Market Research Flashcards Preview

BUSINESS > Market Research > Flashcards

Flashcards in Market Research Deck (31)
Loading flashcards...
1

What is product portfolio analysis

The market position of all the product of a business

2

What is positioning

Identifying the benefit and price combination of a product relative to competitors

3

What is target population

All the teams or people that are relevant to the market research being undertaken

4

What is marketing research

The gathering and analysis of data relevant to the marketing process

5

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

6

What is the marketing mix

The combination of marketing choices that can be used to influence consumers to buy products

7

What is a marketing objective

A target set for the marketing functions

8

what is on the market mapping axis

price on y-axis
quality on x-axis

9

What is STP marketing

Segment -> Target -> Position ->

10

How can you segment a market

demographic, geographic, income and behaviour

11

what is concentrated marketing

targeting one or two segments

12

what is differentiated marketing

where several segments are targeted

13

what is undifferentiated marketing

where the segments are ignored and they try to reach the entire market with one product

14

what are some influences on positioning

state of the market
company's current products
attributes of the company

15

what are the 7 p's

product, price, place, promotion, people, physical environment, process

16

what does the process include

waiting times, ordering and payment systems and any after-sales services

17

what is the product life cycle

development, introduction, growth, maturity and decline

18

how can businesses keep a product going strong for longer

extension strategies

19

what is price skimming

setting high prices for new and innovative products when they first reach the market e.g PS5

20

what is penetration pricing

launching a product at a low price in order to attract customers and gain market share

21

what is predatory pricing

setting low prices to force competitors out of the market. This is illegal

22

what is competitive pricing

when companies monitor their competitor's price so they can set theirs equally or lower

23

what is psychological pricing

setting prices based on customers' expectations

24

what is a loss leader strategy

products sold at or below cost price

25

what is price discrimination

different prices for different groups

26

what is the promotional mix

advertising, sales promotion, personal selling, direct marketing and public relations

27

what is a direct selling

manufacturer -> consumer

28

what is single-channel indirect selling

manufacturer -> retailer -> consumer

29

what is direct selling through an agent

Manufacturer -> agent -> consumer

30

what is double-channel indirect selling

Manufacturer -> wholesaler -> retailer -> consumer