marketing busman ibdp

market orientation

a business approach that focuses on meeting customer needs through market research

product orientation

a business approach that focuses on producing high-quality products rather than customer needs

market share

a business’s sales as a percentage of total market sales

market growth

the increase in total demand or sales in a market over time

market leader

the business with the largest market share

marketing plan

a detailed plan outlining marketing objectives and strategies

segmentation

dividing a market into distinct groups of consumers with similar needs

targeting

selecting specific market segments to focus marketing efforts on

positioning

creating a clear and distinct image of a product in consumers’ minds

niche market

a small and specialized segment of a market

mass market

a large market with standardized products aimed at many consumers

unique selling point

a feature that differentiates a product from competitors

market research

the process of collecting and analysing data about customers and markets

primary research

original data collected directly from customers

secondary research

data collected from existing sources

qualitative research

research using non-numerical data to understand opinions and motivations

quantitative research

research using numerical data that can be statistically analysed

sampling

selecting a small group of people to represent a larger population

product

a good or service offered to satisfy customer needs

product life cycle

the stages a product goes through from introduction to decline

brand

a name

brand awareness

the extent to which customers recognize a brand

brand loyalty

customers’ commitment to repeatedly buy a brand

brand development

strategies to strengthen or expand a brand

brand value

the financial worth of a brand

cost plus pricing

setting price by adding a mark-up to the cost of production

price

the amount charged for a product

penetration pricing

setting a low initial price to gain market share

loss leader

a product sold at a loss to attract customers

premium pricing

setting a high price to reflect exclusivity or quality

predatory pricing

setting prices very low to eliminate competitors

dynamic pricing

prices that change according to demand or market conditions

competitive pricing

setting prices based on competitors’ prices

contribution pricing

setting prices based on contribution to fixed costs and profit

promotion

activities used to communicate with and persuade customers

above the line promotion

mass media promotion such as TV or newspapers

below the line promotion

targeted promotion such as sales promotions or direct marketing

through the line promotion

promotion combining mass and targeted marketing

digital marketing

promotion using online platforms and digital technologies

unique selling point (USP)

a distinctive feature that makes a product stand out

place

how and where a product is distributed to customers

wholesaler

a business that buys in bulk from producers and sells to retailers

retailer

a business that sells directly to consumers

agent

an intermediary that sells products on behalf of a producer

people

employees involved in delivering a service

process

the systems and procedures used to deliver a service

physical evidence

tangible elements that help customers evaluate a service

price elasticity of demand

the responsiveness of quantity demanded to a change in price

merchandising

promoting products at the point of sale

guerrilla marketing

low-cost unconventional promotional techniques

social media

online platforms used for communication