4: Marketing - Keywords

market research

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

untapped

supply, market or talent that is available but hasn't been exploited

primary or field research

gathering of new information

consumer panels

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

secondary or desk research

collection of data that already exists

qualitative data

information about attitudes, beliefs and intentions

quantitative data

information expressed in numbers

sample

small group of people representing a proportion of the total market

market

set of arrangements allowing buyers and sellers to communicate and trade

marketing

identifying customer needs and satisfying them profitably

product orientated

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

market orientated

where a business focuses on the needs of customers when developing the product

market share

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

market analysis

quantitative and qualitative assessment of a market

mass markets

very large markets in which products with mass appeal are marketed

niche market

smaller market within a large market

market segments

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

socio-economic groups

division of people according to class on employment status

marketing mix

elements of a firm's marketing designed to meet customer needs (4 Ps)

product life cycle

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

skimming/creaming

setting a high price initially then lowering it later

penetration pricing

setting a low price to start in order to get established in the market

extension strategies

methods used to lengthen the life of a product

product portfolio

range of products a business is currently marketing

boston matrix

matrix describing products according to the market share they enjoy and potential for growth

early adopters

consumers keen to buy new products as soon as they launch

cost-plus pricing or cost-based pricing

adding a mark up percentage to the costs of production to get the price

mark-up

percentage added to costs that makes a profit

competition-based pricing

pricing strategies based on prices charged by rivals

predatory or destroyer pricing

setting a low price until rivals have gone out of business

patents

legal documents giving a person the right to make or sell something new stating that no other person is allowed to duplicate it

loss leader

products sold below cost to draw in customers

distribution channel

route taken by a product from producer to customer

intermediary

person helping arrange agreements between other people

wholesalers

person or businesses that buy goods from manufacturers and sell them in smaller quantities to retailers

retailers

businesses that buy goods from manufacturers and wholesalers and sell them in smaller quantities to consumers

bulk breaking

dividing a large quantity of goods recieved from a supplier before selling them on in smaller quantities to customers

e-commerce

use of electronic systems to sell goods and services

business to consumers (B2C)

selling of goods by businesses to consumers

direct selling

where businesses sell their products directly to consumers

agent or broker

intermediary that brings together buyers and sellers

above-the-line promotion

placing adverts using the media

below-the-line promotion

any promotion that does not involve using the media

merchandising

the way in which goods are arranged and placed in a store

coupons

printed piece of paper given to customers by sellers allowing customers to pay less than usual

direct mail

advertisements sent to people interested in the product by choice

advertising

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

public relations

attempt by a business to communicate with interested parties

viral advertising

direct marketing technique by a company persuading internet users to forward its publicity materials

exposure

advertising and publicity used to sell a product or service

product positioning

the way that people think about a product in relation to the company's other products and competing products

supscription pricing

amount of money you pay regularly to recieve media and telephone service