Marketing is everything involved in getting goods or services from the producer to the consumer at a profit.

A target market is a group of people who are most likely to want to buy a particular product or service and will usually have something in common e.g. they all play golf.

A niche market is a small group of people with specific needs, for example for gluten free foods.

Market research involves collecting information about a product or service and its market and then using that information to make business decisions.

Methods of field research include surveys or questionnaires, test marketing, direct observation and panels.

A 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 survey everyone.

The marketing mix for a product refers to the Four Ps: Product, Price, Place, Promotion.

Channels Of Distribution

The various ways of getting finished products or services from the producer to the consumer are called the channels of distribution.

Advertising is the communication of information about a product or service to the consumer on various media, including online and social media platforms.

Sponsorship is where a firm pays money to have their name or products associated with a major event, a famous person or a famous place.

A product life cycle shows how the demand for a product changes over time.

A USP is what sets a firm's product apart from those of its competitors; this could be a lower price, unique features or a better after-sales or customer care element.

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Marketing

Term	Definition
Marketing	Marketing is everything involved in getting goods or services from the producer to the consumer at a profit.
Target Market	A target market is a group of people who are most likely to want to buy a particular product or service and will usually have something in common e.g. they all play golf.
Niche Market	A niche market is a small group of people with specific needs, for example for gluten free foods.
Market Research	Market research involves collecting information about a product or service and its market and then using that information to make business decisions.
Desk Research
Field Research	Methods of field research include surveys or questionnaires, test marketing, direct observation and panels.
Sample	A 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 survey everyone.
Marketing Mix	The marketing mix for a product refers to the Four Ps: Product, Price, Place, Promotion.
Channels Of Distribution	The various ways of getting finished products or services from the producer to the consumer are called the channels of distribution.
Advertising	Advertising is the communication of information about a product or service to the consumer on various media, including online and social media platforms.
Sponsorship	Sponsorship is where a firm pays money to have their name or products associated with a major event, a famous person or a famous place.
Product Life Cycle	A product life cycle shows how the demand for a product changes over time.
USP	A USP is what sets a firm's product apart from those of its competitors; this could be a lower price, unique features or a better after-sales or customer care element.

Created by: KRaguraman24

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