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Marketing

TermDefinition
Marketing Concept Understanding the needs and wants of customers in the market and of adapting the operations of the organisation to deliver the right goods and services more effectively and efficiently than its competitors.
Marketing Strategy Is a written plan that sets out the business’s marketing objectives and the means by which it will achieve these.
Market Segmentation Involves dividing up the market into clearly identifiable sections, which have common characteristics.
Target Market A specific group of people a product or service is being aimed at.
Elements must be considered under the product Product design, packaging, branding and product life cycle.
Subheadings under 'product design' Function and form.
Functions of 'product packaging' Protection,information,differentiation, promotion, consumer friendly.
Branding Occurs when a business gives its product a name/symbol/design to make it easy for consumers to identify it and to make it stand out from its competitors products.
Cost Plus Pricing All the product costs involved in research and development, production and distribution and a margin for profit are added and the total cost determined.
Going Rate Pricing To compete on the market, prices must be set at the same level as those of the competition.
Market Share Pricing (Penetration Pricing) Involves setting prices lower than the competition in order to gain and keep market share.
Premium Pricing In an effort to reinforce the desired high quality image, and enterprise might pitch prices at a higher level than the competition.
Tactical Pricing Involves the use of discounting, promotional prices and special offers.
Price This what one pays for a product.
Factors one must consider when deciding the selling price of a product? Costs, competitors prices, type of product/image, stage of the product life cycle, consumers,demand,
Created by: deborahh
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