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