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IB Business and Management _Marketing

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Market share

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Terms in this set (50)

Measures the value of a firms sales revenues as a percentage of the industry total

Management role of predicting, identifying and meeting the needs and wants of customers in a profitable manner

Marketing audit

A review of a firms current marketing mi in terms of its strengths, weaknesses, opportunities and threats

Main elements of a firms marketing strategy. It consists of the 4 P's - product, price, promotion and place

The document outlining a firms marketing objectives and strategies for a specified time period

Visual aid that shows the customers perception of a product or brand in relation to others in the market

Primary research

Involves data being collected by the researcher since the information does not currently exist

Sampling method that involves segmenting the population and then selecting a certain number of people in each market segment

Sampling method that gives every person in the population an equal chance of being selected

Strategy that involves changing the markets perception of a product or brand relative to those offered by rival firms

Sales forecasting

Quantitative technique that attempts to estimate the level of sales a business expects to achieve

Practice of selecting a representative group of a population for primary research purposes

Secondary research

Involves using data and information that has already been collected by another party

`Categorizing customers into distinct groups of people with similar characteristics and similar wants or needs for research and targeting purposes

Unique selling point

Any aspect of a product that makes it stand out form those offered by rival businesses