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Marketing

Junior Cert Business Studies

TermDefinition
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
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