front 1 Brand | back 1 A name image or logo which distinguishes a product or service from competitors |
front 2 Brand image | back 2 The general impression that a brand presents to consumers |
front 3 Building customer relationships | back 3 Building strong relationships to ensure customer loyalty |
front 4 Customer loyalty | back 4 Consumers who make repeated purchases of a specific product or brand |
front 5 Market | back 5 Where businesses sell, and consumers buy |
front 6 Market orientated | back 6 Products or services developed in response to market research data |
front 7 Market segmentation | back 7 Splitting a market into smaller parts based on consumer characteristics |
front 8 Market Share | back 8 Revenue of a business as a % of the total market revenue |
front 9 Marketing | back 9 The process a business undertakes to promote the buying or selling of a product or service |
front 10 Mass marketing | back 10 Selling the same product to a whole market |
front 11 Niche marketing | back 11 Developing product for a small market segment |
front 12 Product oriented | back 12 A business decides what to produce, then finds buyers for the product |
front 13 Target Market | back 13 All potential consumers who have an interest in buying a product and the money to do so |
front 14 Cost plus pricing | back 14 Adding a fixed price to the cost of making or buying a product |
front 15 Focus groups | back 15 A small group of potential consumers discuss a product or service led by a market researcher |
front 16 Market research | back 16 Collecting and analysing data about customers, competitors and the market for a product or service |
front 17 Primary research | back 17 First-hand data collected specifically for a business needs |
front 18 Sampling | back 18 Taking a representative sample from the target market to complete market research |
front 19 Secondary research | back 19 Collection of data from second hand resources |
front 20 Advertising | back 20 Influencing the buying behaviour of consumers with a persuasive selling message about products |
front 21 Competitive pricing | back 21 Setting a price close to competitors’ products in the same market |
front 22 Distribution channels | back 22 The path a product takes from producer to consumer |
front 23 E-commerce | back 23 Selling products and services over the internet |
front 24 Extension strategies | back 24 Strategies to lengthen the maturity stage of a product |
front 25 Marketing Mix | back 25 Four marketing decisions required for the successful marketing of a product or service (4p’s or 4c’s) |
front 26 Packaging | back 26 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 |
front 27 Penetration pricing | back 27 Setting a low price to attract consumers to buy a new product |
front 28 Personal Selling | back 28 Salesperson aims to convince the customer in buy a product |
front 29 Price elasticity | back 29 How much demand is affected by a change in price |
front 30 Price skimming | back 30 Setting a high price for a new unique product which has no direct competitor in the market |
front 31 Product development | back 31 The creation of products with new or different characteristics that offer new or additional benefits to the customer |
front 32 Product life cycle | back 32 Pattern of sales from introduction to withdrawl from the market |
front 33 Promotional pricing | back 33 Reducing the price of a product or services in short-term to attract more customers & increase the sales volume |
front 34 Sales Promotion | back 34 Incentives used to encourage short-term increases in sales or repeat purchases |
front 35 Social media marketing | back 35 Using social media websites and social networks to market a company’s products and services |
front 36 Sponsorship | back 36 A business pays to have its name linked to an event or sporting team |
front 37 Licensing | back 37 An agreement in which one company gives another company permission to manufacture its product for a payment |
front 38 Marketing Strategy | back 38 Plan to achieve marketing targets with set resources |