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.