Unit 5 - Marketing
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Created by:
inverurieacademy on February 18, 2011
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22 terms
Terms | Definitions |
|---|---|
 Advertising | A paid form of communication sent out by a business about a product or service. |
| Branding | The name, symbol, or design used to identify your product. |
| Channels of distribution | Routes that products and services take from the time they are produced to the time they are consumed (customers). |
| Customers | People who buy the products and services companies offer. |
| Market research | A system for collecting, recording, and analyzing information about customers, competitors, goods, and services. |
| Market segments | Groups of customers who share common characteristics. |
| Marketing mix | Blending the four maketing elements to satisfy a target market; Product, Price, Promotion, Place |
| Primary data | Information collected for the first time to fit a specific purpose. |
| Public relations | Improves the image of the production and organisation |
| Sales promotion | The act of offering an incentive to customers to increase sales. |
| Secondary data | Information found in already published sources. |
| Target market | Individuals or companies interested in a particular product or service and willing and able to pay for it. |
| Product Life Cycle | The stages a product goes through in its life ie introduction/launch, growth, maturity, decline. |
| Marketing strategies | Special offers/free gifts/shop promotions Competitions Sponsorship or sporting events Celebrity endorsements |
| Market Segmentation | A group of consumers with similar needs/wants/portion of the market/target market |
| Market-led | Considering what the customers want before puting a product on to the market |
| Product-led | Putting the product on the market without prior market research |
| Marketing Department tasks | Carrying out market research, Researching and developing products for the market, Deciding where to sell the products, suitable pricing, advertising and promoting. |
| Cost-plus pricing | Price is calculated to be slightly above the cost of production. |
| Penetration pricing | When a firm brings out a new product they set the price very low to encourage customers to try it. |
| Destroyer Pricing | Reducing the price so that competitors are forced out of the market |
| Skimming | Selling a new product at a high price while it is still a novelty |
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