Marketing Flashcards
(24 cards)
“Marketing”
Finding the needs and wants of consumers and demonstrating how a business fulfills those needs in a way that increases sales.
“Market research”
The collection of data on consumer habits to help decision-making on marketing.
“Target market”
The group of customers to whom a business aims to sell its products.
“Primary research”
Data collected first-hand, sometimes referred to as field research.
“Secondary research”
The collection of data using research or information provided by others, such as magazines, journals, and the internet. Often called desk research.
“Qualitative data”
Data based on opinions or those being asked.
“Quantitative data”
Data collected that is based on facts or numbers. It is usually easier to analyze than qualitative data.
“Market segmentation”
Splitting the market for a product or service into different groups or categories with similar characteristics.
“Market segment”
A group of people with similar characteristics and buying habits.
“Competitor pricing”
When a price is set based on prices charged by competitor businesses for a similar product.
“Cost-plus pricing”
A pricing method that adds a percentage of profits to the total costs of making a product.
“Penetration pricing”
When a price is set lower than competitor businesses, often used by new businesses to establish market share.
“Skimming”
Where a product is more advanced than that of competitors; price is set high as some customers are willing to pay higher prices.
“Promotional pricing”
Where prices are reduced to give products a boost or to sell off old stock.
“Product life cycle?”
The life of a product, shown on a graph, divided into four stages: Introduction, growth, maturity, and decline.
“Physical distribution”
The distribution of goods using a physical presence such as a shop.
“Digital distribution”
The distribution of goods and services digitally by downloading from a website.
“Wholesaler”
A large centre that takes large deliveries of stock direct from manufacturers.
“Regional distribution centre (RDC)”
A large storage facility owned by a retailer where goods are delivered and distributed to stores.
“Promotion”
How a business informs customers about a product or service and persuades them to buy.
“Point of sale promotion”
Promotions that take place at the place where customers buy the products.
“Advertising”
How a business informs customers about their products using various media.
“Market data”
Information that can help marketing decisions, including market share and changes in demand.
“Market share”
The percentage sales one business/product has as a proportion of the sales of the total market.
