Thẻ ghi nhớ: IGCSE Business Studies - Marketing | Quizlet

Market

A set of arrangements which allows buyers and sellers to communicate and trade in goods and services

Market share

The proportion of sales in a total market that a business or product enjoys

Marketing

Identifying customer needs and satisfying them profitably

Marketing mix

The key elements in a firm's marketing strategy commonly known as the 4Ps - product, price, promotion and place

Market orientation

Where a business focuses on the needs of consumers when developing products

Marketing strategies

A set of plans designed to achieve marketing objectives

Product orientation

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

Market segment

Part of a whole market where a particular customer group has similar characteristics

Market segmentation

The process of identifying groups of customers with similar traits so that they can be targeted with specific marketing strategies

Mass market

When a business sells the same product to all consumers and markets in the same way

Niche market

When a business chooses a specific market segment and targets them carefully with a tailored marketing mix

Socio-economic groups

A way of segmenting a market based on employment status (and therefore, broadly by income)

Competition-based pricing

Pricing strategies which are based on prices charged by rivals (price leadership, predatory pricing)

Cost-plus pricing

Adding a specific percentage (mark-up) to the costs of producing a product to reach the selling price

Destroyer/Predatory pricing

Setting a low price to force rivals, often smaller firms, out of the market

Loss leader

A product sold below cost to draw in customers who can then be sold more profitable products

Competition-based pricing

Pricing strategies based upon the conditions of the market (skimming prices, penetrating prices, psychological pricing, loss leadership)

Mark-up

The percentage added to costs which makes a profit for a business when setting the price

Penetration pricing

Setting a low price when entering a market to gain a customer base and become established. Price is likely to be increased once this has happened.

Skimming

Setting a high price initially to take advantage of early adopters eager to buy the product. The price will be lowered later.

Promotion

Activity to increase awareness of a product or brand

Advertising

Communication between a business and its customers where messages are placed in the media to encourage purchase of products

Boston Matrix

A 2x2 matrix which describes products according to the market share they enjoy and whether the market has any potential for growth

Extension strategies

Methods used to extend the life of a product

Product life cycle

The level of sales at different stages through which a product passes over time

Consumer panels

Groups of customers who are asked for feedback about products over a set period

Market research

The collection, analysis and presentation of information relating to the marketing and consumption of goods and services

Primary (field) market research

The gathering of new information, specific to the needs of the business. Questionnaires, focus groups and test marketing would all be examples.

Secondary (desk) market research

The collection of data that is already in existence. Media reports, government data and commercial publications would all be examples.

Sample

A small group of people which aims to represent the views of the market as a whole.