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JC Business Studies

Key Definitions

TermDefinition
Marketing Everything involved in getting a product or service from the producer to the consumer at a profit
Market Refers to the place where goods and services are bought and sold
Target Market All of the people who might buy a particular product or service
Marketing Mix The combination of the product, price, promotion and place through which a business aims to satisfy customers and make a profit
Marketing Strategy The plan drawn up by management to achieve the business' marketing objectives
Market Segment A group of people for whom a particular product satisfies a similar need
Marketing Concept Thinking of consumers' needs first, understanding these needs and organising the business to deliver the products/services which satisfy theses needs more effectively than competitors
Market Research Involves gathering information about a product and its market and then using that information to make business decisions
Desk Research Is secondary research as it involves using information that already exists.
Examples of Desk Research Using information already in the business e.g. internal reports or doing online research e.g. accessing reports available from government agencies
Field Research Is primary research as it involves going into the market and colleting information for your particular purpose
Examples of field research Interviewing people, getting people to complete questionnaires, observing people's behaviour
Advertising Communicating information about a product/service directly to the consumer
Sales Promotion Refers to a variety of activities, other than advertising, used by a firm to increase sales of a particular product or service
Created by: mary mcmullin
Popular Marketing sets

 

 



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