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Unit5A

Marketing & BEP

TermDefinition
Idea Generation systematic way of finding ideas for new products/services
Brainstorming intensive discussion by small group with aim of coming up with new ideas for products/services. Done at initial Idea generation stage . Time limit. No ideas discarded.
Market research gathering, recording and analysing of information relating to identifying, anticipating and satisfying customer needs
Desk Research secondary research, looking at information already available such as company reports, CSO data etc
Field research primary research, collecting information through surveys, panels and observation
Questionnaire printed list of questions aimed at collecting data
Screening spotting good ideas (potential) and dropping bad ones
Concept Development turning idea into tangible product involves identifying USP
Unique Selling Point USP is what distinguishes product from competitors'
Feasibility study investigates product's potential in terms of can we make it (production feasibility) at a profit (financial feasibility) and is it marketable (size of target market)
Prototype Development First working model of new product
Test Marketing product sold to test market to determine customer reaction to new product
Product Launch full-scale launch on market
Marketing identifying, anticipating and satisfying customer requirements profitably
Marketing Concept customer-oriented approach, customer driven, centred on satisfying the customer, responsive to customer needs
Market Segmentation dividing market into segments of customers with common characteristics
Target Market market you are planning to sell your goods to
Niche Market small, specialist market
Marketing Mix Product, Price, Promotion, Place
Product this includes design, USP, Packaging, Branding
Design performance, appearance, economy, safety
Unique Selling Point what distinguishes it
Packaging protects, promotes, provides information, convenience for storage & use
Branding name/symbol that identifies good with a business & distinguishes it from competitors which helps to create loyalty
Product Life Cycle stages product goes through from introduction to growth, to maturity, to saturation, and to decline
Price amount charged for good/service
Pricing Strategies different pricing policies that a firm can choose from
Cost Plus Pricing Cost of producing goods plus a profit mark up
Penetration Pricing low price to capture market share (suitable for new products) e.g. Vodafone
Price Skimming charge high price in short term e.g. flights go up during school holidays
Competitive Pricing matching competitors' prices
Loss leader Pricing certain products (bread/milk) sold at cost price to attract customers into the store
Discriminatory Pricing Charging different prices to different groups e.g. OAPs, cinemas cheap tickets for off peak
Promotional Pricing Reduced price for a particular reason
Promotion all communication involved in bringing products to attention of customers & getting them to buy the products
Advertising Standards Authority for Ireland self-regulating body, issues codes of practice, promotes highest standards of advertising
Sales Promotion marketing techniques used to make good attractive by providing extra benefit
Merchandising the way goods are displayed and where they are located in a shop
Direct Marketing making contact with customer (telesales)
Advertising publication of information regarding a firm's goods/ services which is designed to inform/remind/persuade customers to buy advertised item
Public Relations (PR) planned & sustained effort to establish & maintain goodwill between business and public
Sponsorship business provides financial support to a party/event /team
Personal selling salesperson tries to persuade customer to buy product
Public Relations Officer deals with media, customers, community, generates publicity & manages crisis
Place various ways of distributing goods, includes channels of distribution, retailer, wholesaler and franchising
Channels of Distribution network used in physical distribution of goods
Wholesaler buys in bulk and sells in small quantities, closer to customers than manufacturer
Retailer buys from wholesaler & sells directly to consumer
Direst Selling Manufacturer sells directly to consumer e.g. Ryanair, Dell
Agents appointed by manufacturer to stock & sell products e.g. Toyota dealer
Break-even Analysis examining relationship between price and costs
Break-even Point where total costs = total revenue
Total Costs Fixed Costs + Variable Costs
Total Revenue Price X Quantity
Contribution selling price per unit - variable cost per unit
Margin of Safety amount by which a firm's sales can fall before break-even point is reached
Created by: MsBradyBusiness