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Marketing

Unit 5

TermDefinition
Marketing Identifying, anticipating and satisfying customer needs in a profitable way.
Marketing Strategy A plan to satisfy the needs of the customer. Done through research, positioning, segmenting and making a market mix.
Market Segmentation Divides the consumers into different categories. E.g. young females
Demographic Segmentation Analyses consumers in terms of age, income, social class, etc.
Psychological Segmentation Analyses consumers on the basis of their attitudes and tastes. E.g. hippies or impulsive shoppers.
Niche Market A specific gap in the market for a new product or service.
Product Positioning Creating an image for a product in the mind of consumers in the target market.
Marketing Mix Consists of four elements used to turn the marketing strategy and product positioning into reality- Product, Price, Place and Promotion.
Product The good or service produced to meet a customer need. Focuses on- Design, Quality, Branding, Packaging and Product life cycle.
Product Portfolio/ Range Describes the range of products produced by a business.
Branding Creating an identity for a product that clearly distinguishes it from competitors. Brand name and logo
Brand Leader The brand with the highest percentage share of a particular market.
Own-brand Products Products sold by retailers under their own brand name.
Product Packaging Provides protection, looks good and provides information.
Patent Provides legal protection for an invention or a design of a product to the inventor or designer.
Trademark A logo that is legally registered by a business to distinguish them and their products from competitors.
Product Lifecycle Refers to the theory that most products pass through distinct life stages: product development, launch, growth, maturity, saturation and decline.
Price Allows the business to earn a profit, influences the level of sales, affects the image and positioning.
Pricing Strategies Aim to set a price that will help the firm to achieve it long term marketing objectives.
Created by: aoibheann_duffy
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