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Flashcards in Theme 1.1 Deck (15)
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1

Marketing objectives

The targets the marketing department must achieve, such as increasing sales by 15 per cent within 12 months

2

Market segmentation

Dividing a market up by customers' age, gender or income to find areas that are under-served

3

Marketing strategy

The medium to long term plan for meeting the marketing objectives, delivered through the marketing mix

4

Economies of scale

Factors that cause costs per unit to fall when a firm operates at a higher level of production

5

Franchise

A business that sells the rights to use of its name and trading methods to local businesses

6

Generic Brands

Brands that are so well known that customers say the brand when they mean the product

7

Product differentiation

The extent to which consumers perceive your brand as being different from others

8

Bias

A factor that causes research findings to be unrepresentative of the whole population

9

Primary research

Finding out the information first hand

10

Secondary research

Finding out information that has already been gathered

11

Sample size

The number of people interviewed; this should be large enough to give confidence that the findings are representative of the whole population

12

Market map

A grid plotting where each existing brand sits on scales based on two important features of a market

13

Price elasticity

A measurement of the extent to which a product's demand changes when its price is changed

14

Unique selling point

A consumer benefit that no rival can match, perhaps because it is protected by a strong patent

15

Marketing Mix

The plan for getting the right blend of product, price, promotion and place