Studied by 0 peopleMarketing
The management process of delivering the right product to the right customer at the right price, place, and time.
Product orientation
A business approach that prioritizes creating the product before selling it.
Market orientation
A business approach that focuses on understanding consumer demand through market research before producing and selling a product.
Market share
The percentage of total sales a business has within an industry.
Market growth
The increase in the number of consumers purchasing a good or service over a specific period.
Market segmentation
The process of dividing the market into distinct groups of consumers based on similar characteristics.
Target market
A group of consumers with common needs or wants that a business serves or sells to.
Product positioning
Analyzing how consumers perceive a product compared to others in the market.
Unique selling proposition (USP)
A product's feature that sets it apart from competitors.
Porter's Generic Strategies
Cost leadership, differentiation, and focus strategies applicable to products and services in all industries.
Sales forecasting
Predicting a firm's future sales levels.
Time series analysis
A quantitative sales forecasting method using past sales data to predict future sales levels.
Trend
The visible pattern in sales data indicating the rise and fall of sales over a period.
Seasonal fluctuations
Changes in demand due to varying seasons, impacting sales within a year.
Cyclical fluctuations
Variations tied to the business cycle in an economy, affecting sales over more than a year.
Random fluctuations
Notable changes standing out from a trend, like sudden demand spikes.
Moving average
A sales forecasting method emphasizing trend direction identification.
Extrapolation
Extending a trend line to predict future sales.
Variation
The difference between actual sales and trend values.
Market research
Collecting, analyzing, and reporting data related to a specific market.
Primary research
Collecting first-hand information directly from the market.
Secondary research
Collecting second-hand information, often quicker and cheaper.
Qualitative research
Collection, analysis, and interpretation of consumer opinions, attitudes, or beliefs.
Quantitative research
Collection, analysis, and interpretation of numerical data.
Sampling methods
Techniques to select a representative sample from a population for research.
The seven Ps of the marketing mix
Key elements ensuring successful marketing of a product.
Product life cycle
The stages a product goes through from development to decline in the market.
Price skimming
Setting a high price for a new product introduction.
Penetration pricing
Setting a low initial price to attract customers quickly.
Promotional pricing
Temporarily reducing prices to attract customers during different product life cycle stages.
Extension strategies
Plans to extend a product's life cycle by various means.
Extension strategies
Strategies important for the long-term success of a product in a saturated market to prevent sales decline.
Product portfolio analysis
Evaluation process of all products or services offered by an organization to make decisions on product offerings.
Boston Consulting Group (BCG) matrix
Growth-share matrix measuring market growth rate and relative market share to classify products into Stars, Cash Cows, Problem Children, and Dogs.
Brand
Name, symbol, or design distinguishing a firm's product from competitors.
Brand loyalty
Consumers' commitment to a brand leading to repeat purchases over time.
Price
Money paid for a good or service, crucial for setting marketing objectives.
Cost-plus pricing
Adding a mark-up to the average cost of production to set product prices.
Penetration pricing
Setting a low initial price to attract customers quickly and gain market share.
Loss leader
Selling a product below average cost to attract customers to buy other higher-priced products.
Price elasticity of demand
Measurement of how demand changes with price variations.
Promotion
Communication of product information to consumers to obtain new customers or retain existing ones.
Social media marketing
Marketing approach using social networking websites to promote products.
Place
Concerns how products reach consumers and their distribution channels.
Channel of distribution
Path taken by a product from the producer to the final consumer.
People
Most crucial element in service businesses, impacting customer experience and relationships.
Processes in Marketing
Processes in marketing encompass the procedures and policies involved in delivering products and services to consumers, including identifying customer requirements, handling complaints, and managing orders to enhance customer loyalty.
Physical Evidence
Physical evidence allows customers to preview services before purchase, influencing their perception and potentially leading to positive testimonials, improved brand image, and increased sales.
Seven Ps Marketing Mix Model
The seven Ps marketing mix model simplifies marketing strategies by incorporating people, processes, and physical evidence alongside the traditional product, price, promotion, and place elements, aiding in strategy formulation, customization based on customer needs, and resource allocation.
International Marketing
International marketing involves promoting goods and services across national borders to tap into global markets and expand business operations.
Globalization
Globalization refers to the heightened worldwide competition that drives businesses to engage in international marketing to reach broader audiences and gain a competitive edge.
E-commerce
E-commerce refers to conducting trade activities over the internet, enabling businesses to reach global customers and facilitate online transactions.
Piggybacking
Piggybacking involves utilizing the distribution channels of one domestic business by another home country business to introduce and sell new products in foreign markets, leveraging existing networks for market penetration.
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