Unit 3 AS

1. Marketing objective - goals set for the marketing department to help business acheive
its overall objective
2. Marketing - management task of identifying and meeting the needs of customers
profitability by getting the right product at the right price to the right place at the right
time.
3. Corporate objective - well defined and realistic goals set for the whole company
4. Equilibrium price - the price level where demand equals supply
5. Demand - quantity of g/s that consumer are willing and able to buy given price in
specific time period
6. Supply - the quantity of g/s that producer are willing and supply at given price in specific
time period.
7. Market segment - a subgroup of a whole market in which consumer have similar
characteristics
8. Industrial market - the selling of product by business to toher business/ B2B
9. Consumer market - selling of product by businesses to final end user also known as B2C
10. Customer orientation - an outward looking approach that bases product decision on
consumer demand by market research.
11. Product orientation - inward looking approach that focuses on making product that can
be made or have been nade for a long time then trying to sell them
12. Market size - the total value of sales of all producer within a market within a given time
period.
13. Market growth - percentage change in the total size of the market
14. Brand leader - the brand with the highest share in the market (market share)
15. Mass marketing - selling standardized products or ranges of product in the same way to
the whole market
16. Niche marketing - identifying and exploiting a small segment of a larger market by
developing diffrentiated product to suit that segment
17. Market segmentation - identification of diffrent market groups with common needs,
within the market and the different marketing products or services to customer group
18. Consumer profile - quantified picture of a business consumer showing data about their
age group,income level,location,gender and social class.
19. Customer relationship marketing - using marketing activities to build relationship so
loyalty customer existing can be maintained.
20. Market research - process of collecting, recording and analysing data about customer
competitors and the market.
21. Primary research - collection of first hand data that directly related to the needs of the
business.
22. Secondary research - the use if existing data that was originally collected for another
purpose
23. Qualitative data - non numerical data which provides insight into the detailed motivation
of consumer and help explain their buying behavior
24. Quantitative data - numerical results from research that can be statistically analysed.
25. Sampling - process of selecting a group if respondent from a larger population
26. Sampling bias - sample is not a good representation of the whole population due to
choosen in ways which give people a greater chance of being selected.
27. Marketing mix - four components which are product,price,place and promotion.
28. Brand - identifying symbol name image or trademark that signify a product from its
competitor.
29. Intangible attributes - subjective opinion of customer about a product which cannot be
measured or compared easily
30. Tangible attributes - measurable features of a product which can be easily compared
with other product.
31. New product development - the design, creation and marketing of new g/s
32. Unique selling point (USP) - special feature of product that makes its different from
competitors product.
33. Product differentiation - the unique qualities of a product that lead to diffrence between
the product and competitors product
34. Product positioning - consumer views of a product or services compared to its
competitors.
35. Product portfolio analysis - analysing the range of existing product of business to allocate
resources efficiently between them.
36. Product life cycle - the pattern of sales for a product from launch to withdrawal from the
market (introduction to decline)
37. Extension strategy - a marketing plan to extend the maturity stage of the product before
a completely new one is launch.
38. Boston matrix - a method of analysing a product portfolio of a business in terms of
market share and market growth.
39. Mark-up pricing - adding a fixed mark up for profit to the unit cost of buying a product.
40. Cost plus pricing - setting a price by calculating total cost of the product and adding a
fixed profit mark up.
41. Contribution cost pricing - setting price based on the variable cost of making a product in
order to make contribution towards fixed cost and profit.
42. Competitive pricing - making pricing based on competitor prices
43. Price discrimination - charging diffrent group of consumer diffrent prices for the same
g/s
44. Dynamic pricing - offering product at a price that changes according to the level of
demand and customer ability to pay.
45. Penetrations pricing - setting a relatively low price to achieve a high volume of sales.
46. Market skimming - setting high prices for a new product when firm has diffrentiated
product with low elasticity of demand.
47. Psychological pricing - setting a price at level which matches consumer views about a
product perceived value
48. Promotion - the use of advertising,sales promotion, personal selling,direct mail trade
fairs and etc.
49. Informational advertising - adverts that gives information about a product to potential
purchaser rather than create a brand image
50. Persuasive advertising - adverts create a distinctive image or brand identity for the
product to attract potential customer.
51. Digital promotion - the promotion of product using digital tech mainly on the internet
but also mobile phones.
52. E-commerce - buying and selling of g/s by business and consumer through electronic
medium
53. Channel of distribution - the chain of intermediaries a product passes through from
producer to final consumer
54. Direct selling - selling from producer directly to customer
55. One intermediaries channel - has a single intermediary, usually from the manufacturer
to the retailer to the consumer
56. Two intermediaries channel - has two intermediary from manufacturer to wholesaler
then retailer then finally to consumer.
57. Digital distribution - the delivery or distribution of digital media content such as
audio,video,tv programme and etc.
58. Physical distribution - activities combine to achieve the efficient movement of finished
product from the end of production operation to the consumer.
Integrated marketing mix - the key marketing decision complement each other and work
together to give customer a consistent message about the product.