Year 10 Business Notes - Marketing

Vocabulary flashcards based on the provided lecture notes.

Market

Exists when buyers and sellers communicate and exchange goods for money.

Marketing

A process of identifying, participating and satisfying consumer needs profitably.

Consumer Goods Market

Where products such as food, cosmetics and magazines are sold.

Markets for Services

These are varied and could include for individuals such as banking, cleaning and insurance.

Housing Market

Where people buy and sell properties.

Commodity Market

Where raw materials such as oil, copper, wheat and coffee are sold.

Market Research

Gather, process and present data about customer need, market changes and impact of competitors actions.

Product Development and Planning

Deciding which products should be produced and marketed.

Pricing

Deciding what prices should be charged for the range of products sold by the business.

Sales Promotion

Develop interesting and effective methods of promotion.

Advertising

Creating innovative and effective adverts and organizing the advertising of products.

Packaging

Plays a key role in the design of packaging.

Distribution

Organizing transportation and securing contracts with retailers and wholesalers.

Market Segmentation

Dividing markets into different sections or segments, with each segment being made up of consumers with similar needs.

Location (Geographical) Segmentation

Grouping customers according to where they live.

Lifestyle (Psychographic) Segmentation

Grouping customers according to habits, interests, hobbies, political affiliations, and attitudes.

Demographic Segmentation

Dividing the market according to age, gender, income, social class, ethnicity, and religion.

Mass Market

A market for goods produced on a large scale for consumers.

Niche Market

A small market segment, which may have sometimes gone untouched by larger businesses.

Product Orientation

Where the business focuses on the design and the manufacture of the product itself rather than the needs of the customers.