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Marketing
Junior Cert Business Studies
Term | Definition |
---|---|
market | refers to all the people and institutions involved in the buying and selling of a product |
marketing | means identifying consumers' requirements and identifying how to supply these requirements at a profit |
product development | is the process of creating a new product or altering an existing one |
target market | is a group of consumers identified as being the people most likely to buy a particular product. advertising and promotion is aimed at this group |
market segmentation | means subdividing the market for a product into specific groups of people who share common characteristics, e.g young people, middle-aged people and senior citizens |
market research | is the collection and analysis of information about a product and the market for that product |
desk research | is using information that has already been collected |
field research | is gathering new information through research |
advertising | is the communication of information about a product or service to people in general or to a particular group of people that tries to persuade them to buy the product or service |