Studied by 0 people
Looks like no one added any tags here yet for you.
Market
Where buyers and sellers meet at an agreed price, can be physical or virtual.
Niche Market
A market with special characteristics.
Market Segmentation
Segregating products by characteristics like price, age, gender, or income.
Advantages of a Mass Market
Products for a large audience, high sales revenue, lower production costs.
Disadvantages of a Niche Market
Less room for expansion, vulnerability to economic downturns.
Market Size Measurement
By the amount of revenue a business earns.
Tariff
A tax imposed by one country on imports to influence another.
Dynamic Market
A market that is constantly changing, adapting to market change or switching to online retailing.
Stable Market
A market where change is slow in terms of market change or share, constant price.
Factors Driving Change in the Market
Consumer preferences, new technology, government intervention.
Product Innovation
When a product is tweaked or completely changed to become better.
Process Innovation
Changing how products are made to lower costs, without dropping quality.
Contingency Planning
Planning for risks (not uncertainties) and follow-up actions (damage limitation).
Product-Oriented Company
Focuses on its products, skills, knowledge, and systems supporting the product.
Customer-Oriented Company
Focuses on satisfying and retaining customers.
Oligopoly
A market with few major firms in an industry.
Primary Research
Gathering information firsthand (e.g., questionnaires, focus groups).
Secondary Research
Surveys done by government agencies or other firms.
Qualitative Data
Data that attempts to discover consumers' genuine opinions (open questions).
Quantitative Data
Collection and analysis of numerical data.
Market Segmentation Indication
Different customer preferences (e.g., age, gender, income).
Product Differentiation
Marketing to highlight differences to achieve competitive advantage.
Market Mapping
Plotting brands/firms based on how they meet customer needs (e.g., quality vs. price).
Competitive Advantage
Advantage one product has over competitors (e.g., price, quality).
Adding Value
Increasing the worth customers place on a product.
USP
Unique Selling Proposition.
Unique Selling Point
An attractive benefit associated with one brand.
Law of Demand
Inverse relationship between price and quantity demanded.
Law of Supply
Positive relationship between price and quantity supplied.
PED
Price Elasticity of Demand, responsiveness of quantity demanded to price change.
Elastic PED
Quantity demanded is highly responsive to price changes.
Inelastic PED
Quantity demanded is not very responsive to price changes.
YED
Income Elasticity of Demand, responsiveness of demand to income change.
4 P's of the Marketing Mix
Price, Place, Promotion, Product.
3 Elements of the Design Mix
Function, Aesthetics, Economic Manufacture.
Functions of Promotion
To inform and persuade potential customers to buy.
Branding
Creating an image of a product in the consumer's mind.
Types of Branding
Product, multiple, umbrella, corporate, own label, personal.
Types of Pricing Strategies
Cost-plus, price skimming, penetration pricing.
Penetration Pricing
Entering markets with a low price to entice customers to switch.
Destroyer (Predatory) Pricing
Eliminating a competitor by setting prices lower than theirs.
Types of Distribution Channels
4-stage, 3-stage, 2-stage.
E-retailing
Online sales to customers.
Stages of the Product Life Cycle
Development, introduction, growth, maturity, decline.
Extension Strategies
Actions to lengthen the maturity stage of a product.
Boston Matrix
Analyzes market share and growth of items in a product portfolio.
Categories in the Boston Matrix
Stars, cash cows, question marks, dogs.
B2B Marketing
Business-to-business marketing.
B2C Marketing
Business-to-consumer marketing.
Outsourcing
Shifting production to a lower-cost supplier.
Multi-skilling
Teaching employees to do more than one task.
Redundancy
When an employee must leave due to their skill no longer being used.
Collective Bargaining
Employee representatives speaking on behalf of a group to management.
Tall Organizational Structure
Many levels of responsibility and small spans of control.
Delayering
Flattening an organizational structure by removing layers of management.
