Vocabulary 1
Techniques for conveying information about products.
What is promotion?
Identifying different population segments to target specific markets?
What is consumer analysis
A market research technique based on questioning a representative sample of consumers about purchasing attitudes and practices.
What is a survey?
The number of steps in a successful marketing strategy.
What is 7?
The part of a product’s packaging that identifies the product’s name and contents and sometimes its benefits.
What is a label?
The products used to directly or indirectly produce other goods
What are Industrial Goods?
The methods of getting products and services to the customer.
What are distribution channels?
A promotional tool consisting of paid, non-personal communication used by an identified sponsor to inform an audience about a product.
What is advertising?
This is the price a consumer pays for a product.
What is retail price?
The study of the process by which customers come to purchase and consume a product or service.
What is consumer behaviour?
The use of symbols to communicate the qualities of a particular product made by a particular producer.
What is branding?
Age, Gender, and Income are all examples of this.
A market research technique involving a small group of people brought together and allowed to discuss selected issues in depth.
What is a focus group?
The point at which fixed costs are recovered from the sale of goods/services, but no profit is made.
What is break even?
Dividing a market into categories according to traits customers have in common.
What is Market Segmentation?
Relatively inexpensive industrial goods that are consumed rapidly and regularly.
What are expense items?
The acronym SWOT stands for this.
What is Strengths, Weaknesses, Opportunities, and Threats
A customer’s recognition of, preference for, and insistence on buying a product with a certain brand name.
What is brand loyalty?
The stages of making a purchase.
What is the buying process?
The concept that the profit-producing life of any product goes through a cycle of introduction, growth, maturity, and decline
What is the product life cycle?
The establishment of an easily identifiable image of a product in the minds of consumers, allowing them to feel they 'own' the product.
What is product positioning?
A multivariable picture of a product and its competitors
What is Perceptual mapping?
Information already available to market researchers as a result of previous research by the firm or other agencies.
What is secondary data?
These are the Four P's of a marketing mix.
What are Product, Place, Price, and Promotion?
Characteristics of populations that may be considered in developing a segmentation strategy.