Management role of predicting, identifying and meeting the needs and wants of customers in a profitable manner
What is Maketing
100
Using data and information that has already been collected by another party
What is Secondary Research
100
Broad term that refers to any physical or non-physical item that is purchased by either commercial or private customers
What is Product
100
Amount of product that firms are willing and able to provide at each price level
What is Supply
100
Methods used to inform, persuade or remind people about its products, brands or business
What is Promotion
200
Medium to long term plan for achieving the marketing objectives of a business
What is Marketing Stategy
200
Data being collected by the researcher since the information does not currently exist
What is Primary Research
200
Any product that generates significant sales revenue due to its large market share in a slowly expanding or mature market
What are Cash Cows
200
Amount of products that customers are willing and able to buy at each price level
What is Demand
200
Process of getting products to customers at the right time and place in the most cost-effective way
What is Distribution
300
Document outlining a firm's marketing objectives and strategies for a specified time period
What is Marketing Plan
300
The four main elements of marketing strategies: product, price, promotion and place
What is Marketing Mix
300
Products that have high or rising market share in a high growth market
What are Stars
300
When a firm calculates its unit costs and then adds a percentage profit to determine the price
What is Cost-plus Pricing
300
Method of informative and/or persuasive promotion that has to be paid for
What is Advertising
400
Marketing approach adopted by businesses that are inward looking. They focus on selling products that they can make, rather than making products that they can sell
What is Product Orientation
400
Systematic examination and review of the current position of a firm in terms of its strengths and weaknesses
What is Marketing Audit
400
The use of an exclusive name, symbol or design to identify a specific product or business
What is Branding
400
Less aggressive version of predatory pricing whereby firms compete by a series of intensive price cuts
What is Price War
400
Art of managing and controlling the sequence of activities from the production of a good or service to its delivery to the end customer
What is Supply Chain Management
500
Any activity that seeks to influence social behavior to benefit the target audience and societ as a whole
What is Social Marketing
500
The range of marketing activities designed to discover the opinions, beliefs and feelings of potential and existing customers to identify and anticipate the needs and wants of customers
What is Market Research
500
Typical process that products go through from their initial design and launch to their decline
What is Product Life Cycle
500
Market-led pricing strategy that involves charging a high price for innovative or high-tech products for an initial period
What is Skimming
500
Process of promoting a business and its products by getting media coverage without directly paying for it