Marketing and Communication

The factors that can be controlled by a company to influence consumers to purchase its products

Delaying the decline in a product lifecycle with marketing

The amount a company has to spend to gain a lead over the competition

The amount a company must spend on marketing to gain one consumer

The part of a market that contains a group of buyers with similar buying habits, such as age or income

When the price is very important in the decision about whether or not to buy

A diagram that shows the range of possible positions for two features of a product, such as low to high price

A characteristic of a product that make it different from other similar products being sold in the market such as design, quality or image

The anticipating and satisfying of customers' wants in a way that delight the consumer and also meets the needs of the organisation

The goals of the marketing function of an organisation

Where a firm targets individual consumers with its products

Where a firm sells its product to another business

Targeting a product or service at a small segment of a larger market

Less competition, costs, small scale product, tailor made products, targeting customers

Lower profits, changes in demand, market entry,

Aiming a product at all (or most) of the market

Large scale production, high revenues, barriers to entry, research and development, brand awareness

Fixed capital, changes in demand, effects of standardisation, competition, adding value

The degree to which consumers see a particular brand as being different from other brands

hose elements of a business' approach to marketing that enable it to satisfy and delight its customers

The process of gathering, analysing and presenting data to discover customer's needs and wants

Gathering and analysing marketing data that has not been collected before

Gathering and analysing marketing data that has been collected already

Indicated by the sales of one product compared to the total market sales

when companies make arrangements with films, television shows, or events to have their product included in that particular media to help promote their product further. If you ever see your favourite actor or actress drink a Pepsi or Budweiser beer in a film, the production company has likely been contracted by Pepsi or Bud to do product placement.

a special saying made from a few words that helps identify the company or brand. Think Coca-Cola’s ‘The Real Thing’, Nike’s ‘Just Do It’, or Ford’s ‘Built tough’.

Short for search engine optimisation. This is important for anyone working in digital marketing and advertising today. Its concepts determine rankings on search engines like Google, helping to push products and make them easier to find online.

a common expression that is used in today’s technological age to help market a product across the internet. Often this is done via paid advertisement on social media or through interfaces like Google. Occasionally it’s done by accident when a wave of internet popularity responds well to a particular product.

A product’s unique sales point or unique sales proposition. All products carry this, from Rolex watch’s commitment to building high grade, non-electronic, handmade watches, to the Apple iPhone’s latest model having all of the modern technological features that anyone could want.

when someone famous uses their own image to help promote a particular product. Many famous musicians and DJ’s do this for their favourite instrument, and many famous Hollywood actors do this regularly.

an improvement that makes something more agreeable

a statement made about the future

a piece of equipment or a tool used for a specific purpose

being like nothing done or experienced or created before

expressible as an amount that can be measured

increase

without fault or error