marketing ibdp busman

marketing

management to promote the buying and selling of a product or service to the right person at the right time. it focuses on satisfying consumer needs, wants or demands

product oriented

being product oriented is being inwards looking, focusing on making a product then selling it - businesses will create its own demand to the product created

market oriented

being market oriented is being outward looking, focusing on market research, then making products based off of trends within the market, focusing ons satisfying customer demands

market share

is the total value of a businesses sales in a industry - firmsales/industry sales x 100

market growth

the rate at which a market increases, usually within a year - current size - original size/original size x 100

market segmentation

dividing customers up into smaller and distinct groups which all share similar characteristics

market segment

a group of customers which similar characteristics, such as demographic, geographic or psychographic characteristics

targeting

the process of marketing to a specific market segment

target market

a group of consumers with common needs/wants which a business will serve or sell to

consumer profile

a description of the characteristics of consumers meant for a product

positioning

presenting a product in a specific way to create a desired customer perception

product positions

analyzing how consumers define and perceive a product compared to another, and positioning a product in a way which makes it be perceived as its meant to

niche market

a small and specific and well detailed and clarified segment, targeting a very specific group of people

mass market

an unspecific and broad segments, targeting multiple segments to all segments

unique selling point (usp)

a special feature or aspect of a product which differentiates it and makes it stand out from competitors - gives the consumer a reason to pick that product over another

market research

the process of collecting, analyzing and reporting data about a market, done to aid marketing decisions and strategies

primary research

the collection of first hand information from the market, creating new and up-to-date information. this is through methods such as interviews, observation and focus groups

secondary research

the use of pre-existing information or second hand data, such as academic journals, market analyses, and government publications.

quantitative

numerical or measurable data, which is less open to interpretation due to its objectiveness and concise and narrow focus

qualitative

non-numerical data, usually about opinions and beliefs, which is open to interpretation due to its subjectiveness and broader focus

sample

a group of people which represent a population/target market while under research

sampling

the process of selecting an appropriate sample, done through quota, random or convenience sampling

population

all potential respondants

quota sampling

when a population is divided into groups which share a characteristics, then a fixed number of repondants within each group is chosen

random sampling

all populations have an equal chance of being selected

convenience sampling

based on how easy access and close the respondents are in proximity to the researcher

7 p’s of marketing

product, price, promotion and place - people, processes, physical evidence for services only

product

a good or service offered in a market, which is either tangible ( a good) or intangible (a service)

product life cycle

a succession of the stages a product goes through from launch to decline, going through research & development, introduction, growth, maturity and decline

extension strategies

strategies used to extended the product life of a product, such as redesigning, promotional strategies and market development

brand

a name, design or symbol associated with a business, used to help customers identify a businesss

branding

the process of attributing a name, design or symbol to a business, helping differentiate and add value to the business

price

the amount of money which is required/given to the business in exchange for their good/service

cost-plus pricing

adding a fixed mark up value to the production costs of the product/service

penetration pricing

entering the market with a low price to quickly attract a large number of customers and gain market share - looking to create customer loyalty and discourage competitors

loss-leader pricing

selling products below production price, looking to attract customers and discourage competitors

predatory pricing

a temporary measure to drive competitors out of the market by offering extremely low prices

premium pricing

setting a high-price for products, to give the consumer the idea that the product is of exclusiveness and high quality

promotion

communicating a message about a brand or product to consumers, looking to either obtain new customers or retain existing customers

above the line promotion (atl)

promotion through mass media, which is not targeted, looking to increase product/brand awareness. this can be through the radio, internet or television

below the line promotion (btl)

promotion which is direct and targeted, not using mass media, but being more specific with customers to secure sales. this can be done through sales promotions, merchandising and e-mails or calls

through the line promotion (ttl)

promotion which combines both above the line and below the line promotion methods, looking to reach as many customers as possible with a holistic view of the market

social media marketing (smm)

the use of social media to promote a product or brand, building relationships with consumers, drive repeat purchases and attract new customers

place

related to how the product reaches its intended consumer, by getting the right product to the right place ath the right time. there are three levels, considering how many intermediaries the product goes through to get to the consumer

people

mainly concerned with employee-customer relationships, and how they form customer loyalty through having the most appealing attitude, skill and appearance

processes

focusing with the activities between a customer and a business, however mainly concerned with the purchasing experience, such as customer service, waiting times, deliver and payment methods

physical evidence

everything tangible about a service, which allows customer to evaluate and predict its quality, through things such as furniture, utilities and rating systems