The basics
The management task that links the business to the customer by identifying and meeting the needs of customers profitably – it does this by getting the right product at the right price to the right place at the right time.
Marketing
A coffee brand identifies both active, health-conscious individuals and busy, late-night workers to market metabolism-boosting coffee or high-caffeine energy drinks, respectively.
Market segmentation
A methodology that gathers and integrates both numerical and narrative data within a single study.
Mixed methods research
The key decisions that much be made in the effective marketing of a product or service.
Incentives such as special offers or special deals directed at consumers or retailers to achieve short-term sales increases and repeat purchases by consumers.
Sales promotion
(sales of business in time period)/(total market sales in time period) x 100
Formula for market share
The special feature of a product or customer service that makes it different from those of competitors.
Unique selling point (USP)
A group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging.
Focus group
The pattern of sales recorded by a product from launch to withdrawal from the market.
Product life-cycle
The chain of intermediaries a product passes through from producer to final consumer.
Channel of distribution
The percentage change in the total size of a market over a period of time.
Market growth
Porter's Generic Strategies identify these four frameworks.
Cost leadership, differentiation, cost focus, differentiation focus
Marketing a new product in a geographical region before a full-scale launch.
Test marketing
add features, repackage a product, discount the price, rebrand, sell into new markets
Product extension strategies
Setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales.
Penetration pricing
An inward-looking approach that focuses on making products that can be made and then trying to sell them.
Product orientation
A method of analysing the product portfolio of a business in terms of market share and market growth.
BCG Matrix
Drawing representative selection of people because of the ease of their volunteering or selecting people because of their availability or easy access.
Convenience sampling
The premium that a brand has because customers are willing to pay more for it than they would for a non-branded generic product.
Brand value/brand equity
A pricing strategy which is illegal in Canada under the Competition Act.
Predatory pricing
An outward-looking approach basing product decisions on consumer demand, as established by market research
Market orientation
Anthropologie (a clothing brand) sells unique women's apparel and home furnishings. This is an example of...
differentiation focus strategy
In what kind of sampling would these biases (hidden subgroups, subgroup overrepresentation) have an important effect?
Quota sampling
A measure of the responsiveness of demand for a product following a change in its price.
Price elasticity demand
Air Canada’s' fares are often lower the further in advance they are booked, or higher around the holidays.
An example of dynamic pricing