front 1 Market concentration ratio | back 1 It is an indicator of the degree of competition in an industry by calculating the sum of the market share held by the largest specified number of firms in the industry. |
front 2 Ethical code of practice | back 2 It refers to guidelines that help businesses to act in a moral way by considering what society accepts as ethically right or wrong. |
front 3 Market concentration | back 3 It measures the degree of competitiveness that exists within a market by calculating the market share of the largest few firms in the industry. |
front 4 Market growth | back 4 It refers to the rate at which the size of a market is increasing, typically expressed as the percentage increase in the market size of an industry per year. |
front 5 Market leadership | back 5 It is the position of a business which has the largest market share in a given market for a particular good or services. |
front 6 Market orientation | back 6 It is a marketing approach adopted by businesses that are outward looking by focusing on making products that they can sell, rather than selling products they can make. |
front 7 Market share | back 7 It measures an organization's portion of the total value of sales revenue in a specific industry. |
front 8 Market size | back 8 It refers to the magnitude of an industry, usually measured in terms of the value of sales revenue from all the businesses in a particular market, per time period. |
front 9 Marketing | back 9 It is the management process of predicting, identifying and meeting the needs and wants of customers, usually in profitable ways. |
front 10 Marketing objectives | back 10 They are the specific marketing goals of an organization, such as increased sales revenue, greater market share and market leadership. |
front 11 Marketing strategies | back 11 They are the medium- to long-term plan to achieve an organization's marketing objectives. |
front 12 Needs | back 12 They are the essential necessities that all humans must have to survive, such as food, shelter, warmth and water. |
front 13 Product orientation | back 13 It is a marketing approach used by businesses that are inward looking as they focus on selling products that they can make, rather than making products that they can sell. |
front 14 Wants | back 14 They are human desires, i.e. things that people would like to have. Irrespective of personal income or wealth, humans have infinite wants. |
front 15 Consumer profiles | back 15 They are the demographic and psychographic characteristics of consumers in different markets, such as their age, gender, occupation or income level. |
front 16 Differentiation | back 16 It is the art of distinguishing a business or its products from rivals in the industry. It tries to create the perception among customers that the organization's product is different (unique or special) compared to substitute products in the market. |
front 17 Market segmentation | back 17 It is the process of categorizing customers into distinct groups with similar characteristics (such as age or gender) and similar wants or needs. |
front 18 Marketing audit | back 18 It is a review of the current position of an organization's marketing mix, in terms of its strengths and weaknesses and consideration of opportunities and threats. |
front 19 Marketing objectives | back 19 They are the targets that the marketing department wishes to achieve, such as sales growth or increased market share. |
front 20 Marketing plan | back 20 It is a document outlining an organization's marketing objectives and the marketing strategies to be used to achieve these objectives. |
front 21 Marketing planning | back 21 It is a systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals. |
front 22 Market segment | back 22 It refers to a distinct group of customers with similar characteristics (such as age or gender) and similar wants or needs. |
front 23 Marketing strategies | back 23 They are the various long-term actions taken by a business to achieve its marketing goals. |
front 24 Mass marketing | back 24 It refers to undifferentiated marketing. This marketing strategy ignores targeting individual market segments. |
front 25 Niche marketing | back 25 It targets a specific and well-defined market segment, such as high-end speciality goods. |
front 26 Product position map (or perception map) | back 26 It is a visual tool that reveals customer perceptions of a product or brand in relation to others in the market, often by comparing perceptions about price and quality. |
front 27 Product Repositioning | back 27 It is a marketing strategy that involves changing the market's perception of a firm's product or brand in comparison to rival businesses. |
front 28 Market Segmentation | back 28 It is the process of categorising customers into distinct groups of people with similar characteristics and buying habits for market research and targeting purposes. Segmentation can be done by using demographic, geographic and psychographic factors. |
front 29 Target market | back 29 It refers to a clearly identifiable group of customers that marketers choose to focus their efforts on, such as children, adults, men or women for a particular product. |
front 30 Targeting | back 30 It refers to each distinctive market segment having its own specific marketing mix, depending on whether the business operates in niche or mass markets. |
front 31 Unique selling point (or unique selling proposition) | back 31 It refers to any aspect of a good or service that makes it stand out (in a positive way) from those offered by competitors. |
front 32 Academic journals | back 32 They are periodical publications from educational and research institutions that publish data and information relating to a particular academic discipline. |
front 33 Ad-hoc market research | back 33 It is a market research conducted as and when required in order to deal with a specific problem or issue. |
front 34 Continuous market research | back 34 It is a market research conducted on an ongoing basis, rather than a one-off (ad-hoc) basis. |
front 35 Convenience sampling | back 35 It uses research participants who are easy (convenient) to reach. It relies on the ease of reach because of the convenient availability of volunteers. |
front 36 Focus groups | back 36 It involves forming small discussion groups to gain insight into the attitudes and behaviour of respondents. The group is typically made up of participants who share a similar customer profile. |
front 37 Government publications | back 37 They are a type of secondary market research, referring to official documents and publications. released by government entities and agencies. |
front 38 Interviews | back 38 They are a type of primary research that involve discussions between an interviewer and interviewees to investigate their personal circumstances, preferences and opinions. |
front 39 Market analysis | back 39 It is a form of secondary market research that reveals the characteristics, trends and outlook for a particular product or industry, such as market size, market share and market growth rate. |
front 40 Market research | back 40 It refers to marketing activities designed to discover the opinions, beliefs and preferences of potential and existing customers. |
front 41 Media articles | back 41 They are a type of secondary market research referring to the documents (articles) in print or online media. They are written by skilled journalists and authors. |
front 42 Observations | back 42 They are a method of primary research that involves watching how people behave or respond in different situations. |
front 43 Online secondary market research | back 43 It refers to sources available on the Internet for research purposes. These include media articles, government publications, academic journals and market analyses available on the Internet. |
front 44 Population | back 44 In marketing terms, it refers to all potential customers of a particular market. |
front 45 Primary market research | back 45 It involves gathering new data for a specific purpose, using methods such as surveys, interviews, focus groups and observations. |
front 46 Qualitative market research | back 46 It involves getting non-numerical responses from research participants in order to understand their behaviour, attitudes and opinions. |
front 47 Quantitative market research | back 47 It is about collecting and using factual and measurable information rather than people's perceptions and opinions. |
front 48 Quota sampling | back 48 It involves using a certain number of people (known as the quota) from different market segments for primary market research purposes. |
front 49 Random sampling | back 49 It gives everyone in the population an equal chance of being selected for the sample. Respondents of a research are selected randomly without any specific quota. |
front 50 Sample | back 50 It is a selected group or proportion of the population used for primary market research purposes. |
front 51 Sampling | back 51 It is a primary research technique that selects a sample of the population from a particular market for research purposes. |
front 52 Sampling errors | back 52 They are caused by mistakes made in the sample design, such as an unrepresentative sample being used or the sample size being too small. |
front 53 Secondary market research | back 53 It involves the collection of second-hand data and information that already exists, previously gathered by others, such as media articles and government publications. |
front 54 Survey | back 54 It is a document that contains a series of questions used to collect data for a specific purpose. Surveys are the most common method of primary research. |
front 55 Brand | back 55 It refers to a name that is identifiable with a product of a particular business. |
front 56 Brand awareness | back 56 It measures the extent to which people recognize a particular brand. |
front 57 Brand development | back 57 It refers to the ongoing and long-term marketing process of improving and enlarging the brand name in order to boost sales revenue and market share. |
front 58 Brand loyalty | back 58 It occurs when customers buy the same brand of a product repeatedly over time. |
front 59 Brand switching | back 59 It occurs when consumers turn to alternative brands mainly because the original brand has lost some of its former appeal. |
front 60 Brand value | back 60 It refers to the premium that customers are willing to pay for a brand name over and above the value of the product itself. |
front 61 Branding | back 61 It refers to the practice of using an exclusive name, symbol or design to identify a specific product or organization. |
front 62 Consumer goods | back 62 They are products bought for personal consumption, such as furniture, computers and fresh flowers. |
front 63 Customer loyalty schemes | back 63 They are a form of sales promotion used to entice customers to stick to the brand by rewarding devoted customers. |
front 64 Extension strategies | back 64 They are attempts by marketers to lengthen the life cycle of a particular product, typically used during the maturity or early decline stages of the product's life cycle. |
front 65 Genericised brands | back 65 The brands that are so popular that they become synonymous with the name of the product itself. E.g. In many countries, The word “Pampers” is used for “diapers” even though Pampers is just one of the earliest brands for Diapers. |
front 66 Global brands | back 66 These are highly popular products sold with exactly the same (or very similar) marketing strategies in overseas markets, using the same brand name in different countries. |
front 67 Innovators (Type of Customers) | back 67 These are consumers who strive to be the first to own a certain product, usually due to prestige or loyalty to a particular brand or product. |
front 68 Intangible products | back 68 These are non-physical services, such as haircuts, bus rides and visits to the cinema. |
front 69 Logos | back 69 These are a form of branding that uses a visual symbol to represent a business, its brands or its products. |
front 70 Marketing myopia | back 70 It exists when a business becomes complacent about its product strategy, thereby failing to keep up with market changes. |
front 71 Multi-brand strategy | back 71 It involves a business developing two or more brands in the same product category |
front 72 Producer goods | back 72 These are products purchased for commercial (business) use, rather than for private consumption. |
front 73 Product | back 73 It refers to any physical or non-physical item (good or service) that is purchased by commercial or private customers. |
front 74 Product cannibalization | back 74 It occurs when brands from the same business directly compete with each other. |
front 75 Product differentiation | back 75 It refers to any strategy used to make a product appear to be distinct from others, such as quality, branding and packaging. |
front 76 Product life cycle | back 76 It refers to the typical process that products go through from their initial design and launch to their eventual decline and withdrawal at varying speeds. |
front 77 Product portfolio | back 77 It refers to the collection of products owned by an organization at any one point in time. |
front 78 Prototype | back 78 It is a trial product, produced to assess the potential success of the product. |
front 79 Slogans | back 79 These are catchphrases used to represent the essence of a business or its products in a memorable way. |
front 80 Tangible products | back 80 These are physical goods, such as cars, computers and smartphones. |
front 81 Test marketing | back 81 It is the testing of a new product with a sample of customers, perhaps in a limited geographical area, to determine the reactions of customers and to gather valuable feedback before a full launch. |
front 82 Trademark | back 82 It is a logo or name of a brand. This gives legal protection to the owner to have exclusive use of the brand name. |
front 83 Competitive pricing | back 83 It is the practice of a business setting the price of its goods or services at the same or similar level to that of its competitors. |
front 84 Contribution pricing | back 84 It is the practice of setting the selling price of a product higher than the direct costs of production per unit in order to ensure there is a positive contribution made towards payment of indirect costs. |
front 85 Cost-plus pricing (or mark-up pricing) | back 85 It involves adding a percentage or specific amount of profit to the cost per unit of output in order to determine the selling price. |
front 86 Dynamic pricing | back 86 It is the practice of varying the price of a good or service to reflect changing market demand, such as during different times of the day or year. |
front 87 Loss leader pricing | back 87 It involves setting the price of a good or service below its costs of production. The purpose is to entice customers to buy other products with high profit margins in addition to purchasing the loss leader product. |
front 88 Mark-up | back 88 It refers to the extra amount charged by a business on top of its unit costs of production in order to earn a positive profit margin. The mark-up can be expressed as an absolute amount (e.g. $10 per unit) or as a percentage of the cost (e.g. 75% per unit). |
front 89 Penetration pricing | back 89 It involves setting low prices in order to gain entry into a new market. Once the product or brand has established market share, prices can be raised. |
front 90 Predatory pricing | back 90 It involves temporarily setting prices so low that competitors, especially smaller businesses, cannot compete at a profitable level. |
front 91 Premium pricing | back 91 It is when the price of a good or service is set significantly higher than similar competing products, usually because the product is of higher quality or is sufficiently unique to justify the premium price. |
front 92 Price | back 92 It refers to the value of a good or service. It is the amount paid by a customer to purchase the product. |
front 93 Price elasticity of demand (PED) | back 93 It measures the degree of responsiveness of demand for a product due to a change in the price of that product. |
front 94 Price wars | back 94 It involves businesses competing by a series of continuous and/or intensive price cuts to threaten the competitiveness of rival firms in the market. |
front 95 Pricing methods | back 95 They are the various methods of setting the amount that customers pay for certain goods and services. |
front 96 Above the line (ATL) promotion | back 96 It is any form of paid-for promotion through the mass media (such as television and radio) to reach a broad audience. |
front 97 Advertising | back 97 It is a method of informative and/or persuasive promotion that is usually paid for. The aim of commercial advertising is to raise the level of demand for a firm's products. |
front 98 Advertising clutter | back 98 It refers to the huge volume of advertisements that the public is bombarded with. |
front 99 Below the line (BTL) promotion | back 99 It is a type of promotion that does not use paid-for mass media sources. Examples include the use of free samples (e.g. toiletries, food and drinks), discount vouchers (to entice customers to buy the product) and added-value promotions (e.g. special introductory deals). |
front 100 Customer loyalty schemes | back 100 These are reward systems used to encourage customers to make repurchases, such as the use of price discounts or free gifts for members. |
front 101 Direct mail | back 101 It is the use of postal correspondence for promoting an organization's goods and/or services. |
front 102 Direct marketing | back 102 It refers to promotional activities that aim to sell a product straight to a customer rather than using an intermediary. |
front 103 Impulse buying | back 103 It refers to unplanned or unintentional purchases due to the lure of eye-catching point of sales promotions. |
front 104 Informative promotion | back 104 It aims to alert the market about a firm's products, especially new or updated goods and services. |
front 105 Packaging | back 105 It is the art of presenting products in an advantageous way in order to improve sales. |
front 106 Personal selling | back 106 It refers to promotional techniques that rely on sales representatives directly helping and persuading customers to buy, usually on a face-to-face basis. |
front 107 Persuasive promotion | back 107 It aims to convince or encourage customers to make a purchase, to switch from rival products, and to enhance brand loyalty. |
front 108 Point of sale Promotion | back 108 It is the promotion of goods in retail stores at the place where customers can purchase the goods, such as promotional displays at supermarket counters. |
front 109 Promotion | back 109 It is a component of the marketing mix. It refers to the methods used to inform, persuade, and/or remind people about a firm's products and brands. |
front 110 Public relations (PR) | back 110 It refers to marketing activities aimed at establishing and protecting the desired image of an organization. It is about getting positive media coverage, usually without directly paying for it. |
front 111 Reminder promotion | back 111 It refers to techniques used to retain customer awareness of, and interest, in an established product. |
front 112 Sales promotions | back 112 They are short-term incentives designed to stimulate interest in a product, such as the use of discount coupons, and prize draws. |
front 113 Social media marketing (SMM) | back 113 It refers to the marketing practice of gaining Internet traffic through social media platforms such as Facebook, Twitter, YouTube and Google. |
front 114 Social networking | back 114 It refers to any online platform used to build social relationships between people, often because they share things in common. These are ideal sources for social media marketing |
front 115 Sponsorship | back 115 It is a promotional technique that involves funding, supporting or donating resources for an event or business venture in return for prominent publicity. |
front 116 Telemarketing | back 116 It is a form of direct marketing that involves marketers making telephone calls to existing and potential customers as a form of promotional strategy. |
front 117 Through the line (TTL) promotion | back 117 It refers to promotional strategies that involve both above and below the line methods, enabling customers to engage with the product or brand in multiple ways. |
front 118 Trade shows | back 118 They are promotional events where firms exhibit and showcase their products for sale to potential customers in a specific popular place for a limited amount of time. |
front 119 Word-of-mouth (WOM) promotion | back 119 It refers to the spreading of promotional information from one person to another through verbal communications. |
front 120 Channels of distribution | back 120 They are the ways that a product gets from the manufacturer to the consumer, such as wholesalers, agents, retailers, e-commerce or vending machines. |
front 121 Intermediaries | back 121 They are agents or other businesses (distributors) that act as a middle person in the distribution channel. Any firm or person helping to pass the product from the manufacturer to the final consumers. E.g. Retailer, Wholesalers. |
front 122 Intermediation | back 122 It is the process of using intermediaries in the distribution channel between the manufacturer and consumers of a product. |
front 123 Mail order | back 123 It is a speciality channel of distribution that enables customers to order products via the postal system. Not used anymore due to e-commerce as everyone buys goods online rather than usual mail orders. |
front 124 Multi-channel distribution strategy | back 124 It refers to the use of a range of channels to distribute a firm's products. |
front 125 One-level distribution channel | back 125 It is a distribution channel where a firm (manufacturer) uses only one intermediary, such as retailers, agents or distributors to sell its products to consumers. |
front 126 Place (or distribution) | back 126 It refers to the distribution of products, Le., how products get from the producer to the consumer. It is the process of getting the right products to the right customers at the right time and place in the most cost-effective way |
front 127 Retailers | back 127 They are the sellers of products to consumers in outlets (or 'shops'). |
front 128 Speciality channels of distribution | back 128 It refers to any indirect way to distribute products that does not involve retailers, such as e-commerce, vending machines and mail order. |
front 129 Two-level distribution channel | back 129 It uses two intermediaries, such as the use of wholesalers and retailers to get products from manufacturers to consumers. |
front 130 Wholesalers | back 130 They are businesses that buy large quantities of a product from a manufacturer and then 'break' the bulk into smaller units for resale, mainly to retailers. |
front 131 Zero-level distribution channel (also known as direct distribution) | back 131 It leaves out any intermediaries, i.e. The producer (Manufacturer) sells directly to the consumer without using any wholesaler or retailer. Consumers usually buy from the manufacturer’s website directly. |
front 132 Goods | back 132 These are physical or tangible products, such as smartphones, toys, books and clothes. |
front 133 People (in Business) | back 133 They are the employees who interact with customers, thereby delivering the service to customers. |
front 134 Service | back 134 It is an intangible product supplied by a business, such as bus rides, library facilities, theatre shows, insurance policies and haircuts. |
front 135 The Seven Ps model | back 135 It refers to the marketing of services which includes three additional Ps (people, processes, and physical evidence) in addition to the traditional 4 Ps in the marketing mix (product, price, promotion, and place). |
front 136 After-sales care | back 136 These are services that are offered following the sale of the product, such as free installation, maintenance services, technical support and warranties. |
front 137 Customer care | back 137 It refers to the degree of attentiveness, care and politeness of staff towards their customers in the delivery of a good or service. |
front 138 Delivery processes (or delivery services) | back 138 It refers to the means of transporting goods from a source location to a customer in another location, such as their home or place of work. |
front 139 Payment methods | back 139 They are the ways in which businesses offer their customers the convenience of different methods of payment for the purchase of goods and services, including cash, cheque, bank transfer and/or credit card. |
front 140 Processes | back 140 They are the ways in which a service is provided or delivered, including payment systems, queuing times, after- sales care and delivery services. |
front 141 Viral marketing | back 141 It refers to organic or word-of-mouth marketing information about a good or service, which spreads exponentially using Internet and telecommunications technologies. |
front 142 Waiting time | back 142 It refers to the average length of time it takes for customers to be served. |
front 143 Packaging | back 143 It is a form of physical evidence, and it is the art of presenting products in an advantageous way in order to improve sales. |
front 144 Physical evidence | back 144 It refers to the tangible aspects of a service, such as a luxury hotel with its nice décor, spas, gyms, and swimming pools. |