click below
click below
Normal Size Small Size show me how
Marketing
GCSE Business Studies Marketing
Term | Definition |
---|---|
Market Research | The process of gaining information about customers, competitors and market trends through collecting primary and secondary data. |
Primary Research | The gathering of new information, called primary data, which has not been collected before. |
Surveys | Research involving asking questions of people or organisations. |
Respondents | Those who provide data for a survey usually by answering questions in a questionnaire or interview. |
Questionnaire | A list of questions to be answered by respondents, designed to gather information about customer tastes. |
Focus Group | A group of people brought together to answer questions and discuss a product, brand or issue. |
Observation | Looking at, and recording how people or businesses behave. |
Field Research | Another name for primary research |
Desk Research | Another name for secondary research |
Secondary Research | The process of gathering secondary data, which is information that has already been gathered such as sales records, government statistics, newspaper articles or reports from market research groups. |
Qualitative Data | Information about opinions, judgements and attitudes. |
Quantitative Data | Data that can be expressed as numbers and can be statistically analysed. |
Direct Customer Contact | Having information direct from the customer e.g. Tesco clubcards |
Market segment | Part of a market that contains a group of buyers with similar buying habits, such as age or income. |
Market Map | A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality. |
Perceptual Map | Another name for a market map |
Positioning map | Another name for a market map. |
Gap in the market | Occurs when no business is currently serving the needs of customers for a particular product. |
Product Range | a group of similar products made by a business. |
Brand | A named product, which customers see as being different from products and which they can associate or identify with. |
Added value | The increased worth that a business creates for a product; it is the difference between what a business pays its suppliers and the price that it is able to charge for the product/service. |
USP | A characteristic of a product that makes it different from other similar products being sold in the market such as design, quality or image. |
Marketing Mix | The combination of factors which help the business to take into account customer needs when selling a product. Also called the 4P's. |
Product | A good or service produced by a business or organisation and made available to the customers for consumption. |
Price | The amount of money customers have to give up to acquire the product. |
Promotion | Communication between the business and customer, making the customer aware that the product is for sale. |
Place | The way in which a product is distributed - how it gets from the producer to the consumer. |
Marketing | The management process that is responsible for anticipating, identifying and satisfying customer needs profitably. |
Sample | A small group out of the total population which is selected to take part in a survey. |
Product Trial | When consumers buy a good for the first time and assess whether or not they want to buy it again. |
Public relations | Promotion of a positive image about a product or business through giving information about the product to the general public, other businesses or to the press. |
Viral marketing | Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends. |
Penetration pricing | Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share. |
Trade buyers | Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers. |
Wholesalers | Businesses which buy in bulk from a manufacturer or other supplier and then sell the stock on in smaller quantities to retailers. |
Retailer | Businesses which specialise in selling goods in small quantities to the consumer. |
Customer loyalty | The willingness of buyers to make repeated purchases of a product or from a business. |
Repeat purchase | When a customer buys a product more than once. |
Product life cycle | The stages through which a product passes from its development to being withdrawn from sale; the phases are research and development, launching the product, growth, maturity, saturation and decline. |
Research and development | The process of scientific and technological research and then the development of the findings of that research before a product is launched. |
Extension strategy | Method used to increase the life of a product and prevent it falling into decline. |
Product Portfolio/Product Mix | The combination or range of products that a business sells. |
Product portfolio analysis | Investigation of the combination of products sold by a business. |
Boston Matrix | A model which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within tat market, a product is placed on one of four categories - star, cash cow, problem child or dog. |
Brand | A named product which consumers see as being different from other products and which they can associate and identify with. |
Generic product | A product made by a number of different businesses in which customers see very little or no difference between the product of one business compared to the product of another business. |
Own brand | A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product. |
Product differentiation | Making one product different from another in some way, for instance through the quality of a product, its design, packaging or advertising. |
Premium Price | A price which is above the average for products of a particular type. |
Marketing mix | A combination of factors which help a business to take into account customer needs when selling a product, usually summarised as the 4 P's - product, place, price and promotion. |