Higher Business - Marketing

Marketing

process of identifying, analysing and satisfying customer needs

Hall Test

sampling products and offering feedback

Field Research

first hand research that is conducted in real world locations

Desk Research

This is data which has been previously gathered for another purpose.

Survey

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

Marketing Mix

Product, Price, Place, Promotion is also known as

Product

goods offered for sale

Price

what you charge for your product/service

Place

where a product/service is sold

Promotion

the process of informing customers

Brand

a copyrighted name given to a product or service

Market Segmentation

the process of separating, identifying, and evaluating the layers of a market in order to identify a target market.

Market Share

Percentage of a total market that a product or business has

Consumer market

all potential customers who will buy a product for personal use.

Industrial Market

Buyers who want a product for use in making other products.

Product Orientation

means that the business decisions are based on what it can produce

Market Orientation

is the implementation of the marketing concept. Being marketing orientated is more than just being customer-led. It requires the full support of the organization to be fully implemented in the long term and, indeed, may need a complete change in an organization's culture.

Goods

tangible products that we use to satisfy our wants and needs

Services

intangible products

USP

Unique selling point

Channel of distribution

the route a product follows and the businesses involved in moving a product from the producer to the final consumer

Direct selling

selling to consumers in their homes or where they work

Retailer

an organization that sells to ultimate consumers

Wholesaler

someone who buys large quantities of goods and resells to merchants rather than to the ultimate customers

Agent

a businessman who buys or sells for another in exchange for a commission

Buying habits

customer preferences as shown by an analysis of the way they shop

Price skimming

involves charging a high price to recover costs and maximize profit as quickly as possible.

Penetration pricing

Pricing strategy in which the seller charges a low price on a new product to discourage competition and gain market share.

Destroyer pricing

Prices are lowered to weaken competition by forcing them to lower their prices

Promotional Pricing

Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales

Premium Pricing

maintaining high prices to create an exclusive image

Demand-orientated pricing

a pricing strategy that changes due to differences in consumer demand, or time/season

Core product

All the benefits the product will provide for consumers or business customers.

Augmented product

Additional services and benefits like credit, installation or warranty

Product mix

all the products a company makes or sells.

Product range

the combination of different products a business manufactures and sells

Product life cycle

a theoretical model of what happens to sales and profits for a product class over time

Prototype

an early or original product upon which later products are based

Test market

Selling a product on a limited bases in a defined ara to help decide the effectiveness or potential marketing actions

Idea Generation

The first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission.

Extension strategies

occurs when marketing changes are made to prevent sales falling

Product Portfolio

All the products a company has available for customers at any one time.

Boston Matrix

Marketing tool that includes cash cows, question marks, dogs, and stars

Branding

establishing an identity for a range of products

Repeat purchases

when customers come back and buy again

Own Brands

Many large retailers make products and brand them under there own name

Informative advertising

advertising that provides information about a product to consumers

Persuasive advertising

advertising designed to appeal to your emotions to influence you to buy, but does not provide much information

Corporate advertising

advertising intended to establish a favorable attitude toward a company as a whole.

Sales Promotion

Short-term incentives to encourage the purchase or sale of a product or service.

Into the pipeline

Deals that encourage the retailer to purchase from the manufacter

Out of the pipeline

Deals that encourage end custumers to purchase the product

Point of Sale

places where goods are sold to the public - shops, stores, kiosks, market stalls, etc

Dealer Loader

A gift, often part of a display, given to a retailer that purchases a specified quantity of merchandise.

BOGOF

buy one get one free

PR

Public Relations

Packaging

Materials used to wrap or protect goods.

Merchandising

Displays and presentations used to promote and sustain certain products

Mass Marketing

using one marketing strategy to reach all customers

Niche Marketing

the process of finding small but profitable market segments and designing or finding products for them.

Market Growth

The percentage change in the size of the market

Personal Interview

Method of collecting data in which subjects are more likely to participate, but costly and subjects may not divulge personal info.

Postal Survey

a survey conducted by the mail

Telephone Survey

a research method in which respondents answers to a questionaire are recorded by interviewers on the phone.

Quota sampling

includes the same proportion of individuals with certain characteristics as found in the population. researcher uses his/her individual judgment to select respondents

Random sampling

a method of poll selection that gives each person in a group the same chance of being selected

Consumer panel

a group of consumers who provide information on a continuing basis

Focus group

Group of individuals brought together for the purpose of asking them questions about a product or marketing strategy.

Hall test

sampling products and offering feedback

Club Card

Tesco's Loyalty Card

EPOS

Electronic point of sale