Unique selling point /proposition (________): factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first ever product of its kind; a(n) ________ could be thought of as "what you have that competitors dont.
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mix
Marketing ________: key decisions that must be taken in the effective marketing of product.
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position map
Product ________ or perception map: graph that analyses consumer perceptions of each of a group of competing products in respect of two product characteristics.
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Consumer profile
________: quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class.
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Mass marketing
________: selling the same products to the whole market with no attempt to target groups within it.
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Marketing planning
process of formulating appropriate strategies and preparing marketing activities to meet marketing objectives
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Marketing mix
key decisions that must be taken in the effective marketing of product
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Coordinated marketing mix
key marketing decisions complement each other and work together to give customers a consistent message about the product
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Market segment
sub group of a market made up of consumers with similar characteristics, tastes and preferences
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Target market
market segment that a particular product is aimed at
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Market segmentation
identifying different segments within a market and targeting different products or services to them
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Consumer profile
quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class
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Niche market
small and specific part a of a larger market
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Niche marketing
identifying and exploiting a small segment of a larger market by developing products to suit it
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Mass market
market for products that are often standardized and sold in large quantities
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Mass marketing
selling the same products to the whole market with no attempt to target groups within it
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Product position map or perception map
graph that analyses consumer perceptions of each of a group of competing products in respect of two product characteristics
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18
Unique selling point/proposition (USP)
factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first ever product of its kind; a USP could be thought of as "what you have that competitors dont"
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19
Marketing planning
Process of formulating appropriate strategies and preparing marketing activities to meet marketing objectives
New cards
20
Marketing mix
Key decisions that must be taken in the effective marketing of product
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Product, price, promotion and place
4Ps of the marketing mix
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Coordinated marketing mix
Key marketing decisions complement each other and work together to give customers a consistent message about the product
New cards
23
Market segment
Sub-group of a market made up of consumers with similar characteristics, tastes and preferences
New cards
24
Target market
Market segment that a particular product is aimed at
New cards
25
Market segmentation
Identifying different segments within a market and targeting different products or services to them
New cards
26
Consumer profile
Quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class
New cards
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Geographic differences, demographic differences and psychographic differences
3 ways which markets may be segmented in
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Niche market
Small and specific part of a larger market
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29
Niche marketing
Identifying and exploiting a small segment of a larger market by developing products to suit it
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30
Mass market
Market for products that are often standardized and sold in large quantities
New cards
31
Mass marketing
Selling the same products to the whole market with no attempt to target groups within it
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32
Product position map or perception map
Graph that analyses consumer perceptions of each of a group of competing products in respect of two product characteristics
New cards
33
Unique selling point/proposition (USP)
Factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first ever product of its kind; a USP could be thought of as "what you have that competitors don't"
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34
Marketing mix (product)
What you sell. It could be a physical good, services, consulting, etc.
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Marketing mix (price)
How much do you charge and how does that impact how your customers view your brand?
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Marketing mix (promotion)
Where do you promote your product/service? Where do your ideal customers go to find information about your industry?
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Marketing mix (place)
How do your customers find out about you? What strategies do you use and are they effective?
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Segmentation (geographic differences)
Strategy used to target products/services at people who live in or shop at, a particular location. It works on the principle that people in that location have similar needs, wants and cultural considerations
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Segmentation (demographic differences)
Strategy used to target products/services at people based on their age, education and gender
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Segmentation (psychographic differences)
Strategy used to target products/services at people based on their attitudes, interests, personality, values, opinions and lifestyle of your target market
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Flashcard (132)