marketing

• advertising is a method of communicating info about the product to the consumer
• Boston matrix is a toll for analysing the contribution made by each product in a business' product portfolio. It plots each product's position according to its market share and rate of growth of the market
• brand image is the consumers' perception of the brand; its character, qualities and shortcomings. Its developed over time and operates as a consistent theme through advertising campaigns.
• competitive pricing is setting the price of a product so its in line with competitors pricing
• cost- plus pricing is setting the price of a product at an amount higher than cost so that a profit is made
• e-commerce is the buying and selling of goods and services over the internet
• focus group is a small number of people from the target market brought together to discuss a particular product. It produces qualitative data about their preferences and opinions
• loss leader is a product that is offered at a low price to attract customers to a store or website with the intention that theyll buy full-priced items as well
• market is the place where people buy and sell goods and services, or where they exchange money
• market research is the process of gathering information about a market, its customers, and its competitors. this will help the business to make design, production and marketing decisions
• market share is the proportion of the whole market for a product that is held by the business
• marketing is the coordination of activities that ensure that customers get what they want, in the amounts they want, when they want it and at what price it suits them
• marketing mix is the combination of 4 areas( price, product, place, promotion) to make sure customers' needs and wants are met while generating optimum revenue
• m-commerce is the use of mobile devices to make purchases online
• PR is actions used by a business to arrange free media coverage of its activities or products
• price penetration is fixing a low price when a new product is first introduced so that it will gain market share quickly
• price skimming is when a business sets a high price for a product and then lowers it so its affordable for others
• primary research is collecting info first hand from the public. can include surveys & questionnaires
• product life cycle is the stages a product goes through from development, intro, growth, maturity (extension strategy) and decline
• product portfolio is the range of products offered by a business to its customers
• promotion is the process of communicating with the target market to encourage them to buy a product or service
• qualitative market research is a type of research that uses interviews, focus groups, and surveys to gather information about consumers and their attitudes and opinions
• quantitative market research is a research method that uses numerical data to answer questions about the marketplace
• secondary research is research that is already done by someone else and is available to you.
• telesales is the process of selling a product or service over the phone.
• a USP is a key benefit that differentiates a product from its competitors and will be the key focus of promotion and advertising