front 1 Marketing | back 1 is the process of identifying, anticipating and satisfying the needs of customers in a mutually beneficial exchange process. |
front 2 A marketing objective | back 2 is a marketing target for the business, setting out what it wants to achieve and when. |
front 3 A corporate objective | back 3 is a target set for the business as a whole. |
front 4 A marketing strategy | back 4 is a marketing plan to achieve the marketing objective. |
front 5 Business-to-consumer marketing (B2C) | back 5 occurs when one business is marketing its products to the final consumers. |
front 6 Business-to-business marketing (B2B) | back 6 occurs when one business is marketing its products to other businesses. |
front 7 The market size | back 7 is the total number of items sold (this is measuring volume) or the total value of sales. |
front 8 Market growth | back 8 measures the rate at which the market as a whole is growing over a given time period. |
front 9 A unique selling point (USP) | back 9 is something about your product which is perceived by your customers as unique. |
front 10 Niche marketing | back 10 occurs when a business focuses on a particular (usually small) segment of the market. |
front 11 A market segment | back 11 exists when there is a group of clearly identifiable customer needs and wants. |
front 12 Mass marketing | back 12 occurs when a business targets the majority of the market. |
front 13 Customer-relationship marketing (CRM) | back 13 involves gathering and analysing data about customers to understand their behaviours and take appropriate actions to move them towards a purchase. |
front 14 Customer retention | back 14 measures the proportion of customers who continue to buy from the business over a period of time. |
front 15 Market research | back 15 is the process of gathering, analysing and producing data relevant to the marketing process. |
front 16 Primary market research | back 16 gathers data for the first time for a specific purpose. |
front 17 A focus group | back 17 is a small number of people gathered together to talk about a particular issue in open discussion. |
front 18 Secondary market research | back 18 uses data that already exists. |
front 19 A sample | back 19 is a group of people selected to represent the population as a whole. |
front 20 The validity of market research | back 20 refers to how accurate the findings of market research are. |
front 21 The reliability of market research | back 21 refers to the extent to which the same results would be received if the research was conducted again. |
front 22 The marketing mix | back 22 is the combination of elements that influence a customer’s decision on whether or not to buy a product. |
front 23 The products | back 23 of a business refer to what it offers to sell to its customers. These may be goods, which are tangible items, or services, which are intangible. |
front 24 The tangible attributes | back 24 of a product refer to its physical aspects, such as how it looks and feels. |
front 25 The intangible aspects | back 25 of a product refer to aspects that cannot be touched but can still be important to customers, such as the brand and its key values. |
front 26 Product differentiation | back 26 occurs when the benefits of your product are perceived as clearly different from competitors’ products. |
front 27 Product portfolio analysis | back 27 occurs when a business examines the position of all of its products in terms of their relative market share and market growth. |
front 28 The product life cycle | back 28 shows the stages of a product over its lifetime. |
front 29 An extension strategy | back 29 occurs when marketing activities are changed to prevent sales from falling. |
front 30 Product portfolio analysis (PPA) | back 30 examines the market position of a firm’s products. |
front 31 The Boston Matrix | back 31 is a method of product portfolio analysis that examines the products of a business in terms of their market share and the market growth. |
front 32 Competitive pricing | back 32 is when companies set their prices at the same level as, or slightly below, their rivals. |
front 33 Penetration pricing | back 33 is a pricing strategy aimed at gaining market share via a low entry price. |
front 34 Price skimming | back 34 occurs when a high initial price is set for a product and this is reduced over time. |
front 35 Price discrimination | back 35 occurs when different prices are charged for the same product. |
front 36 Dynamic pricing | back 36 occurs when different prices are changed at different times to reflect demand conditions. |
front 37 Cost-based pricing | back 37 occurs when a business considers the costs of an item and adds on an amount or a percentage to ensure it makes a profit. |
front 38 Psychological pricing | back 38 takes account of the psychological effect of a price on customers. |
front 39 The promotional mix | back 39 refers to the combination of ways in which the business communicates about its products. |
front 40 Digital promotion | back 40 involves promoting a brand, product or service on digital channels such as search engines, social media, email and mobile apps. |
front 41 The click-through rate (CTR) | back 41 measures the number of visits to a website as a percentage of the number of impressions of a digital advert. |
front 42 The marketing expenditure budget | back 42 is the amount of money a business allocates to spend on marketing activities such as promotion. |
front 43 The distribution channel | back 43 describes how the ownership of a product moves from the producer to the customer. |
front 44 The distribution outlet | back 44 is where the product is actually sold; for example, the shop. |