Unit 3 - Decision making to improve marketing performance Flashcards Preview

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Flashcards in Unit 3 - Decision making to improve marketing performance Deck (22):
1

Relationship marketing

An approach to marketing in which a company seeks to build long-term relationships with its customers by providing consistent satisfaction. It focuses on customer retention rather than one off sales

2

Marketing objective

A target set for the marketing function

3

Market share

The sales of one brand or business as a % of total market sales in a given period

4

Brand loyalty

A measure of the degree of attachment that a consumer has for a particular brand

5

Market size

The volume of sales of a product

6

Confidence level

The probability that the research findings are correct

7

Sampling

Gathering data from a group of respondents whose views or behaviour should be representative of the target market as a whole

8

Price elasticity of demand

Measures how responsive demand is to changes in the price

9

Big data

Refers to large and complex data sets. These have been difficult to analyse in the past but improvements in technology is making the use of big data more feasible

10

Extrapolation

Using previous patterns of numerical data in order to predict values in the future

11

Niche marketing

Focuses on a particular segment of a large market

12

Mass marketing

This approach aims to provide products that meet some of the needs of a large proportion of the market

13

Market segments

The groups of similar needs and wants within a market

14

Marketing mix

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

15

Product life cycle

A model that shows the sales of a product over its life

16

Boston matrix

This model analyses all of a firm's products in terms of their market share and the growth of the market

17

Product portfolio analysis

Examines the market position of all of the products of a business

18

Penetration pricing

A strategy in which low prices are set to break into market or to achieve a sudden increase in the market share

19

Price skimming

A strategy in which high price is set at the launch of a new product

20

Dynamic pricing

This occurs when prices are changing rapidly in response to changing demand

21

E-commerce

The buying and selling products electronically through the internet

22

Extension strategy

Method used to lengthen the life cycle of a product by preventing or delaying it from reaching the decline stage of the product life cycle