Market Research Flashcards
(31 cards)
What is product portfolio analysis
The market position of all the product of a business
What is positioning
Identifying the benefit and price combination of a product relative to competitors
What is target population
All the teams or people that are relevant to the market research being undertaken
What is marketing research
The gathering and analysis of data relevant to the marketing process
What is market mapping
Analysing the market conditions to indemnify the position of one product or brand relative to others in the market in terms of given criteria
What is the marketing mix
The combination of marketing choices that can be used to influence consumers to buy products
What is a marketing objective
A target set for the marketing functions
what is on the market mapping axis
price on y-axis
quality on x-axis
What is STP marketing
Segment -> Target -> Position ->
How can you segment a market
demographic, geographic, income and behaviour
what is concentrated marketing
targeting one or two segments
what is differentiated marketing
where several segments are targeted
what is undifferentiated marketing
where the segments are ignored and they try to reach the entire market with one product
what are some influences on positioning
state of the market
company’s current products
attributes of the company
what are the 7 p’s
product, price, place, promotion, people, physical environment, process
what does the process include
waiting times, ordering and payment systems and any after-sales services
what is the product life cycle
development, introduction, growth, maturity and decline
how can businesses keep a product going strong for longer
extension strategies
what is price skimming
setting high prices for new and innovative products when they first reach the market e.g PS5
what is penetration pricing
launching a product at a low price in order to attract customers and gain market share
what is predatory pricing
setting low prices to force competitors out of the market. This is illegal
what is competitive pricing
when companies monitor their competitor’s price so they can set theirs equally or lower
what is psychological pricing
setting prices based on customers’ expectations
what is a loss leader strategy
products sold at or below cost price
