 | Term | Definition |
| |
The Marketing Mix |
For marketing to be succuesful, an organisation must combine the right product, right price, place and suitable promotion. |
| |
Product |
Must meet the needs of the consumer and benefit the customer |
| |
Branding |
Using a logo or trademark to identify a product from others |
| |
Market |
A place for buyers, sellers and consumers to meet involving the sale of goods to custoemrs by any means |
| |
Market Led Organisation |
An organisation that consumer and what they want and changes in response to change in the market |
| |
Product Led Organisation |
An organisation that assumes its products are the best and that there is no competition for it |
| |
Age, gender, Marital Status and Fashion Sense |
4 demographics that influence people to purchase one product instead of another similar one |
| |
Development, Introduction, Growth, Maturity and Decline |
The 5 stages of the Product Life Cycle |
| |
Destroyer Pricing |
Charging a deliberately low price to try to undermine competitors and put them out of business |
| |
Competitive pricing |
When rival companies charge similar prices for similar products |
| |
Price Skimming |
When consumers are prepared to pay a high price in order to have the product first |
| |
Penetration Pricing |
When a firm wishes to bring tin a new product it will often introduce a low price to penetrate the maket |
| |
Below the Line promotion |
Promotion directly controlled by the business in order to target the consumer |
| |
Above the Line promotion |
Promotion that makes use of independent media such as tv, radio and newspapers to allow businesses to reach a large audience |
| |
Market Research |
Provides managers with information about what customers want and need and what will influence them to buy a product |
| |
Methods of Market research |
Desk or Field research |
| |
Desk Research |
Research that involves using secondary data |
| |
Field Research |
Research that involves using primary information |
