Flashcards in Theme 1.1 Deck (15)
Loading flashcards...
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
