Deck 1 Flashcards
MARKET SEGMENTATION
the process of breaking down the market into groups of consumers with similar needs and wants.
TARGET MARKET
the type of people you are selling to.
MARKET RESEARCH
the process of collecting and analysing data about the market, who operates within the market and the customers within the market.
PRIMARY RESEARCH (Field research)
means obtaining new information
MARKETING MIX
The elements of a business’s marketing that are designed to meet the needs of its customers.
PRODUCT LIFE CYCLE
shows the stages through which a product passes through over time and the level of sales at each stage.
EXTENSION STRATEGIES
ways in which a business prevents a product’s sales from declining.
PRODUCT DIFFERENTIATION
used by businesses to make their products different from other products they sell and different from those offered by competitors.
BRAND
named product which customers see as being different from other products.
OWN BRAND
a product which is sold under the brand name of a supermarket chain or other retailer, rather than that of the manufacturer of the product. Own brands are usually cheaper than branded products.
COMPETITION BASED PRICING
setting a price based on the prices charged by competitors for similar products.
SKIMMING
means selling a product at a high price because there is no competition.
Methods of distribution
Internet (e-commerce), door to door/telesales, mail order, vending machines.
E-COMMERCE
means buying or selling products online
TRADE DESCRIPTIONS ACT
It is an offence for a business to make false or misleading statements about goods or services. This includes misleading statements about reduced prices.
