Brand
A name image or logo which distinguishes a product or service from competitors
Brand image
The general impression that a brand presents to consumers
Building customer relationships
Building strong relationships to ensure customer loyalty
Customer loyalty
Consumers who make repeated purchases of a specific product or brand
Market
Where businesses sell, and consumers buy
Market orientated
Products or services developed in response to market research data
Market segmentation
Splitting a market into smaller parts based on consumer characteristics
Market Share
Revenue of a business as a % of the total market revenue
Marketing
The process a business undertakes to promote the buying or selling of a product or service
Mass marketing
Selling the same product to a whole market
Niche marketing
Developing product for a small market segment
Product oriented
A business decides what to produce, then finds buyers for the product
Target Market
All potential consumers who have an interest in buying a product and the money to do so
Cost plus pricing
Adding a fixed price to the cost of making or buying a product
Focus groups
A small group of potential consumers discuss a product or service led by a market researcher
Market research
Collecting and analysing data about customers, competitors and the market for a product or service
Primary research
First-hand data collected specifically for a business needs
Sampling
Taking a representative sample from the target market to complete market research
Secondary research
Collection of data from second hand resources
Advertising
Influencing the buying behaviour of consumers with a persuasive selling message about products
Competitive pricing
Setting a price close to competitors’ products in the same market
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
Marketing Mix
Four marketing decisions required for the successful marketing of a product or service (4p’s or 4c’s)
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
Personal Selling
Salesperson aims to convince the customer in buy a product
Price elasticity
How much demand is affected 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
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
Social media marketing
Using social media websites and social networks to market a company’s products and services
Sponsorship
A business pays to have its name linked to an event or sporting team
Licensing
An agreement in which one company gives another company permission to manufacture its product for a payment
Marketing Strategy
Plan to achieve marketing targets with set resources