AS BUS

• Psychological pricing


  Setting a price at a level which matches consumers' views about a product's perceived value
• PromotionAdvertising

  • Sales promotion
  • Personal selling
  • Direct mail
  • Trade fairs
  • Sponsorship
  • Public relations
• Advertising


  Paid communication to inform and persuade consumers using media such as TV, newspapers and cinema
• Sales promotion


  Incentives such as special offers aimed at consumers or retailers to achieve short-term sales increases and repeat purchases
• Direct promotion


  A range of promotional activities aimed directly at target customers (direct marketing)
• Promotion mix


  The combination of promotional techniques a firm uses to sell a product
• Digital promotion


  The promotion of products using digital technologies, mainly on the internet but also including mobile phones
• Markup pricing


  Adding a fixed markup for profit to the cost of buying in a product
• Cost-plus pricing


  Setting a price by calculating a total cost and then adding a profit markup
• Contribution pricing


  Setting prices to cover variable costs and make a contribution towards fixed costs and profit
• Competitive pricing


  Making pricing decisions based on the prices set by competitors
• Price discrimination


  Charging different groups of customers different prices for the same product
• Dynamic pricing


  Pricing products at a price that changes according to the level of demand or the customer's ability to pay
• Penetration pricing


  Setting a relatively low price to achieve a high sales volume
• Market skimming


  Setting a high price for a new product when a firm has a unique/highly differentiated product
• Tangible attributes


  The measurable features of a product, which can be easily compared with other products
• Product development


  The design, creation and marketing of new goods and services
• Product differentiation


  The unique qualities of a product that lead to a difference between the product and competing products
• Unique selling point


  The special feature of a product that makes it different from competitor products
• Product positioning


  Consumers' view of a product or service as compared to its competitors
• Product portfolio analysis


  Analysing the range of existing products a business has and helping allocate resources effectively between them
• Product life cycle


  The pattern of sales for a product from launch to maturity and decline
• Consumer durables


  A manufactured product that can be reused and is expected to have a long life, such as a washing machine
• Extension strategies


  A marketing plan to extend the maturity stage of the product before a new one is completely launched
• Coding


  The process of labelling and organising qualitative data to identify the main themes and links between them
• Product


  Goods that are the end result of the production process and are sold on the market to satisfy customer needs
• Marketing mix


  The four key decisions on product, promotion, price and place that must be taken to enable the effective marketing of a product
• Goods

  Products which have a physical existence
• Services

  Products which have no physical existence, but satisfy customer needs in other ways e.g. car repairs, banking
• Brand


  An identifying symbol, name, image, trademark that distinguishes a product from its competitors
• Intangible attributes


  The subjective opinion of customers about a product, which cannot be measured or compared easily
• Quantitative data


  Numerical results from research that can be statistically analysed
• Qualitative data


  Non-numerical data, which provides insight into the detailed motivations of consumers and helps to explain their buying behaviours or opinions
• Sampling


  The process of selecting a group of respondents from a larger population
• Sample


  A group of people taking part in a market research survey selected to be representative of the overall target market
• Sampling bias


  When a sample is not a good representation of the whole population, because it is chosen in a way that gives some people a greater chance of selection
• Arithmetic mean


  The value calculated by totalling all the results and dividing by the number of results
• Mode


  The value that occurs most frequently in a set of data
• Median


  The value of the middle item when data has been ordered in order. It divides the data into two equal parts
• Range


  The difference between the highest and lowest values