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Mass Market

A market where a product targets all customers, e.g., bread or milk.

Niche Market

A market where a product targets specific customers, e.g., sports cars.

Unique Selling Point (USP)

A special feature of a product or service used to attract customers and differentiate from competitors.

Segmentation

Targeting specific customer groups based on factors like age, gender, income, etc.

Target Market

Identifying the customer base to know where to advertise products or services.

Competitive Pricing

Offering better prices than rivals to attract customers, e.g., exclusive offers.

Competitive Quality

Providing better quality than rivals to attract customers, potentially increasing prices.

Competitive Range of Products

Offering a wider product range to attract diverse customers.

Competitive Environment

The location's impact on attracting customers, e.g., accessibility.

Demand

Refers to how many products a business sells, influenced by trends.

Primary Market Research

Obtaining information directly from customers through methods like questionnaires or interviews.

Secondary Market Research

Using existing research like government reports or news articles for information.

Quantitative Data

Provides exact answers using numbers, e.g., government statistics.

Qualitative Data

Offers opinions and varied responses, e.g., focus groups or interviews.

Market Orientation

Producing goods based on customer needs, focusing on market research.

Product Orientation

Producing goods based on what the business is good at making, with less customer engagement.

Equilibrium Price

The price where supply and demand are equal, ensuring all units are sold and bought.

Factors Affecting Supply

Include production costs, weather, and taxation influencing the amount of product available.

Factors Affecting Demand

Include income, price of substitutes, advertising, and legislation influencing customer interest.

Pricing Strategies

Include Dynamic, Cost Plus, Skimming, and Penetration strategies with respective advantages and disadvantages.

Loss leader

Making a loss to attract customers to purchase a product, then raising prices.

Competitive pricing

Setting a similar price to competitors to attract new customers.

Promotional pricing

Temporarily reducing prices to increase product interest.

Marketing mix place

Where products are sold, including wholesalers, retailers, and direct to customers.

Intermediary

Entity acting as the middleman between two parties in a financial transaction.

Bulk

Buying more quantity at a lower price.

E-commerce

Selling products online, with advantages like low-cost selling and disadvantages like product quality concerns.

Brick and mortar business

Physical shop with advantages like reaching global customers and disadvantages like missing out on some sales.

Promotion

Methods like advertising, sales promotion, and direct marketing to inform customers about products.

Promotional objectives

Aims of using promotional methods, such as increasing sales or developing brand recognition.

Boston Matrix

Tool for analyzing a product portfolio to help businesses make strategic decisions.

Branding

Building reputation and recognition, creating loyalty, and influencing customer purchasing decisions.