Unit 4: Marketing

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Target Market

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59 Terms

1

Target Market

a set of buyers sharing common needs or characteristics that the company decides to serve

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2

Product Orientation

an inward-looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them

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3

market share

the percentage of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

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4

Market share formula

Sales of business / total sales in market x 100

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5

Market growth

The percentage change in the total size of a market (volume or value) over a period of time.

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6

Marketing Planning

the process of formulating appropriate strategies and preparing marketing activities to meet marketing objectives

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7

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

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8

Position map (perception map)

is a visual aid that shows customer perceptions of a product or brand in relation to others in the market, often by comparing perceptions about price and quality.

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9

mass market

A very large market in which products with mass appeal are targeted

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10

Product Life Cycle

describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

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11

Product portfolio

The range of products or brands provided by a business

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12

Extension strategies

these are marketing plans to extend the maturity stage of the product before a brand new one is needed

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13

brand value

A brand's worth in terms of income, potential income, and prestige.

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14

penetration pricing

setting a low initial price on a new product to appeal immediately to the mass market

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15

Above the line promotion

a form of promotion that is undertaken by a business by paying for communication with consumers using mass media

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16

Place (Distribution)

part of the marketing mix concerned with getting products from producers to consumers

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17

agent

a seller who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods

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18

People in the marketing mix

The behaviour and attitude of staff who determine the level of customer satisfaction in business transactions.

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19

Physical Evidence

What can be seen as you enter a service such as lighting, features of the building.

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20

Market Orientation

an organization wide commitment to researching and responding to customer needs

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21

niche market

A smaller part of a larger market in which customers have more specific needs and wants

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22

Unique selling point

Any aspect of or characteristic of a product that differentiates it from the competition. Firms will often want to stress this in their marketing.

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23

Differentiation

making a product different from other similar products

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24

market research

The activity of gathering information about consumers' needs and preferences.

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25

Primary market research

Collection of information first-hand for a specific purpose

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26

survey

the collection of data by having people answer a series of questions

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27

interview

A face-to-face or telephone questioning of a respondent to obtain desired information.

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28

focus group

A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.

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29

Observation

The act of noticing and describing events or processes in a careful, orderly way.

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30

Secondary Research

Analyzing information from previously conducted research projects.

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31

Market Analysis

A systematic study of the market

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32

academic journals

periodicals about scholarly topics, with articles typically edited and written by professors and/or other university-affiliated researchers

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33

Government publications

a type of secondary market research, referring to official documents and publications released by government entities and agencies

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34

Media articles

a type of secondary market research referring to the documents in print or online media. they are written by trained journalists and authors

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35

online content

any material available on the Web. Online content includes text, images, animations, music and videos

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36

Qualitative Research

seeks in-depth, open-ended responses, not yes or no answers

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37

Quantitative Research

Research that provides data that can be expressed with numbers, such as ranks or scales.

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38

Sampling

The process of selecting representative units from a total population

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39

quota sampling

A nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group

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40

random sampling

a sample that fairly represents a population because each member has an equal chance of inclusion

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41

convenience sampling

using a sample of people who are readily available to participate

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42

Marketing Mix

the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market

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43

Branding

The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality or effectiveness)

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44

brand awareness

Measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's communications to consumers.

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45

Brand Development

A long-term product strategy that involves strengthening the name and image of a brand to boost its appeal and sales.

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46

brand loyalty

a favorable attitude toward and consistent purchase of a single brand over time

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47

price

The amount of money exchanged for a good or service

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48

Cost-plus pricing (markup pricing)

adding a standard markup to the cost of the product

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49

loss leader

An item priced at or below cost to draw customers into a store.

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50

predatory pricing

selling a product below cost to drive competitors out of the market

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51

premium pricing

a competitor-based pricing method by which the firm deliberately prices a product above the prices set for competing products to capture those consumers who always shop for the best or for whom price does not matter

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52

promotion

Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response

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53

Below the line promotion

A promotional effort that includes in-store promotions, coupons, dealer discounts, and product placement.

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54

Through the line promotion

An integrated marketing approach that includes both above-the-line and below-the-line elements

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55

Social Media Promotion

utilization of social media or social networks to market a product, company, or brand

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56

retailer

An intermediary who sells to consumers

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57

wholesaler

A type of business that buys goods in large amounts and resells them to other businesses in smaller lots.

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58

distributer

an agent who supplies goods to stores and other businesses that sell to consumers.

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59

Processes in the marketing mix

The systems employed by the firm to ensure their services are successfully delivered to customers.

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