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Marketing

TermDefinition
Marketing Identifying the customer needs and then Designing, Pricing, Packaging, Promoting, and Distributing of a product/service
Marketing Strategy A plan setting out how a business will identify and satisfy the customer needs identified by market research
Market Segmentation Divides consumers into different categories. e.g young females, high-incoming males, sports enthusiasts, etc.
Market Niche Is a specific gap in the market for a new product/service
Product Positioning Means creating an image for a product in the mind of consumers in the target market
Target Market Is a precise description of the consumers to whom a product will be aimed
Marketing Mix Consists of Four elements ( the 4 P's ) used to turn the marketing strategy and product positioning into reality - Product, Price, Place, Promotion.
Product Branding Means creating an identity for a product that clearly distinguishes it from competitors.
Patent Provides legal protection of an invention or a design of a product to the inventor or designer.
Product Packaging Should adress the following: Provide protection, look good and provide information
Product Life Cycle Theory that most products pass through distinct life stages: Product Development, Intro, Growth, Maturity, Saturation and decline
Pricing strategies To set a price that will help the firm to achieve its long-term marketing objectives.
Channels of Distribution The various paths that goods may follow from producer to consumer
Promotion All the efforts made by the seller to communicate and influence the target market to buy a product
Advertising Consists of messages designed to inform, persuade, or remind people to buy a product or service
Public Relations ( PR ) Communicating with the media using news stories to create good publicity for a firm or its products or to respond to negative publicity.
Sponsorship A type of PR where a company pays money towards the cost of a sporting or other charitable cause.
Created by: jacknolan
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