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Marketing


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Market research
Research that enables a firm to find out about its market, its customers, and its potential customers.
Primary research
Gathering new information specifically for the purposes identified by the business.
Secondary research
Research that uses information that has already been gathered for another purpose.
Questionnaire
A set of questions designed to discover information relating to a product or service. These may be left to customers to complete themselves, carried out using face-to-face interviews by researchers or form the basis of a telephone or postal survey.
Internet research
Using information that has already been published on the internet to gather information about the market for a firm's products or services.
Telephone survey
A series of set questions delivered over the telephone to consumers as a method of primary research.
Supplier feedback
Gathering information from companies that supply products or services on their forecasts for what is likely to happen in the market in the future.
Customer feedback
Formal or informal responses from customers to the product or service offered by the business.
Focus group
In-depth discussion with a small group of consumers (8-10), which probes their feelings towards a product or service.
Marketing Mix
Product, Price, Promotion and Place - The four major variables for which decisions must be made when marketing a product.
Product
The service or physical good being sold by the company.
Price
The amount charged by a business for its product or service.
Promotion
All the ways a business communicates to consumers with the aim of selling products.
Place
The methods used by a firm to sell its products or services to consumers.
Target Market
The group of consumers aimed at by the business.
Product range
The collective term given to all the products made or sold by a business.
Product differentiation
Attempting to make your products stand out from those of your rivals through advertising, design or different product features.
Demand
The quantity that consumers are willing and able to buy at the current price level.
Marketing budget
The amount to be sent on marketing and promotion over a certain period of time.
Advertising
Communication to consumers, using television and other media, to encourage them to buy a product.
Publicity
Gaining press coverage for your business.
Word-of-moth recommendation
Getting customers to talk to their friends and family about your product or service.
Direct mail
Sending promotional material directly to customers.
Personal selling
employing a person to visit potential customers to persuade them to buy your goods or services.
Website
Many business now have their own website on the internet to provide information about their business for consumers.
Banner
An internet advert shown on another firm's website in the form of a horizontal bar across the page.
Pop-up
An internet advert that 'pops up' in a new window when visiting another company's website.
Channel of distribution
The method used to transfer goods or services from the producer to the final consumer.
E-commerce
Transactions between people and business carried out via the internet.