Year 10 Marketing Definitions

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38 Terms

1

Marketing

The bringing together of buyers and sellers to exchange goods and services

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2

Marketing plan

a document which outlines the goals, the intended marking mix and the target market for the business

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3

Market research

Studying the buyers and or sellers of a good service to provide the firm with information to increase its profits

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4

Primary research

The collection and collation of original data via direct contact with potential or existing customers

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5

Secondary research

Information that has already been collected and is available for use by others

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6

target market

The specific group of potential buyers that the firm aims to sell to

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7

survey

A questionaire that gathers information about the target market

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8

The marketing mix

The essential elements of a good marketing strategy. The combination of product, place, price and promotion

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9

Product

The features of the good or service being sold

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10

Promotion

Increasing the awareness of the product to potential customers to persuade them to buy

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11

Place

The distribution channel which gets the product to the customer

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12

Price

What a buyer must pay to purchase the good or service

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13

Cost-plus pricing

Where the price is the cost of making the product plus a profit mark-up

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14

Competitive pricing

Where the price is the same as, or just below, what competing firms are charging

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15

Price skimming

Where the price is set high because it’s a new product so it has ‘novelty value’

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16

Promotional pricing

Where the price is set very low for a short time only

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17

psychological pricing

using numbers and decimals to make the customer believe the product is cheaper than it really is

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18

dynamic pricing

Where businesses charge different prices for their products depending on which customers are buying them or when the products sell

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19

Price competition

Where the firm lowers the price of its product to encourage customers to buy it

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20

Examples of price competition

discount or sale, interest-free terms, buy one get one free, using loss leaders

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21

Price war

When a group of competing firms all reduce their price to try and have the lowest price

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22

Non-price competition

When a firm tries to increase sales by any method apart from reducing the selling price

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23

Examples of non-price competition

Gift with the purchase, loyalty programmes, great service, location, branding, advertising, packaging, sponsorship

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24

Loyalty programme

offering special deals for customers who continue to purchase from the firm or group of firms

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25

service

Extra help from the firm provides to support customers using its good or services

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26

location

The site of the business

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27

branding

Where colours, images or a logo are used to present a business or its product.

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28

advertising

Paying a 3rd party to communicate details of your product or business to potential customers. Any form of paid promotion

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29

packaging

The container in which the good is sold; how it is presented

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30

sponsorship

A way of advertising where a firm provides finance to an event. Paying to have the name or brand of your product associated with a particular sport or organisation.

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31

What encourages people to buy products?

Brand, design quality, packaging and features

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32

Penetration pricing

Where the price is set well below competitors prices in order to enter a new market

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33

Promotion

Increasing the awareness of the product to potential customers to persuade them to buy.

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34

Uses of promotion

It informs customers about the product, where it is and what does. It persuades them to buy it

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35

Aims of Promotion

Attention, interest, desire and action

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36

service

all things a firm offers apart from the product

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37

competitions

firms may offer a prize to increase sales where the entracnce of the competition is the purchasing of a product

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38

loss leaders

pricing a produt below the cost of production to attract customers to spend more on other products

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