, Convenience, and Communication
Random Sampling
member of the sample has an equal probability of being chosen
Stratified sampling
sample from grounps based on members' shared characteristics such as income or educational attainment.
Focus groups
a group of people gathered to discuss heir opinions and preferences about a product
Surveys
asking consumers or potential consumers for their opinions and preferences about a product
Market Growth
Market growth is the increase or decrease in the size of a market for a product or service over time.
Supply
the total amount of a specific good or service that is available to consumers.
Demand
consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
Marketing Objectives
Marketing objectives are goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame
Product Differentiation
is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.
Unique Selling Point (USP)
A unique selling proposition (USP, also seen as unique selling point) is a factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind
Above the line promotion
he use of promotional methods that cannot be directly controlled by the company selling the goods or service, such as television or press advertising
Below the line promotion
Below-the-line promotion is the use of promotional methods that can be controlled by the company selling the goods or service, such as in-store offers and direct selling.
Dynamic pricing
changing the price for a product or service to reflect changing market conditions, in particular the charging of a higher price at a time of greater demand.
Viral marketing
consumers are encouraged to share information about a company's goods or services via the Internet.
E-commerce
commercial transactions conducted electronically on the Internet.