Term
|
Definition
| the part of a market on which the business will focus its marketing activities. |
|
|
Term
|
Definition
| breaking down the market into smaller amounts. |
|
|
Term
|
Definition
| the business focuses on one single segment of the market. |
|
|
Term
|
Definition
| the business focuses on a number of different segments in the market. |
|
|
Term
|
Definition
| looking at the market as one single mass 'aggregate' combined market. |
|
|
Term
| Geographic consumer characteristics |
|
Definition
domestic vs international
provincial vs regional
urban vs rural
city vs town
central vs suburbia |
|
|
Term
| Demographic consumer characteristics |
|
Definition
age
gender
life cycle
income
education
occupation
religion
ethnicity
nationality |
|
|
Term
| Psychographic characteristics |
|
Definition
social class
lifestyle
personality |
|
|
Term
|
Definition
| a market according to which situations people mainly buy a product for. For example, florists rely on different occasions such as weddings and birthdays |
|
|
Term
|
Definition
| people buy goods and services for the benefits they provide such as safety or status. |
|
|
Term
|
Definition
| Light, medium or heavy users |
|
|
Term
|
Definition
| Businesses try to build loyalty among their consumers so they will keep coming back to the store or product. |
|
|
Term
|
Definition
| businesses that buy goods or services to use in their own business or to make other products. Also known as the industrial market. |
|
|
Term
|
Definition
| customers who buy products for their own household or personal use. |
|
|
Term
|
Definition
Market penetration
Market skimming
Meet the competition
Psychological
Discounts and credit |
|
|
Term
|
Definition
Extension
Contraction
Branding
Packaging
Warranties |
|
|
Term
|
Definition
Distribution channels
Intensive distribution
Selective distribution
Exclusive distribution
Physical distribution |
|
|
Term
|
Definition
Personal selling
Advertising
Sales promotion
Public relations
Publicity |
|
|
Term
|
Definition
| Set of tangible and intangible features |
|
|
Term
| Product strategies in the marketing mix |
|
Definition
Extension
Contraction
Rejuvenation |
|
|
Term
| Product strategies in the marketing mix |
|
Definition
Extension
Contraction
Rejuvenation |
|
|
Term
| Product strategies in the marketing mix |
|
Definition
Extension
Contraction
Rejuvenation |
|
|
Term
| Product strategy - extension |
|
Definition
| adding new products or variations of old products to the existing range of products. For example, when Coke added Diet Coke |
|
|
Term
| Product strategy - contraction |
|
Definition
| when a particular product is not selling well many businesses will stop making the product. |
|
|
Term
| Product strategy - rejuvenation |
|
Definition
| giving an older product new life by redesigning and or repackaging the product. |
|
|
Term
|
Definition
Penetration pricing
Market skimming pricing
Meet the competition pricing
Pyschlogical pricing |
|
|
Term
| Pricing strategies - penetration pricing |
|
Definition
| where the business sets the price of the product below the price of competitors, making its product more attractive. |
|
|
Term
| Pricing strategies - market skimming pricing |
|
Definition
| If a product is one of a kind a high price can be set by the business until competitors enter the market. |
|
|
Term
| Pricing strategies - meet the competitors |
|
Definition
| used when a business sets its prices at around the same level as its competitors. |
|
|
Term
| Pricing strategies - Psycological pricing |
|
Definition
| Pricing products at odd prices such as $1795 rather than $1800 so that the consumer feels they are getting a bargain. |
|
|
Term
|
Definition
Personal selling
Advertising
Sales promotion
Publicity |
|
|
Term
| Promotional strategies - personal selling |
|
Definition
| a sales person outlines the features or a product or service. |
|
|
Term
| Promotional strategies - personal selling |
|
Definition
| a sales person outlines the features or a product or service. |
|
|
Term
| Promotional strategies - Advertising |
|
Definition
| on TV, radio, billboards, newspapers, magazines. This is the most effective way of communicating with a large number of people. |
|
|
Term
| Promotional strategies - Sales promotion |
|
Definition
| promotional activities include: contests, coupons, discounts, free samples |
|
|
Term
| Promotional strategies - Publicity |
|
Definition
| products are mentioned favorably in the media. |
|
|
Term
|
Definition
| Includes intermediaries (middlemen) who link the manufacturer and the end user. Retail stores are intermediaries |
|
|
Term
|
Definition
| activities in moving product from manufacturer to consumer. This includes warehousing, transporting |
|
|
Term
|
Definition
Intensive distribution
Selective distribution
Exclusive distribution |
|
|
Term
| Place strategies - Intensive distribution |
|
Definition
| where the product is available at every possible outlet. For example, you can buy a can of soft drink from small shops, service stations, supermarkets, newsagents, and from vending machines. |
|
|
Term
| Place strategies - Intensive distribution |
|
Definition
| where the product is available at every possible outlet. For example, you can buy a can of soft drink from small shops, service stations, supermarkets, newsagents, and from vending machines. |
|
|
Term
| Place strategies - Selective distribution |
|
Definition
| Used when the manufacturer wants to widely distribute the product but does not want to use and intensive strategy. For example, certain brands of hair shampoo can only be purchased at hairdressers and not supermarkets or chemists. |
|
|
Term
| Place strategies - Exclusive distribution |
|
Definition
| this limits the supply of products to particular stores or outlets. Usually the products are very expensive or are trying to achieve an elite image. |
|
|
