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
marketing and advertsising
| Term | Definition |
|---|---|
| Market | place where goods are bought and sold |
| Marketing | identifying, anticipating and satisfying customer requirements profitably |
| Marketing mix | combination of marketing techniques used to satisfy consumers' requirements profitability, consists of the 4Ps. |
| Marketing Concept | customer-oriented approach, customer driven, centred on satisfying the customer, responsive to customer need |
| Market Segmentation | dividing market into segments of customers with common characteristics |
| 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 |
| Field research | primary research, collecting information through surveys, panels and observation |
| Questionnaire | printed list of questions aimed at collecting data |
| Target Market | market you are planning to sell your goods to |
| Niche Market | small, specialist market e.g. vintage car market |
| Product | this includes design, USP, Packaging and branding |
| Design | this includes design, USP, Packaging, Branding |
| 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 |
| Trade mark | a name that a firm uses on its products e.g. Kellogs |
| 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 |
| 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 |
| logo | distinctive style of writing a firm's name |
| Product Life Cycle | stages product goes through from introduction to growth, to maturity, to saturation, and to decline |
| AIDA concept | purpose of advertising is to grab your Attention, create in you a Desire that leads to an Action (you buy the good) |
| Informative Advertising | gives useful information e.g. Debenhams Sale starts Thursday April 1ts |
| Persuasive Advertising | tries to convince people that they need the product e.g. "Because you're worth it." |
| Competitive Advertising | used to convince people that their product is better than that of their competitors |
| Generic Advertising | all the firms in that industry come together to promote that type of product e.g. "Milks the one." |
| Advertising media | means used to advertise e.g. tv, radio, social media, internet, newspapers, magazines, billboards etc. |
| After-sales services | support offered by manufacturers, distributors and retailers to consumers |
| Point-of-sale advertising | advertising in he place where a product is sold |
| Product development | is the process of creating a new product or altering an existing one |
Created by:
MsBradyJCBSTU
Popular Business sets