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| involves the gathering,anlaysing and presenting of information relevent to marketing processes |
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| Involves gathering and analysing data which has been collected for the first time |
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| A person who purchases or consumes a product |
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| A term used by manufatureing and services bisiness to indicate the goods or services they provide |
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| Is the value of sale made within a trade period |
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| the process by which firms add to the price consumers are prepared to pay for a product |
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| Business activites such as hair dressing which people are prepared to pay for |
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| The part of the economy concerned with the manufacturing of products |
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| Is that part of the economy concerned with service businesses |
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| An idividual who may or may not emply other people, but own and operates the businesses |
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A limited liability business with over 50,000 of share capital and a wide spread of share holders |
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| A small to medium sized business that usually run by the familly that own it |
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| Is the idea that the owner are financially only responsable for the amount they have invested in the comany rather than their personal wealth |
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| Means that because a business is trading without having become incoformed,its owners are liable for all the debts it may incur |
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An individual or group with a direct interest in a organisations perfomance's |
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| Is an owner of an organisation who get a share of teh profits as dividents |
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| Are the long term intenrions that provide a focus for setting objectives |
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| Are the medium to long term targets that can give a sense of direction to a manger, department or whole organisation. |
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| Are the goals of the whole enterprise. These should be based on the aims |
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| The main variables through which a firm carries out its market strategy often known as the 4p's Price Product, Promotion and Place |
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| Product Design (Design Mix) |
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| How the firm combines 3 key design elements in order to fit the market gap that has been identified aesthetic appealing, fuction and economic manufacturing |
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| Fulfilling marketing objectives by developing new products or ungrading existing ones |
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Means pricing a new product at such a high level that it is only purchased by trend-setters enthusiestic or the very rich |
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Setting a price low enough to gain sufficent market share to achieve customer brand recognisiton within that market |
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| Means adding a set profit percentage to the estimated total cost per unit |
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| The setting of prices based on the principle that as long as an item is sold for more than the variable cost, it is making a contrabution towards the overheads of a business |
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Means charging differnt prices to different people for what is essentially the same product |
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| Means setting a a price for a product or service based on the prices charged by competitors |
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Means setting a price based on the expectations |
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| A product sold out or bellow costs in the hope of generating other profitable sales |
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| A brand that is in such powerful position within its market place that it acn largely dictate the prevailling price level |
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| A firm with products that are insufficetly destinctive to stand out amongst the compation |
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| Setting a price low enough to drive competitors out of the market or out of business |
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| Are set to motivate the sales force to obtain distribution in as high a percentage of targets outlets as seems feasible |
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The stages of ownership that take place as a product moves from the manufacture to the consumer |
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Being appointed to move senior job the promotion of a product as part of the marketing mix |
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| Promotion is the advertising of a product/service through consumer media e.g. T.V radio |
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| I marketing term to indicate promotional activity’s other than the main media advertising |
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| Is paid for communication through media e.g. T.V radio |
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| Is communicating to customers designed to appeal to the emotions |
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| Paid for communications that provide messages based on facts rather than images |
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| Is advertising or promotional materials that is posted to specific address selected from a mail list |
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| Is the process of obtaining favourable publicity via the editorial columns of press media |
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| Is a form of promotion in which funds are provided for a sporting, cultural or social events for prominent display of the sponsors company |
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| Is the use of short-term incentives to purchase, such as free offers, sampling and selling, competitions and self-liquidators |
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| Exists when customer repreat purchase of your products on a regular bases |
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| Is the measurment of how customer demand is affected bya change in price, advertising sepnding or income |
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| Is a measure of the way the demand for a good responce to change in its price |
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| Measure the way in which demands change when customer real income changes |
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| This is an examination of market conditions to idetify new oppertunities |
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Anything providing a flow of benifts to an to anorganistion over a certian time period |
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| is a term used by many writers to indicate an old-fashioned business that ignores customer tastes and needs |
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| The extent to which a firm's strategic thinking stems from looking outwards to consumer taste and needs |
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The precise profit of the customers a firm wishes to sell
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The total sales of all the producers with in a market-place, measured, either by volume or value
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| Analysing a market to identify the differnt types of customers |
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| Where the total number of customers for a product is increaseing in price |
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| The percentage of all sales within a market that are held by one brand or company |
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| Exists when a market is demonstrated by a small number of large firms |
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Exists when the market exhibits the following characteristics - A large number of small buyer and sellers
- Perfect Knowledge
- A homogenous product
- Perfect freedom of entry
- All the firms in the market are profit maximisers
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| Is in theory a single producer within a market |
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| Means research using pre-set questionnaires among a large enough sample size to provide statistically valid data |
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| A medium to long term for meting marketing objectives |
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| Are the goals the marketing department must achieve in order to help the company achieve it’s over all objectives |
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Short term actions taken to achieve the marketing strategy |
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| A corporate strategy based on identifying and filling relatively small market segments |
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| Is the attempt to create products or services that have universal appeal |
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| The theory that all products follow a similar life course of comception, birth, growth, maturity and decline, although products pass through these stages at differnt speed |
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The range of products or bands held by a comany that provide it which diversified sources of income |
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| Means selecting the key variables that differentiate the brands within a market and thenplotting the position of each one |
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| A medium to long term plan for lenghthening the life cycle of a product or brand |
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| A method of analysing the current position of the products within a firm's portfolio, in terms of their market share and growth with there market place |
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| Is the sum of cash inflows to the organisation minus the sum of cash outflows over a specifit period |
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| A product with high market share in a high growth market |
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| A product with low market share in a high growth market |
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| A term given by boston consuting group to describe a product with low market share within a low growth market |
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| A process by which firms add to the price consumers are prepared to pay for a produt |
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| The features of a product that can be focused on in order to diffferentiate it from all compertition |
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