Unit 3 Marketing Flashcards
(38 cards)
What is the market share?
The percentage of total market sales held by one brand or businesse
What is a mass market?
Where there is a very large number of sales of a product
What is a niche market?
A small, usually specialised, segment of a much larger market
What a Market segment?
An indentifiable sub-group of a whole market in which consumers have similar characteristics or preferences
What is a product-oriantated buiness?
A business which it’s main focus of activity is on the product itself
What is a market-orientated business?
A business which carries out market research to find out consumer wants before a product is developed and produced
What is a marketing budget?
A financial plan for the marketing of a product or product range for some specified period of time. It specifies how much money is availble to market the product or range, so that the Marketing department know how much they can spend
What is Market research?
The process of gathering analysing and interpreting information about a market
What is primary research?
The collection and collation of original data via direct contact with potential or existing customers. Also called field research
What is secondary research?
Information that already been collected and is availble for use by others
What is a questionaire?
A set of questions to be answered as a means of collecting data for market research
What is a sample?
A group of people who are selected to respond to a market research exercise, such as a questionaire
What is a random sample?
When people are selected at random as a source of indormation for market research
What is a quota sample?
When people are selected on the basis of certain characteristics such as ae gender income.
What is a focus group?
A group of people who are representative of the target market
What is the marketing mix?
All activites which go into marketing a prodcut or service. These activities are often summarised as the four Ps - product, place, promotion, price
What is an USP
The special feature of a product that differentiates from the products of competitors
What is the Brand name?
The unique name of a product that distiguishes it from other brands
What is the brand name?
A unique name of a product that distinguishes it from other brands.
What is brand loyalty?
When consumers keep buying the same brand again and again instead of choosing a competitor’s brand
What is brand image?
An image or identity given to a prodcut which gives it a personalit of its own and distiguishes it from its competitors brands
What is packaging?
The physical container or wrapping for a product. It is also used for promotion and selling appeal
What is the product life cycle?
The stages a product will pass through from its introduction, through its growth until it is mature and then finally its decline
What is Cost-plus pricing?
The cost of manufacturing the product plus a profit mark-up
