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UNIT 3

MARKETING GLOSSARY:
ESSENTIAL KEY WORDS AND DEFINITIONS ANSOFF MATRIX measures the degree of risk associated with certain strategies. The closer the business stays to its existing products and markets, the lower the risk. Introducing new products into diversified markets carries the most risk. Ansoff showed this in matrix form. BRANDING establishing an identify for your product that distinguishes it from the competition. Successful branding adds value to an item and can ensure brand loyalty. BOSTON MATRIX a method of analyzing the current position of their products within a firms portfolio, in terms of their market share and growth within their market place. Devised in America by the Boston Consulting Group. CASH COW a brand that has a high share of a declining market. Firms use their cash cows to generate the cash to invest in newer products with greater growth products. The cash generation (or milking) is achieved by pushing prices up as high as possible while minimizing expenditures. CUSTOMER LOYALTY The decisions and actions taken by consumers during the year, which can be measured by recording delivery times and sales patterns (such as Christmas Peaks). CUSTOMER SERVICE this covers all the activities that affect the customer experience of dealing with an organization. This will include the impressions created by the manner appearance and training of staff, plus the reality of how well the customer needs or wants can be satisfied. DESK RESEARCH research involving published resources that already exist. DISTRIBUTION CHANNELS the stages of ownership that take place as a product moves from the manufacturer to the consumer FOCUS GROUPS an American term for group discussions, ie small scale, in depth research into the reasons behind consumers attitudes.

MARKETING Getting the right product at the right place at the right time MARKETING MIX Successful marketing results from concentrating on what is known as the four Ps. These are: Price Product Promotion Place MARKETING OBJECTIVES are the goals the marketing department must achieve in order to help the company achieve its overall objectives. MARKETING PLAN a report detailing a firm marketing objectives and strategy, including; costing, forecast results and contingency plans. MARKETING POSITIONING where a manufacturer positions a brand within a market plan in terms of image, pricing and distribution. Things to consider: 1. New, trendy, old or established? 2. Specialists or for the general public 3. Upmarket or Downmarket? MARKETING STRATEGY a medium to long plan for meeting marketing objectives. The word strategy suggests a carefully thought out, integrated plan. It should set out the balance of marketing activity between new and existing costs with carefully costed budgets. MARKET NICHE a gap in the range of products or services offered within a market. Having identified that such a gap exists, a business must decide whether the niche is large enough is large enough to be profitable and if so, how best to fill it. MARKET RESEARCH involves the collecting of information about what is happening in the mind of the consumer and in the market segments to which the consumer belongs MARKET SHARE the percentage of all sales within a market that are held by one brand or company. This can be measured by volume, or by value. Looking at trends in market share is important for a firm as it shows position in relation to the market as a whole. MARKET SIZE the total sales of all the producers within a market place, measured either by volume (units sold) or by value (the revenue generated). NEW PRODUCT DEVELOPMENT implies all the functions required to identify, develop and market new opportunities. This requires close co operation between research and development, market research and general marketing functions.

NICHE MARKETING - a corporate strategy based on identifying and filling relatively small market segments. This can enable small firms to operate profitably in markets dominated by large corporations PANEL DISCUSSIONS a form of qualitative research in which the same 6-8 consumers meet regularly for a group discussion led by a psychologist. The respondents are selected on a very tightly defined area. PENETRATION PRICING setting a price low enough to gain sufficient market share to achieve customer brand recognition within that market PEST ANALYSIS Political, Economic, Social, Technological Factors PLACE ensuring that the product can be bought and is available through the appropriate distribution channels. PREDATORY PRICING setting a price low enough to drive competitors out of the market or out of business. This anti competitive practice is hard to prove. Often used by large organizations. PRICE Fixing a price at which the customer will buy the product. This will require research into what the competition are charging and what the customer is prepared to pay PRICE SKIMMING means pricing a new product at such a high level that it is only purchased by trend setters, enthusiasts or the very rich. The firm may choose to hold this price long term or cut prices when the competition arises. PRIMARY MARKET RESEARCH is the gathering of first hand data that is tailor made to the firms own products, customers or markets. This is carried out by fieldwork. Secondary research is carried out by gathering desk research. PRODUCT a term used by manufacturing and service businesses to indicate the goods or services they provide. PRODUCT DIFFENTIATION is the extent to which consumers perceive one product as being different from its rivals. A highly differentiated product is one which think of as so distinctive that it has no successful substitutes PRODUCT LIFE CYCLE a theory that all products follow a similar life course of conception, birth, growth, maturity and decline PRODUCT PORTFOLIO the range of products or brands held by a company that provide it with as source of income. Ideally this portfolio should range over a different markets and different stages in the product life cycle.

PROMOTION communicating a product to the customer in a variety of ways. QUESTIONAIRE a document containing a series of questions designed to discover the information required required to meet a firms research objectives. SECONDARY RESEARCH is information collected from second hand sources such as reference books, government books, government statistics or market intelligence reports. Such data can provide data SAMPLE a group of respondents to a market research exercise selected to be representative of the views of the target market as a whole. There are four main methods of sampling: Random, quota, stratified and cluster. In consumer research, the quota sample is the one most commonly used. SEGMENTATION is the process of breaking down markets into segments. This can be achieved by: 1. Age 2. Gender 3. Wealth and Income 4. Geographical Area 5. Lifestyle (fashion and taste) SWOT (Internal) Strengths, Weaknesses, (External) Opportunities, Threats TARGET MARKET the precise profile of the customers a firm wishes to sell to. The choice of target market will then affect every section of the marketing mix: including:

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