4.1 Intro to Marketing
the percentage change in the total market size over a period of time
What is market growth?
A market for goods that are produced in very large quantities. Because of economies of scale, products sold in this type of market are less expensive than goods produced for other or highly specialized markets.
What is a mass market?
This refers to the collection of second hand data by a business for decision-making that is derived from second hand sources /published sources by a third party. It has not been collected first hand by the business themselves.
What is secondary research?
What customers pay to acquire a product.
What is price?
A company moves all of its sales online to combat a pandemic.
What is place?
a firm with the largest market share in a given market
What is market leader?
Any aspect of the organization, brand or product that enables differentiation in consumers’ minds from the competitors.
What is USP (Unique Sellling Point)?
• Surveys
• Interviews
• Focus groups
• Observations
What are primary research methods?
A company puts up a billboard on the highway to attract customers to visit their store.
What is Promotion?
What is Promotion (Advertising)? Double Points
What is Promotion (Advertising/Above the line)? Triple Points
A name, symbol, sign, or design that differentiates a firm’s product from those of its competitors.
What is brand?
What is brand (Product)? Double Points
the percentage of total sales that a business has within an industry.
What is market share?
Age, Race, Income, Gender, Occupation
What is segmentation?
What is demographic segmentation? (Double Points)
The collection, analysis and interpretation of numerical data or data that can be measured.
What is Quantitative Research?
The course a product passes through from its development to its decline in the market.
What is product life cycle?
Plans by firms to stop sales from falling by lengthening the product’s life cycle, such as increasing advertising or selling in a new market.
What are extension strategies?
a business approach that focuses on making the product first before attempting to sell it
What is product orientation?
A specific group of customers on whom an organization focuses its marketing efforts.
What is a target market?
● To identify consumer needs and wants.
● To assist a business in predicting what is likely to happen in the future.
● To reduce the risk of product failure (especially of new products).
● To measure the effectiveness of a marketing strategy.
● To provide the latest information on activities happening in the market.
What are the purposes of market research?
Refers to adding a mark-up to the average cost of producing a product.
What is cost-plus pricing?
A business decides to take its online success and apply it to retail.
What is place?
a business approach of first establishing consumer demand through market research before producing and selling a product
What is market orientation?
Generic strategies that are applicable to products and services in all organizations and industries r egardless of their size.
These are “cost leadership” (a no-frills approach), “differentiation” (involving the creation of uniquely desirable products and services), and “focus” (offering a specialized service in a niche market).
What are "Porter's Generic Strategies"?
A group of people selected to represent the population or target market under research.
What is a sample?
An analysis method of a firm’s product portfolio regarding its market share and market growth. It includes question marks, stars, cash cows, and dogs.
What is the BCG (Boston Consulting Matrix)?
Providing easy and varied payment methods for customers, such as paying over the internet, paying cash, or paying on credit.
What is process?