Consumer wants and needs, Cost, Convenience, and Communication
influencing the buying behavior of consumers with a persuasive selling message about products and/or services.
The the general impression that a brand presents to consumers
A name image or logo which distinguishes a product or serivce from competitors
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
consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
The path a product takes from producer to consumer
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.
Selling products and services over the internet
commercial transactions conducted electronically on the Internet.
Strategies to lengthen the maturity stage of a product
a group of people gathered to discuss heir opinions and preferences about a product
An agreement in which one company gives another company permission to manufacture its product for a payment.
Market growth is the increase or decrease in the size of a market for a product or service over time.
Products or services developed in reponse to market research data
Collecting and analysing data about customers, competitors and the market for a product or service
Splitting a market into smaller parts based on consumer characteristics
Revenue of a business as a % of the total market revenue
All potential consumers who have an interest in buying a product and the money to do so
Four marketing decisions required for the successful marketing of a product or service (4p's or 4c's)
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
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
First hand data collected specifically for a business needs
is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.
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
member of the sample has an equal probability of being chosen
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.
the total amount of a specific good or service that is available to consumers.
asking consumers or potential consumers for their opinions and preferences about a product
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
consumers are encouraged to share information about a company's goods or services via the Internet.
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.
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.
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
Measurable features of a product that can be easily compared with other products.
Intangible attributes of product
Subjective opinions of customers about a product that cannot be measured or compared easily.
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.
Product Portfolio Analysis
analysing the range of existing products of a business to help allocate resources effectively between them.
"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."
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.
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.