Marketing Revision Flashcards

A comprehensive set of vocabulary flashcards covering basic marketing theory, segmentation, research methods, and the marketing mix (4Ps).

Marketing

The process of identifying, anticipating (predicting) and satisfying customer needs profitably.

Market

A group of consumers, who could be individuals, businesses or governments who might buy a type of product.

Market segments

Subdivided parts of a market consisting of customers with similar needs and characteristics.

Target marketing

When the business aims its product/service at a particular market segment.

Marketing research

Finding out about the product and its market place to identify and anticipate customer needs.

Primary Research

Brand new information collected by the business, also known as field research.

Secondary Research

Information that is already available, such as internal data, books, or government publications.

Questionnaires/Surveys

A systematic list of open or closed questions designed to find information about customer wants, needs, and attitudes.

Consumer trials

A product trial where a business launches a product temporarily to get feedback before a full launch.

Focus groups

A small group of typically eight to ten individuals engaged in a roundtable discussion about a product or service.

Census

A government survey on the population of the UK conducted every $10$ years.

Qualitative data

Information about qualities, feelings, and perceptions that cannot be measured with numbers.

Quantitative data

Information about quantities that can be measured and written down with numbers.

The 4ps

The components of the marketing mix: Product, Price, Promotion, and Place.

Invention

The creation of a product or introduction of a process for the first time.

Innovation

Improving on or making a significant contribution to something that has already been invented.

Unique Selling Point (USP)

The single most memorable difference that makes a business stand out from all of the rest.

Product life cycle

A sales forecast showing stages a product goes through: Research and Development, Introduction, Growth, Maturity, and Decline.

Extension strategy

Methods used to keep a product selling for as long as possible, such as reducing price or finding new markets.

Cost-plus pricing

Calculating the product cost and adding a mark-up percentage for profit.

Penetration pricing

Setting a low price initially to gain a large market share before raising prices later.

Skimming pricing

Charging a high price to begin with to imply quality, then reducing it as sales increase.

Psychological pricing

Setting a price just below a large number (e.g. $\pounds 9.99$) to make it seem smaller.

Loss leader

A product sold at a price so low it makes no profit or a loss to attract shoppers to buy other full-price items.

Wholesalers

Businesses that buy in large quantities from manufacturers and break them into smaller quantities for retailers.

Digital distribution channels

Non-physical methods of getting products to customers via downloading, such as Apps, films, and music.

Public relations

Ongoing activities, often through media, to ensure a company maintains a strong public image.

Advertising Standards Authority (ASA)

The regulator in charge of ensuring advertising and promotion is legal, honest, decent, and truthful.