Studied by 3 people
Brand Name
A name, term, sign or logo that allows consumers to identify the company and differentiate its products from competitors.
E-Commerce
Conducting Business transactions online.
Online Retailing/E-tailing
Retailing of goods online.
Market
A set of arrangments that allows buyers and sellers to meet and communicate.
Marketing
A management process involved in identifying the needs and wants of customers
Market Share
The proportion of total sales in a particular market owned by a company/brand.
Mass Market
A very large market where products with mass appeal are targeted.
Niche Market
A smaller market within a larger market.
Consumer panels
Customers asked for feedback on products over time.
Database
An organized collection of data on electronic devices.
Focus groups
Customers are invited to attend discussions about products to provide feedback.
Market Orientation
An approach where the needs of consumers are the centre of the decision-making process.
Market Research
Analysis of information relating to the marketing of goods.
Market Segment
Part of whole market where a particular customer group has same charateristics
Primary Research
Gathering of information does not already exist.
Product Orientation
An approach to business which places emphasis on the production and product itself.
Qualitative Reseach
Collection of data that is belief/attitudes.
Quantitative Research
Collection of data that can be quantified.
Respondent
Person who answers the question in a survey.
Sample
Group of people who represent proportion of total market.
Secondary Research
Collection of data that already exists
Socio-Economic Groups
Division of people according to Social Class.
Added Value
Extra features offered by a business when selling a product.
Competitive Advantage
An advantage that enables a business to perform better than rivals.
Market Maps/Perceptual Maps
Diagram that shows 2 attributes of business and 2 attributes of rival business.
Market Postioning
The view consumers have on about quality and image of product.
Product Differentiation
Attempt by business to distinguish themselves from competitors.
Reposition
Change the view consumers have about a product by altering charateristics.
Unique Selling Point (USP)
The feature/aspect of product that distinguishes itself from rivals
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Flashcard (63)