Definitions
Focus group
A group of members of the target market who are invited to meet and discuss a product concept.
Market leader
A firm with a much larger market share than its competitors.
Coca Cola, Nike, Apple
A small amount of a product that is given to people to try is called a present.
False; sample.
A short way of saying 'advertisement' in speaking.
Ad
Undifferentiated marketing
A strategy that entails creating one message for an entire audience. It helps businesses reach more people at a lower cost and improves brand recognition.
Market challenger
A company that is number two in an industry, but which would like to become number one.
Pepsi, Barcel, Reebok
The money a company makes before deducting the running costs and taxes is the gross profit.
True
All the potential customers sharing a particular need or want.
Market
Market segmentation
Dividing a market into submarkets or segments according to customers’ requirement and habits.
Market follower
A smaller company in an industry, more or less content with its existing market share.
Red Cola, Xiaomi
Revenue is the amount of money a company has lost.
False; deficit.
Someone who sells the same product as you.
Competitor.
Market research
Collecting and analyzing information about the size of a potential market, about customers’ tastes and habits, their reactions to particular product features, packaging features, and so on.
Niche/Market nicher
Small, specialized companies, which target segments within segments.
Shoes for small people, plus size clothes, products for left-handed people.
Turnover is the total sales of a company over a particular period of time.
True.
A business's planned and coordinated effort to debut a new product to the market and make that product generally available for purchase.
Launch
Marketing strategies
Sets of principles designed to achieve long-term objectives.
Differentiated marketing
The company decides to provide separate offerings to each different market segment that it targets.
Maybelline, Urban Decay
Garnier, Vichy
La Roche Posay, SkinCeuticals
Marketing opportunities is the process of developing, pricing, distributing and promoting the goods and services that satisfy the potential customers’ needs.
False
Possibilities of filling unsatisfied needs in areas in which they are likely to enjoy a differential advantage due to their particular competencies.
A person who pays money to support an event as a way to advertise.
Sponsor