4 Marketing Flashcards Preview

Business > 4 Marketing > Flashcards

Flashcards in 4 Marketing Deck (54)
Loading flashcards...
1

Ch33. 273. Market research

Collection, presentation and analysis of information relating to the marketing and consumption of goods and services

2

274. Untapped

Supply, market or talent that is available but has not yet been exploited

3

275. Primary or field research

Gathering of ‘new’ information that does not already exist

4

276. Consumer panels

Groups of customers are asked for feedback about products over a set period

5

277. Secondary or desk research

Collection of data that already exists

6

277. Qualitative data

Information about attitudes, beliefs and intentions, usually written in words

7

278. Quantitative data

Information that can be quantified, that is, expressed in numbers

8

279. Sample

Small group of people, which must represent a proportion of a total market when carrying out market research

9

Ch34. 283. Market

Set of arrangements that allows buyers and sellers to communicate and trade in goods and services

10

283. Marketing

Indentifying customer needs and satisfying them profitably

11

285. Product orientated

Where a business focuses on the design and manufacture of the product itself rather than the needs of customers

12

285. Market orientated

Where a business focuses on the needs of customers when developing products

13

286. Market share

Proportion of sales in a total market that a business or product enjoys

14

286. Market analysis

Quantitative and qualitative assessment of a market

15

286. Mass markets

Very large markets in which products with mass appeal are marketed

16

286. Niche market

Smaller market, usually within a large market or industry

17

Ch35. 293. Market segments

Part of a whole market where a particular customer group has similar characteristics

18

293. Socio-economic group

Division of people according to social class based on employment status

19

Ch36.299. Marketing mix

Elements of a firm’s marketing that are designed to meet the needs of customers (often called the 4Ps, they include product, price, promotion and place)

20

301. Product life cycle

Level of sales at the different stages through which a product passes over time

21

301. Skimming or creaming

Setting a high price initially and then lowering it later

22

301. Penetration pricing

Setting a low price to start with in order to get established in the market; price may be raised once established

23

302. Extension strategies

Methods used to lengthen the life of a product

24

304. Product portfolio

(Product mix) range of products a business is currently marketing

25

304. Boston matrix

2*2 matrix that describes products according to the market share they enjoy and whether the market has any potential for growth

26

Ch37. 307. Early adopters

Consumers who are keen to buy new products as soon as they are launched

27

308. Cost-plus or cost-based pricing

Adding a percentage (the mark-up) to the costs of producing a product to get the price

28

308. Mark-up

Percentage added to costs that makes a profit for a business when setting the price

29

308. Penetration pricing

Setting a low price to start with in order to get established in the market; price may be raised once established

30

309. Competition-based pricing

Pricing strategies based on the prices charged by rivals