Marketing Flashcards
(23 cards)
What is a marketing?
It is the action of promoting and selling products or services.
Market research
Finding out what your customers want.
Primary data
A data that is original and has been collected by the first hand.
Secondary data
A data that already exist and was collected by some else.
Mintel report
Provides market research reports about business.
Product trial
Is getting people to buy a first time.
Repeat purchase
Is moving customers on from trial to buying it again.
Introduction
The product is introduced on the market. Sell rate is very low.
Growth
People buy product and sell rate is growing.
Maturity
The sell rate reached the highest point it is steady.
Decline
Something more innovative was introduced on market and the sell rate of elder product is decreasing.
Boston Matrix
A model which helps business to analyse their portfolio of products using measurements of market growth and share.
Star products
High market growth, high market share.
Cash Cow
High market share, low market growth.
Product portfolio
The range of items sold by a business.
Problem children/Question marks
Low market share, high market growth.
Dogs
Low market share, low market growth.
Family branding
Involves marketing many related products under single brand.
Line branding
Complementary products combine to form a complete whole with a common concept.
Own branding
Product that is sold by a retailer with the retailer’s own brand name.
Global brands
Brands that are recognised throughout world.
Advantages of strong barnding
- Customer recognition
- Easy introduction of new product
- Customer loyalty
Disadvantages of strong brand
- High investment required to build a strong brand
- May create a bad image, if the brand fails
- Customers would not to pay extra amount for goods
- Difficult and expensive to change
