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marketing mix
The factors that can be controlled by a company to influence consumers to purchase its products
life extension
Delaying the decline in a product lifecycle with marketing
CPL (Cost per lead)
The amount a company has to spend to gain a lead over the competition
CPC (Cost per consumer)
The amount a company must spend on marketing to gain one consumer
market segment
The part of a market that contains a group of buyers with similar buying habits, such as age or income
price sensitive
When the price is very important in the decision about whether or not to buy
market map
A diagram that shows the range of possible positions for two features of a product, such as low to high price
unique selling point
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
Marketing objectives
The goals of the marketing function of an organisation
Business to consumer marketing (B2C)
Where a firm targets individual consumers with its products
Business to business marketing (B2B)
Where a firm sells its product to another business
Niche marketing
Targeting a product or service at a small segment of a larger market
Advantages of niche marketing
Less competition, costs, small scale product, tailor made products, targeting customers
Disadvantages of niche marketing
Lower profits, changes in demand, market entry,
Mass marketing
Aiming a product at all (or most) of the market
Advantages of mass marketing
Large scale production, high revenues, barriers to entry, research and development, brand awareness
Disadvantages of mass marketing
Fixed capital, changes in demand, effects of standardisation, competition, adding value
Product differentiation
The degree to which consumers see a particular brand as being different from other brands
Marketing mix
hose elements of a business' approach to marketing that enable it to satisfy and delight its customers
Market research
The process of gathering, analysing and presenting data to discover customer's needs and wants
Primary market research / Field research
Gathering and analysing marketing data that has not been collected before
Secondary market research
Gathering and analysing marketing data that has been collected already
Market share
Indicated by the sales of one product compared to the total market sales
Product placement
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.
Viral marketing
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
without fault or error