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 service 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 Extension strategies, | back 13 Strategies to lengthen the maturity stage of a product |
front 14 Focus groups | back 14 a group of people gathered to discuss their opinions and preferences about a product |
front 15 Licensing | back 15 An agreement in which one company gives another company permission to manufacture its product for a payment. |
front 16 Market Growth | back 16 Market growth is the increase or decrease in the size of a market for a product or service over time. |
front 17 Market orientated, | back 17 Products or services developed in response to market research data |
front 18 Market research, | back 18 Collecting and analyzing data about customers, competitors and the market for a product or service |
front 19 Market segmentation, | back 19 Splitting a market into smaller parts based on consumer characteristics |
front 20 Market Share, | back 20 Revenue of a business as a % of the total market revenue |
front 21 Market, | back 21 All potential consumers who have an interest in buying a product and the money to do so |
front 22 Marketing Mix, | back 22 Four marketing decisions required for the successful marketing of a product or service (4p's or 4c's) |
front 23 Marketing Objectives | back 23 goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame |
front 24 Marketing Strategy, | back 24 Plan to achieve marketing targets with set resources |
front 25 Mass marketing, | back 25 Selling the same product to a whole market |
front 26 Niche marketing, | back 26 Developing product for a small market segment |
front 27 Packaging | back 27 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 28 Penetration pricing, | back 28 Setting a low price to attract consumers to buy a new product |
front 29 Price elasticity, | back 29 Setting a low price to attract consumers to buy a new product |
front 30 Price skimming, | back 30 Setting a high price for a new unique product which has no direct competitor in the market |
front 31 Primary research, | back 31 First hand data collected specifically for a business needs |
front 32 Product Differentiation | back 32 is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. |
front 33 Product life cycle, | back 33 Pattern of sales from introduction to withdrawal from the market |
front 34 Product oriented, | back 34 A business decides what to produce then finds buyers for the product |
front 35 Promotional pricing, | back 35 reducing the price of a product or services in short term to attract more customers & increase the sales volume |
front 36 Random Sampling | back 36 member of the sample has an equal probability of being chosen |
front 37 Sales Promotion, | back 37 incentives used to encourage short term increases in sales or repeat purchases |
front 38 Sampling, | back 38 Taking a representative sample from the target market to complete market research |
front 39 Secondary research, | back 39 Collection of data from second hand resources |
front 40 Social media marketing, | back 40 is the use of social media websites and social networks to market a company's products and services. |
front 41 Supply | back 41 the total amount of a specific good or service that is available to consumers. |
front 42 Surveys | back 42 asking consumers or potential consumers for their opinions and preferences about a product |
front 43 Unique Selling Point (USP) | back 43 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 44 Viral marketing | back 44 consumers are encouraged to share information about a company's goods or services via the Internet. |
front 45 B2B | back 45 Business-to-business, 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 46 B2C | back 46 The term business-to-consumer means selling products and services directly between a business and consumers who are the end-users of its products or services. |
front 47 Customer Relationship Marketing (CRM) | back 47 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 48 Tangible attributes | back 48 Measurable features of a product that can be easily compared with other products. |
front 49 Intangible attributes of product | back 49 Subjective opinions of customers about a product that cannot be measured or compared easily. |
front 50 Boston Matrix Analysis | back 50 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 51 Product Portfolio Analysis | back 51 analysing the range of existing products of a business to help allocate resources effectively between them. |
front 52 Psychological Pricing | back 52 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 53 Direct Promotion | back 53 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 54 Digital Promotion | back 54 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. |