Marketing Vocabulary
These are human desires, i.e., things that people would like to have, or have more of.
Wants
Goods or services that are those perceived by customers to be of high quality but sold at a low price.
Bargain Products
A distinct group of customers with similar characteristics, tastes, and preferences.
Market Segmentation
A document that contains a series of questions used to collect data for a specific purpose.
Survey
This kind of sampling gives everyone in the population an equal chance of being selected for the sample.
Random Sample
These are the things people need in order to survive, e.g., food, water, and shelter.
Needs
Goods or services that are perceived by customers to be of low quality but high price.
Cowboy Products
The process of splitting consumers according to statistical characteristics of the population, such as age, gender, family size, religion, and ethnicity.
Demographic segmentation
A method of primary research that involves watching how people behave or respond in different situations.
Observations
Involves getting non-numerical responses from research participants in order to understand their behaviour, attitudes, and opinions.
Qualitative market research
Refers to an increase in the size of a market, usually measured by the rise in total sales revenue of the market or industry.
Market Growth
Goods or services that are perceived by customers to be of low quality and sold at a low price.
Economy or budget brands
The marketing process that involves characterising consumers according to their different geographical locations.
Geographic segmentation
A type of primary research that involve discussions between an interviewer and interviewees to investigate their personal circumstances, preferences, and opinions.
Interview
This sampling involves using a certain number of people from different market segments for primary market research purposes.
Quota Sampling
These are approaches to marketing that focuses on making products a business knows how to make well and concentrating on the needs and desires of potential customers.
Orientation (product vs market)
Goods or services that are perceived by customers to be of high quality and high price.
Premium products
The process of splitting the market according to consumer or household income levels. This is often linked to their type of profession and/or their level of educational attainment.
Socio-economic segmentation
Involve forming small discussion groups to gain insight into the attitudes and behaviour of respondents. The group is typically made up of participants who share a similar customer profile.
Focus Groups
This is about collecting and using factual and measurable information rather than people’s perceptions and opinions.
Quantitative market research
An exclusive feature or aspect of a business, its products or brands that makes it distinct from others in the same industry.
USP - Unique Selling Point
Brands that focus on supplying highly specialised products to cater for a small and select target market.
Niche Brands
Segmentation that involves characterising consumers according to people’s lifestyle choices and personal values.
Psychographic segmentation
A is method of primary research used to gather feedback from research subjects. This comprises of a group of people who belong to the firm’s target segment(s).
Consumer Panel
These are commercial businesses that sell a manufacturer’s products directly to consumers or buy products from a manufacturer and sell these in smaller quantities to retailers.
Retailers and Wholesalers