IGCSE Unit 3 Marketing

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IGCSE
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1

Advertising

influencing the buying behavior of consumers with a persuasive selling message about products and/or services.

2

Brand

A name image or logo which distinguishes a product or serivce from competitors

3

Brand image

The the general impression that a brand presents to consumers

4

Building customer relationships

Building strong relationships to ensure customer loyalty

5

Competitive pricing

Setting a price close to competitors products in the same market

6

Cost plus pricing

Adding a fixed price to the cost of making or buying a product

7

Customer loyalty

Consumers who make repeated purchases of a specific product or brand

8

Distribution channels

The path a product takes from producer to consumer

9

E-commerce

Selling products and services over the internet

10

Extension strategies

Strategies to lengthen the maturity stage of a product

11

Licensing

An agreement in which one company gives another company permission to manufacture its product for a payment.

12

Market

All potential consumers who have an interest in buying a product and the money to do so

13

Market orientated

Products or services developed in reponse to market research data

14

Market segmentation

Splitting a market into smaller parts based on consumer characteristics

15

Marketing Mix

Four marketing decisions required for the successful marketing of a product or service (4p's or 4c's)

16

Market research

Collecting and analysing data about customers, competitors and the market for a product or service

17

Market Share

Revenue of a business as a % of the total market revenue

18

Marketing Strategy

Plan to achieve marketing targets with set resources

19

Mass marketing

Selling the same product to a whole market

20

Niche marketing

Developing product for a small market segment

21

Packaging

The wrapping material around a consumer item that serves to contain, identify, describe, protect, display, promote and otherwise make the product marketable and keep it clean.

22

Penetration pricing

Setting a low price to attract consumers to buy a new product

23

Price elasticity

How much demand is impacted by a change in price

24

Price skimming

Setting a high price for a new unique product which has no direct competitor in the market

25

Product development

The creation of products with new or different characteristics that offer new or additional benefits to the customer.

26

Product life cycle

Pattern of sales from introduction to withdrawl from the market

27

Product oriented

A business decides what to produce then finds buyers for the product

28

Promotional pricing

reducing the price of a product or services in short term to attract more customers & increase the sales volume

29

Sales Promotion

incentives used to encourage short term increases in sales or repeat purchases

30

Sampling

Taking a representative sample from the target market to complete market research

31

Secondary research

Collection of data from second hand resources

32

Social media marketing

is the use of social media websites and social networks to market a company's products and services.

33

Primary research

First hand data collected specifically for a business needs