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Marketing
Term | Definition |
---|---|
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. |