Unit 3 Key Terms Business A-Level

Market Growth

% increase in sales (vol/val) for a specific b/product over a period of time

Market Size

The total volume of a given market

Market Capatalisation

The value of outstanding shares in a plc

Market Development

Strategies aimed at expanding the potential market through new users

Market Mapping

A technique that analyses markets by looking at the features that distinguish different product or firms

The Marketing Mix

The set of marketing tools that the b uses to pursue it market objectives. Process, physical environment, people, place, promotion, price, product

Marketing Orientation

An approach that focus on reacting to customer needs and wants

Market Conditions

Relative to the attractiveness of the overall market in which a b operates

Mass Market

The largest group of customers with specific needs and work in an industry

Marketing Plan

The actions that management intend to take via the marketing mix in order to achieve marketing objectives

Methods of Analysing the Market

Correlations - Moving averages - Extrapolation. (trend analysis)

Price Sensitivity

Effect on the customer or brand loyalty

Growth Rate

The percentage growth over a particular period. Market growth rates are typically quoted in terms of percentage growth per year

Demographic

Defining a market in terms of socio-economics such as segmentation age etc

Electronic Market

A market in which buyers and sellers are brought together using digital means of communication

Product Positioning

The way in which the marketing function tries to create an image or identity in the minds of the target market

Sales Forecasting

Techniques for estimating the likely demand (revenue and volume) for a product in future periods

Repositioning

Changing the marketing mix for a product to appeal to a different market segment

E-Commerce

Digitally enable commercial transactions between and among organisations and individuals

Test Marketing

Launching a new product or service in a limited part of the target market in order to gauge the viability of the product and assess the most appropriate marketing mix

Outstanding Shares

Shown on a company's balance sheet under the heading "Capital Stock

Undifferentiated Approach

Product aimed at everyone with same marketing strategy

Concentrated Approach

Product aimed at a specific target group of consumers and marketing strategy

Differented Marketed Approach

Each market segmented or segment will be targeted in the most appropriate way by individual marketing strategy

Market Targeting

Is the process of deciding the groups of customers to whom a company will attempt to sell their products

Consumer Products

Goods and services that are used to satisfy the wants and needs of the final user

Convenience Products

Frequently bought products, whose purchasing decisions require little thought