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Level 1

Marketing: Businesses and their customers


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Marketing
the management process which is responsible for identifying potentially profitable products and then selling them to customers.
The marketing mix
The combinations of factors which help the business sell a product - usually summarised as the 4P's; price, product, promotion and place.
Product
The aspect of marketing that ensures the firm develops and designs a product that satisfies a customers' needs and wants.
Price
The aspect of marketing that ensures a product is priced correctly to attract customers but also ensure firms optimise their profits.
Promotion
The methods a firm uses to ensure customers know about their products.
Placement
The aspect of marketing that ensures the product is available for sale where the customer finds it convenient.
Market segment
Part of a market which contains a groups of buyers with similar characteristics, such as age or income levels.
Socio-economic groupings
Division of people from A - E according to the occupation of the head of the household in which they live.
Desk research
Finding out information from secondary data
Field research
The process of collecting primary data
Market-orientated business
A business which develops products which have been researched and designed to meet the needs of customers.
Market research
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
Primary data
Information which has been gathered for a specific purpose through direct investigation through surveys, observations etc.
Product-orientated business
A business which develops products with little or no market research and which it hopes will prove successful in the market.
Questionnaire
A list of questions to be answered by respondents, designed to give information about consumers' tastes.
Respondent
Person or organisation answering questions in a survey
Sample
Small group out of a total population which is selected to take part in a survey.
Secondary data
Information which already exists, such as accounts and sales records, government statistics etc.
Survey
Research involving asking questions of people or organisations.