front 1 4c's | back 1 Consumer wants and needs, Cost, Convenience, and Communication |
front 2 Advertising promotion, | back 2 influencing the buying behavior of consumers with a persuasive selling message about products and/or services. |
front 3 Brand image, | back 3 The the general impression that a brand presents to consumers |
front 4 Brand, | back 4 A name image or logo which distinguishes a product or serivce from competitors |
front 5 Building customer relationships, | back 5 Building strong relationships to ensure customer loyalty |
front 6 Competitive pricing, | back 6 Setting a price close to competitors products in the same market |
front 7 Cost plus pricing, | back 7 Adding a fixed price to the cost of making or buying a product |
front 8 Customer loyalty, | back 8 Consumers who make repeated purchases of a specific product or brand |
front 9 Demand | back 9 consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. |
front 10 Distribution channels, | back 10 The path a product takes from producer to consumer |
front 11 Dynamic pricing | back 11 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. |
front 12 E-commerce, | back 12 Selling products and services over the internet |
front 13 E-commerce, | back 13 commercial transactions conducted electronically on the Internet. |
front 14 Extension strategies, | back 14 Strategies to lengthen the maturity stage of a product |
front 15 Focus groups | back 15 a group of people gathered to discuss heir opinions and preferences about a product |
front 16 Licensing, | back 16 An agreement in which one company gives another company permission to manufacture its product for a payment. |
front 17 Market Growth | back 17 Market growth is the increase or decrease in the size of a market for a product or service over time. |
front 18 Market orientated, | back 18 Products or services developed in reponse to market research data |
front 19 Market research, | back 19 Collecting and analysing data about customers, competitors and the market for a product or service |
front 20 Market segmentation, | back 20 Splitting a market into smaller parts based on consumer characteristics |
front 21 Market Share, | back 21 Revenue of a business as a % of the total market revenue |
front 22 Market, | back 22 All potential consumers who have an interest in buying a product and the money to do so |
front 23 Marketing Mix, | back 23 Four marketing decisions required for the successful marketing of a product or service (4p's or 4c's) |
front 24 Marketing Objectives | back 24 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 |
front 25 Marketing Strategy, | back 25 Plan to achieve marketing targets with set resources |
front 26 Mass marketing, | back 26 Selling the same product to a whole market |
front 27 Niche marketing, | back 27 Developing product for a small market segment |
front 28 Packaging, | back 28 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 29 Penetration pricing, | back 29 Setting a low price to attract consumers to buy a new product |
front 30 Price elasticity, | back 30 How much demand is impacted by a change in price |
front 31 Price skimming, | back 31 Setting a high price for a new unique product which has no direct competitor in the market |
front 32 Primary research, | back 32 First hand data collected specifically for a business needs |
front 33 Product Differentiation | back 33 is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. |
front 34 Product life cycle, | back 34 Pattern of sales from introduction to withdrawl from the market |
front 35 Product oriented, | back 35 A business decides what to produce then finds buyers for the product |
front 36 Promotional pricing, | back 36 reducing the price of a product or services in short term to attract more customers & increase the sales volume |
front 37 Random Sampling | back 37 member of the sample has an equal probability of being chosen |
front 38 Sales Promotion, | back 38 incentives used to encourage short term increases in sales or repeat purchases |
front 39 Sampling, | back 39 Taking a representative sample from the target market to complete market research |
front 40 Secondary research, | back 40 Collection of data from second hand resources |
front 41 Social media marketing, | back 41 is the use of social media websites and social networks to market a company's products and services. |
front 42 Supply | back 42 the total amount of a specific good or service that is available to consumers. |
front 43 Surveys | back 43 asking consumers or potential consumers for their opinions and preferences about a product |
front 44 Unique Selling Point (USP) | back 44 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 |
front 45 Viral marketing | back 45 consumers are encouraged to share information about a company's goods or services via the Internet. |
front 46 B2B | back 46 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. |
front 47 BSC | back 47 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. |
front 48 Customer Relationship Marketing | back 48 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 |
front 49 Tangible attributes | back 49 Measurable features of a product that can be easily compared with other products. |
front 50 Intangible attributes of product | back 50 Subjective opinions of customers about a product that cannot be measured or compared easily. |
front 51 Boston Matrix Analysis | back 51 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. |
front 52 Product Portfolio Analysis | back 52 analysing the range of existing products of a business to help allocate resources effectively between them. |
front 53 Psychological Pricing | back 53 "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." |
front 54 Direct Promotion | back 54 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. |
front 55 Digital Promotion | back 55 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. |