front 1 Advertising | back 1 influencing the buying behavior of consumers with a persuasive selling message about products and/or services. |
front 2 Brand | back 2 A name image or logo which distinguishes a product or serivce from competitors |
front 3 Brand image | back 3 The the general impression that a brand presents to consumers |
front 4 Building customer relationships | back 4 Building strong relationships to ensure customer loyalty |
front 5 Competitive pricing | back 5 Setting a price close to competitors products in the same market |
front 6 Cost plus pricing | back 6 Adding a fixed price to the cost of making or buying a product |
front 7 Customer loyalty | back 7 Consumers who make repeated purchases of a specific product or brand |
front 8 Distribution channels | back 8 The path a product takes from producer to consumer |
front 9 E-commerce | back 9 Selling products and services over the internet |
front 10 Extension strategies | back 10 Strategies to lengthen the maturity stage of a product |
front 11 Licensing | back 11 An agreement in which one company gives another company permission to manufacture its product for a payment. |
front 12 Market | back 12 All potential consumers who have an interest in buying a product and the money to do so |
front 13 Market orientated | back 13 Products or services developed in reponse to market research data |
front 14 Market segmentation | back 14 Splitting a market into smaller parts based on consumer characteristics |
front 15 Marketing Mix | back 15 Four marketing decisions required for the successful marketing of a product or service (4p's or 4c's) |
front 16 Market research | back 16 Collecting and analysing data about customers, competitors and the market for a product or service |
front 17 Market Share | back 17 Revenue of a business as a % of the total market revenue |
front 18 Marketing Strategy | back 18 Plan to achieve marketing targets with set resources |
front 19 Mass marketing | back 19 Selling the same product to a whole market |
front 20 Niche marketing | back 20 Developing product for a small market segment |
front 21 Packaging | back 21 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. |
front 22 Penetration pricing | back 22 Setting a low price to attract consumers to buy a new product |
front 23 Price elasticity | back 23 How much demand is impacted by a change in price |
front 24 Price skimming | back 24 Setting a high price for a new unique product which has no direct competitor in the market |
front 25 Product development | back 25 The creation of products with new or different characteristics that offer new or additional benefits to the customer. |
front 26 Product life cycle | back 26 Pattern of sales from introduction to withdrawl from the market |
front 27 Product oriented | back 27 A business decides what to produce then finds buyers for the product |
front 28 Promotional pricing | back 28 reducing the price of a product or services in short term to attract more customers & increase the sales volume |
front 29 Sales Promotion | back 29 incentives used to encourage short term increases in sales or repeat purchases |
front 30 Sampling | back 30 Taking a representative sample from the target market to complete market research |
front 31 Secondary research | back 31 Collection of data from second hand resources |
front 32 Social media marketing | back 32 is the use of social media websites and social networks to market a company's products and services. |
front 33 Primary research | back 33 First hand data collected specifically for a business needs |