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Marketing key terms

Terms in this set (18)

Marketing
... is the all-embracing function that links the business with customer needs
and wants in order to get the right product to the right place at the right time.
Mission
...describes the organisation's basic function in society, in terms
of the products and services it produces for its customers.
Marketing plan
...is a detailed statement (usually prepared annually) of how a company's
marketing mix will be used to achieve its market objectives.
Vision
...is he long-term aims and aspirations of the company for itself
Qualitative
Research
... is market research that deals with information too difficult or expensive to
quantify, such as subjective opinions and value judgements, typically
unearthed during interviews or discussion groups
Quantitative
Research
... is market research that concentrates on statistics and other numerical
data, gathered through opinion polls, customer satisfaction surveys and
so on. Compare 'qualitative research'
Market segment
... is a customer group within the market that has special characteristics
which are significant to marketing strategy
Customer need
... is a basic requirement that an individual wishes to satisfy.
Customer wants
... is a desire for a specific product or service to satisfy the
underlying need.
Customer demand
... is a want for a specific product supported by an
ability and willingness to pay for it.
Product
... is defined as anything that is capable of satisfying customer
needs
Price
... of a product may be seen as a financial expression of the
value of that product and is one oft he 4 „Ps".
Promotion
... is one of the four "P's" of the marketing mix. Promotion is all about
businesses communicating with customers
Place
... is one oft he 4"Ps". Deals the distribution channel.
Market positioning
... is a marketing strategy that will position a business' products and services
against those of its competitors in the minds of consumers.
Market research
... is the systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services
Market share
... can be defined as the percentage of all sales within a
market that is held by one brand / product or company.
Advertising
... is any paid form of non-personal presentation and promotion
of ideas, goods and services through mass media such as newspapers,
magazines, television or radio by an identified sponsor.
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