Customer Relations Management (CRM)
Refers to the use of people in the marketing mix. CRM focusses on what can be gained during the lifetime of a positive relationship with customers.
The moral aspects of a firm's marketing strategies. It can be encouraged by the use of moral codes of practice.
Five forces analysis
Michael Porter's model of assessing the nature of competition within an industry by examining five variables (or forces): new entrants, existing competitors, substitutes, suppliers and buyers.
The range of marketing activities designed to discover the opinions, beliefs and feelings of potential and existing customers to identify and anticipate the needs and wants of customers.
A systematic examination and review of the current position of a firm in terms of its strengths and weaknesses.
The four main elements of marketing strategies: PRODUCT, PRICE, PROMOTION and PLACE. (The 4Ps)
The eighth 'P' in the marketing mix which focuses on the ways in which a product is presented to the consumer.
The image portrayed by a business (or perceived by customers) regarding its observable and tangible features such as the cleanliness and physical size of a business or the presentation of its staff.
A visual aid that shows customers' perception of a product or brand in relation to others in the market.
Involves data being collected by the researcher since the dtaa does not currently exist.
Part of the extended marketing mix which refers to the methods and procedures used to give clients the best possible customer experience.
Focusses on the comments, suggestions and opinions of respondents. Qualitative research data are not statistical but can generate in-depth findings.
Focusses on the collection and interpretation of statistical and numerical data for market research purposes.
A sampling method that involves segmenting the population and then selecting a certain number (the quota) in each market segment.
A sampling method that gives every person in the population an equal chance of being selected.
A strategy that involves changing the market's perception of a product or brand relative to those offered by rival firms.
A quantitative technique that attempts to estimate the level of sales a business expects to achieve, over a given time period.
The practice of selecting a representative group (known as the sample) of a population for primary research purposes.
Using data and information that has already been collected by another party; i.e. the data or information already exists.
The process of categorising customers into distinct groups of people with similar characteristics (such as age or gender), and similar wants or needs for research and targeting purposes.
Each distinctive market segment will have its own marketing mix. Different markets can also be targeted, depending on whether they operate in niche, differentiated or mass markets.
Unique Selling Point (USP)
Any aspect of a product that makes it stand out from those offered by rival businesses.
Coordinated marketing mix
Key market decisions complement each other and work together to give customers a consistent message about the product.
The goals set for the marketing department to help the business achieve its overall objectives.
A long term plan established for meeting marketing objectives.
Marketing a new product in a geographical region before the full scale launch.
Errors in research caused by using a sample for data collection rather than the whole target population.
Draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum.
Using one or a number of specific groups to draw samples from and not selecting the whole population; e.g. using one region or town.
Gathering data from a group chosen out of a specific sub-group; e.g. a researcher may ask 100 individuals between the ages of 20 and 30 years.
Using existing members of a sample study group to recruit further participants through their acquaintances.
A sub-group of a whole market in which consumers have similar characteristics.
Identifying different segments within a market and targeting different products or services to them.
A quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class.
The market segment that a particular product is aimed at.
Consumer perception of a company behind a brand.
Underlying movement of the data in a time series.
Regular and repeated variations that occur in sales data within a period of 12 months or less.
Variations in sales occurring over periods of time of much more than a year.
May occur at any time and will cause unusual and unpredictable sales figures; e.g. exceptionally poor weather, or negative public image following a high-profile product failure.