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Flashcards in Marketing Deck (25)
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1
Q

Marketing

A

Management task that links the business to the customers by identifying and meeting the needs of customers profitably

2
Q

Consumer markets

A

Markets for goods and services bought by the final user of the product

3
Q

Industrial market

A

Markets for goods and services bought by businesses to be used in the production process of other products

4
Q

Marketing objectives

A

The goals set for the marketing department to help the business achieve its overall objectives.

5
Q

Market orientation

A

Bases product decisions on consumer demand as established by market research.

6
Q

Product orientation

A

Focuses on products that can be made or have been made for a long time and then trying to sell them.

7
Q

Asset led marketing

A

Bases marketing strategies on the firms strengths instead of purely what the consumer wants

8
Q

Societal marketing

A

Marketing strategies consider not just the demands of consumers but also the effects on society

9
Q

Unique selling point

A

The special feature of a product that differentiates it from competitor’s products.

10
Q

Niche marketing

A

Identifying and exploiting a small segment of a larger market by developing products to suit it

11
Q

Mass marketing

A

Selling the same products to the whole market with no attempt to target groups within it.

12
Q

Market segmentation

A

Identifying different segments within a market and targeting different products or services to them.

13
Q

Market segment

A

A sub-group of a whole market in which consumers have similar characteristics

14
Q

Market research

A

The process of collecting, recording and analysing data about customers, competitors and the market

15
Q

Primary research

A

Collection of first hand data that is directly related to the firms needs

16
Q

Secondary research

A

Collection of data from second hand sources

17
Q

Qualitative research

A

Non numerical research into in depth motivation behind consumer buying behaviour

18
Q

Quantitative research

A

Numerical data that can be statistically analysed

19
Q

Focus group

A

Group of people who are asked about their attitude towards a product, service etc.

20
Q

Marketing mix

A

The four key decisions that must be taken in the effective marketing of a product

Product
Promotion
Price
Place

21
Q

Customer relationship marketing

A

Using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained.

Customer solution
Cost to customer
Convenience
Communication

22
Q

Product life cycle

A

Pattern of sales recorded by a product from launch to withdrawal from the market

23
Q

Extension strategies

A

Marketing plans to extend the maturity stage of the product life cycle.

24
Q

Product differentiation

A

Making product distinctive so that it stands out from competitors products.

25
Q

Full cost pricing

A

Calculating unit cost and adding a fixed profit margin