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Marketing & Research
Terms and definitions for marketing and researching your business
Term | Definition |
---|---|
Market research | Gathering and analysing information about the potential market for a product or service. |
Desk research | Accessing information that already exists |
Field research | Gathering information directly from the marketplace about customers and competitors. |
Observation research | Watching the behaviours of customers. |
Customers surveys | Using a questionnaire to ask customers about their attitudes towards new p or existing goods or services. |
Marketing | Identifying consumer needs and producing the products or services that meet those needs. |
The marketing mix | A combination of actions a company uses when selling a product or service. (Product, Price, Place & Promotion) |
Market | A place where goods or services are bought and sold. |
Brand | An identity, name or logo that makes a product or service different from competitors. |
Target market | A group of people with a common theme that will buy a particular product or service. |
Product life cycle | The theory that, like people, most product or services pass through distinct life stages; introduction, growth, maturity and decline. |
Wholesalers | Businesses that buy goods in very large amounts from producers and sell them in smaller amounts to retailers. |
Retailers | Shops at the end of the chain of distribution that sell goods and services to consumers. |
Channels of distribution | The routes that goods may follow to get from the producer tot the consumer. |
Producers | The companies that make or grow a product, also called manufacturers. |
Promotion | Communicating with customers to attract their attention to a product or service. |
Advertising | Communicating with consumers to inform, persuade or remind them about a product or service. |