Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
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. |
Created by:
dduguid
Popular Business sets