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Level 3

Section 3


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Market Share
the percentage of total market sales held by one brand or business
Mass Market
where there is a very large number of sales of a product
Niche Market
a small, usually specialized, segment of a much larger market
Market Segment
an identifiable sub-group of a whole market in which consumers have similar characteristics or preferences
Product Orientated Business
a business whose main focus of activity is on the product itself
Market Orientated Business
a business which carries out market research to find out consumer wants before a product is developed and produced
Marketing Budget
a financial plan for the marketing of a product or product range for some specified period of time. It specifies how much money is available to the product or range, so that the Marketing department know how much they may spend
Market Research
the process of gathering, analyzing and interpreting information about a market
Primary Research
the collation of original data via direct contact with potential or existing customer. Also called field research
Secondary Research
information that has already been collected and made available for use by others. Also called desk research
Questionnaire
a set of questions to be answered as a means of collecting data for market research
Sample
the group of people who are selected to respond to a market research exercise, such as a questionnaire
Random Sample
when people are selected at random as a source of information for market research
Quota Sample
when people are selected on the basis of certain characteristics (such as age, gender or income) as a source of information for market research
Focus Group
a group of people who are representative of the target market
Marketing Mix
a term which is used to describe all the activities which go into marketing a product or service. These activities are often summarized as the four Ps - product, price, place and promotion
Unique Selling Point (USP)
the special feature of a product that differentiates it from the products of competitors
Brand Name
the unique name of a product that distinguishes it from other brands
Brand Loyalty
when consumers keep buying the same brand again and again instead of choosing a competitors brand
Brand Image
an image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors' brands
Packaging
the physical container or wrapping for a product. It is also used for promotion and selling appeal
Product Life Cycle
describes the stages a product will pass through from its introduction, through its growth until it is mature and then finally its decline
Cost-Plus Pricing
the cost of manufacturing the product plus a profit mark-up
Competitive Pricing
when the product is prices in line with or just bellow competitors' prices to try and capture more of the market
Penetration Pricing
when the price is set lower than the competitors' prices in order to be able to enter a new market
Price Skimming
where a high price is set for a new product on the market
Promotional Pricing
when a product is sold at a very low price for a short period of time
Price Elasticity
a measure of the responsiveness of demand to a change in price
Informative Advertising
where the emphasis of advertising is to give full information about the product
Persuasive Advertising
advertising or promotion which is trying to persuade the consumer that they really need the product and should buy it
Target Audience
refers to the people who are potential buyers of a product or service
Sales Promotion
incentives such as special offers or special deals aimed at consumers to achieve short-term increases in sales
Distribution Channel
the means by which a product is passed from the place of production to the customer or retailer
Agent
an independent person or business that is appointed to deal with the sales and distribution of a product or range of products
E-Commerce
the buying and selling of goods and services using computer systems linked to the internet
Marketing Strategy
a plan to combine the four elements of the marketing mix for a product or service to achieve a particular marketing objective