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Unit5A
Marketing & BEP
| Term | Definition |
|---|---|
| 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
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