AS Unit 3 Marketing
influencing the buying behavior of consumers with a persuasive selling message about products and/or services.
A name image or logo which distinguishes a product or serivce from competitors
The the general impression that a brand presents to consumers
Building customer relationships
Building strong relationships to ensure customer loyalty
Setting a price close to competitors products in the same market
Cost plus pricing
Adding a fixed price to the cost of making or buying a product
Consumers who make repeated purchases of a specific product or brand
The path a product takes from producer to consumer
Selling products and services over the internet
Strategies to lengthen the maturity stage of a product
An agreement in which one company gives another company permission to manufacture its product for a payment.
All potential consumers who have an interest in buying a product and the money to do so
Products or services developed in reponse to market research data
Splitting a market into smaller parts based on consumer characteristics
Four marketing decisions required for the successful marketing of a product or service (4p's or 4c's)
Collecting and analysing data about customers, competitors and the market for a product or service
Revenue of a business as a % of the total market revenue
Plan to achieve marketing targets with set resources
Selling the same product to a whole market
Developing product for a small market segment
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.
Setting a low price to attract consumers to buy a new product
How much demand is impacted by a change in price
Setting a high price for a new unique product which has no direct competitor in the market
The creation of products with new or different characteristics that offer new or additional benefits to the customer.
Product life cycle
Pattern of sales from introduction to withdrawl from the market
A business decides what to produce then finds buyers for the product
reducing the price of a product or services in short term to attract more customers & increase the sales volume
incentives used to encourage short term increases in sales or repeat purchases
Taking a representative sample from the target market to complete market research
Collection of data from second hand resources
Social media marketing
is the use of social media websites and social networks to market a company's products and services.
First hand data collected specifically for a business needs
Consumer wants and needs, Cost, Convenience, and Communication
member of the sample has an equal probability of being chosen
sample from grounps based on members' shared characteristics such as income or educational attainment.
a group of people gathered to discuss heir opinions and preferences about a product
asking consumers or potential consumers for their opinions and preferences about a product
Market growth is the increase or decrease in the size of a market for a product or service over time.
the total amount of a specific good or service that is available to consumers.
consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
Marketing objectives are goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame
is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.
Unique Selling Point (USP)
A unique selling proposition (USP, also seen as unique selling point) is a factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind
Above the line promotion
he use of promotional methods that cannot be directly controlled by the company selling the goods or service, such as television or press advertising
Below the line promotion
Below-the-line promotion is the use of promotional methods that can be controlled by the company selling the goods or service, such as in-store offers and direct selling.
changing the price for a product or service to reflect changing market conditions, in particular the charging of a higher price at a time of greater demand.
consumers are encouraged to share information about a company's goods or services via the Internet.
commercial transactions conducted electronically on the Internet.