3 AS Marketing 2023 Flashcards


Set Details Share
created 2 years ago by Eddie_Bradley
2,421 views
show moreless
Page to share:
Embed this setcancel
COPY
code changes based on your size selection
Size:
X
Show:

1

4c's

Consumer wants and needs, Cost, Convenience, and Communication

2

Advertising promotion,

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

3

Brand image,

The the general impression that a brand presents to consumers

4

Brand,

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

5

Building customer relationships,

Building strong relationships to ensure customer loyalty

6

Competitive pricing,

Setting a price close to competitors products in the same market

7

Cost plus pricing,

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

8

Customer loyalty,

Consumers who make repeated purchases of a specific product or brand

9

Demand

consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.

10

Distribution channels,

The path a product takes from producer to consumer

11

Dynamic pricing

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.

12

E-commerce,

Selling products and services over the internet

13

E-commerce,

commercial transactions conducted electronically on the Internet.

14

Extension strategies,

Strategies to lengthen the maturity stage of a product

15

Focus groups

a group of people gathered to discuss heir opinions and preferences about a product

16

Licensing,

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

17

Market Growth

Market growth is the increase or decrease in the size of a market for a product or service over time.

18

Market orientated,

Products or services developed in reponse to market research data

19

Market research,

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

20

Market segmentation,

Splitting a market into smaller parts based on consumer characteristics

21

Market Share,

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

22

Market,

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

23

Marketing Mix,

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

24

Marketing Objectives

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

25

Marketing Strategy,

Plan to achieve marketing targets with set resources

26

Mass marketing,

Selling the same product to a whole market

27

Niche marketing,

Developing product for a small market segment

28

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.

29

Penetration pricing,

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

30

Price elasticity,

How much demand is impacted by a change in price

31

Price skimming,

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

32

Primary research,

First hand data collected specifically for a business needs

33

Product Differentiation

is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.

34

Product life cycle,

Pattern of sales from introduction to withdrawl from the market

35

Product oriented,

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

36

Promotional pricing,

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

37

Random Sampling

member of the sample has an equal probability of being chosen

38

Sales Promotion,

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

39

Sampling,

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

40

Secondary research,

Collection of data from second hand resources

41

Social media marketing,

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

42

Supply

the total amount of a specific good or service that is available to consumers.

43

Surveys

asking consumers or potential consumers for their opinions and preferences about a product

44

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

45

Viral marketing

consumers are encouraged to share information about a company's goods or services via the Internet.

46

B2B

Business-to-business (B2B), also called B-to-B, is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. Business-to-business refers to business that is conducted between companies, rather than between a company and individual consumer.

47

BSC

The term business-to-consumer (B2C)means selling products and services directly between a business and consumers who are the end-users of its products or services.

48

Customer Relationship Marketing

Customer relationship management (CRM) refers to the principles, practices, and guidelines that an organization follows when interacting with its customers.to establish successful customer relationships to maintain customer loyalty

49

Tangible attributes

Measurable features of a product that can be easily compared with other products.

50

Intangible attributes of product

Subjective opinions of customers about a product that cannot be measured or compared easily.

51

Boston Matrix Analysis

The Boston Matrix is a model which helps businesses analyse their portfolio of businesses and brands in terms of market share and market growth.The Boston Matrix is a popular tool used in marketing and business strategy.

52

Product Portfolio Analysis

analysing the range of existing products of a business to help allocate resources effectively between them.

53

Psychological Pricing

"Psychological pricing is a pricing and marketing strategy based on the theory that certain prices have a psychological impact.For example. $19.99 or £2.98 so consumers think just-below prices (also referred to as ""odd prices"") as being lower than they actually are. Psychological pricing can also refer to the use of market research to avoid setting prices that consumers consider to be inappropriate for the style and quality of the product."

54

Direct Promotion

Direct marketing consists of any marketing that relies on direct communication or distribution to individual consumers, rather than through a third party such as mass media for example mail, email, social media, and texting campaigns are among the delivery systems used.

55

Digital Promotion

The term digital marketing refers to the use of digital channels to market products and services in order to reach consumers. This type of marketing involves the use of websites, mobile devices, social media, search engines, and other similar channels.