finding out what type of product or service consumers need

a target market is a group of people who are most likely to want to buy a particular product or service

a niche market is a small group of people with specific needs

market research involves asking potential consumers for info that can then be used to make business decision

refers to info that is collected about a market by looking up reportts

involves going out and asking members of the public questions

market segmentation is the process of dividing the total consumer market into smaller groups, called segmentation based on something they have in common

is a small, representative section of a target market that you carry out market research on. samples are used because it is too costly and time consuming to everyone.

all of the elements that form part of marketing are referred to as the market mix. the market mix for a product or service can be broken down into four main parts known as the four ps they are product price place promotion

channels of distribution

the different ways of getting finished products or service from the producer to the consumer are called channel of distribution

advertising is the communication of information about a product or service to the consumer on tv, radio, in magazines, on the internet, on social media, in the newspaper and on billboards around cities and towns.

sponsorship is where firms pay money to have their name or products associated with major events e.g. FA Cup.

a product life cycle shows how demand for a product changes over time

a USP is what sets a firms product apart from those of its competitors this could be a lower price, unique features or a better after sales or consumer care element.

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marketing key words

types of key works

Question	Answer
marketing	finding out what type of product or service consumers need
target market	a target market is a group of people who are most likely to want to buy a particular product or service
Niche Market	a niche market is a small group of people with specific needs
Market Research	market research involves asking potential consumers for info that can then be used to make business decision
Desk Research	refers to info that is collected about a market by looking up reportts
Field Research	involves going out and asking members of the public questions
market segmentation	market segmentation is the process of dividing the total consumer market into smaller groups, called segmentation based on something they have in common
sample	is a small, representative section of a target market that you carry out market research on. samples are used because it is too costly and time consuming to everyone.
marketing mix	all of the elements that form part of marketing are referred to as the market mix. the market mix for a product or service can be broken down into four main parts known as the four ps they are product price place promotion
channels of distribution	the different ways of getting finished products or service from the producer to the consumer are called channel of distribution
advertising	advertising is the communication of information about a product or service to the consumer on tv, radio, in magazines, on the internet, on social media, in the newspaper and on billboards around cities and towns.
sponsorship	sponsorship is where firms pay money to have their name or products associated with major events e.g. FA Cup.
product life cycle	a product life cycle shows how demand for a product changes over time
USP	a USP is what sets a firms product apart from those of its competitors this could be a lower price, unique features or a better after sales or consumer care element.

Created by: Jlynch24

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