Unit 4: Marketing

a set of buyers sharing common needs or characteristics that the company decides to serve

an inward-looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them

the percentage of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

Sales of business / total sales in market x 100

The percentage change in the total size of a market (volume or value) over a period of time.

the process of formulating appropriate strategies and preparing marketing activities to meet marketing objectives

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

is a visual aid that shows customer perceptions of a product or brand in relation to others in the market, often by comparing perceptions about price and quality.

A very large market in which products with mass appeal are targeted

describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

The range of products or brands provided by a business

these are marketing plans to extend the maturity stage of the product before a brand new one is needed

A brand's worth in terms of income, potential income, and prestige.

setting a low initial price on a new product to appeal immediately to the mass market

a form of promotion that is undertaken by a business by paying for communication with consumers using mass media

part of the marketing mix concerned with getting products from producers to consumers

a seller who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods

The behaviour and attitude of staff who determine the level of customer satisfaction in business transactions.

What can be seen as you enter a service such as lighting, features of the building.

an organization wide commitment to researching and responding to customer needs

A smaller part of a larger market in which customers have more specific needs and wants

Any aspect of or characteristic of a product that differentiates it from the competition. Firms will often want to stress this in their marketing.

making a product different from other similar products

The activity of gathering information about consumers' needs and preferences.

Collection of information first-hand for a specific purpose

the collection of data by having people answer a series of questions

A face-to-face or telephone questioning of a respondent to obtain desired information.

A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.

The act of noticing and describing events or processes in a careful, orderly way.

Analyzing information from previously conducted research projects.

A systematic study of the market

periodicals about scholarly topics, with articles typically edited and written by professors and/or other university-affiliated researchers

a type of secondary market research, referring to official documents and publications released by government entities and agencies

a type of secondary market research referring to the documents in print or online media. they are written by trained journalists and authors

any material available on the Web. Online content includes text, images, animations, music and videos

seeks in-depth, open-ended responses, not yes or no answers

Research that provides data that can be expressed with numbers, such as ranks or scales.

The process of selecting representative units from a total population

A nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group

a sample that fairly represents a population because each member has an equal chance of inclusion

using a sample of people who are readily available to participate

the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market

The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality or effectiveness)

Measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's communications to consumers.

A long-term product strategy that involves strengthening the name and image of a brand to boost its appeal and sales.

a favorable attitude toward and consistent purchase of a single brand over time

The amount of money exchanged for a good or service

adding a standard markup to the cost of the product

An item priced at or below cost to draw customers into a store.

selling a product below cost to drive competitors out of the market

a competitor-based pricing method by which the firm deliberately prices a product above the prices set for competing products to capture those consumers who always shop for the best or for whom price does not matter

Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response

A promotional effort that includes in-store promotions, coupons, dealer discounts, and product placement.

An integrated marketing approach that includes both above-the-line and below-the-line elements

utilization of social media or social networks to market a product, company, or brand

An intermediary who sells to consumers

A type of business that buys goods in large amounts and resells them to other businesses in smaller lots.

an agent who supplies goods to stores and other businesses that sell to consumers.

The systems employed by the firm to ensure their services are successfully delivered to customers.