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Unit 3 Vocab
McGriff Flashcards
| Term | Definition |
|---|---|
| marketing strategy | a plan of action giving details of how a business intends to achieve its marketing objectives by creating competitive advantage |
| marketing objectives | The goals set for the marketing department to help the business achieve its overall objectives |
| unique selling point | The special feature of a product that differentiates it from competitors' products |
| product differentiation | Making a product distinctive so that it stands out from competitors' products in consumers' perception |
| mean | Calculated by totaling all the results and dividing by the number of results |
| mode | The value that occurs most frequently in a set of data |
| median | The value of the middle item when data have been ordered or ranked. It divides the data into 2 equal parts |
| sample | The group of people taking part in a market research survey selected to be representative of the overall target market |
| random sampling | Every member of the target population has an equal chance of being selected |
| stratified sampling | a method of sampling from a population which can be partitioned into subpopulations |
| quota sampling | When the population has been stratified and the interview selects an appropriate number of respondents from each stratum |
| price elasticity of demand | A measure of how much the quantity demanded of a good changes in response to a change in its price |
| marketing mix | The four key decisions that must be taken in the effective marketing product of a product (product, price, place, promotion) |
| product positioning | The consumer perception of a product or service as compared to its competitors |
| above the line promotion | Traditional forms of marketing communication, such as advertising through mass media (TV, radio, newspapers, etc.), that are paid for directly |
| advertising | Paid-for communication with consumers to inform and persuade |
| below the line promotion | Promotion that is not a directly paid-for means of communication, but based on short-term incentives to purchase |
| branding | The strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about the product |
| channel of distribution | The chain of intermediaries a product passes through from producer to final consumer |
| dynamic pricing | A pricing strategy in which prices are adjusted in real-time based on market demand, competition, and other factors |
| E-commerce | The buying and selling of goods and services over the internet |
| integrated marketing mix | The key marketing decisions complement each other and work together to give customers a consistent message about the product |
| internet marketing | The marketing of products over the Internet |
| promotion | The use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy |
| viral marketing | The use of social networking sites or SMS text messages to increase brand awareness or sell products |
Created by:
lizziefield
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