Unit 3 AICE Business Vocabulary
Competition based pricing
A firm will base its price set by its competitors
Above the line promotion
A form of promotion that is undertaken by a business by paying for communication with consumers
Focus group
A group of people who are asked about their attitude towards a product service advertisement or new style of packaging
Personal selling
A member of the sales staff communicates with one person with the aim of selling the product and establishing a long-term relationship between company and consumer
Consumer profile
A qualified picture of consumers of a firms products showing proportions of age group income levels location gender and social class
Market segment
A subgroup of a whole market in which consumers have similar characteristics
Mark up pricing
Adding a fixed mark up for profit to the unit price of a product
Asset led marketing
An approach to marketing that based strategy on the firms existing strengths and assets instead of purely on what the customer wants
Product Orientation
An inward looking approach that focuses on making products that can be made or have been made for a long time and then trying to sell them
Market orientation
An outward looking approach basing product decisions on consumer demand, as established by market research
Product portfolio analysis
Analyzing the range of existing products of a business to help allocate resources effectively between them
Brand
And I did to find symbol name image or trademark that to distinguishes a product from its competitors
Direct competitor
Businesses that provide the same or very similar goods or services
Arithmetic mean
Calculated by totaling all the results and dividing by the number of results
Secondary research
Collection of data from secondhand sources
Random sampling
Every member of the target population has an equal chance of being selected
Systematic sampling
Every nth item in the target population is selected
Niche marketing
Identifying and exploiting a small segment of a larger Market by developing products to suit it
Market segmentation
Identifying different segments within a market and targeting different products or services to them
Sales promotion
Incentives such as a special offers to special deals directed towards consumers or retailers to achieve short term sales increased and repeat purchases by consumers
Marketing strategy
Long-term plan established for achieving marketing objectives
product differentiation
Making a product distinctive so that it stands out from competitors products in consumers perception
Consumer durable
Manufactured product that can be reused and is expected to have a reasonably long life such as a car washing machine
Changeable attributes of a product
Measurable features of a product that can be easily compared with other products
Price elasticity of demand
Measures the responsiveness of demand following a change in price
Dynamic pricing
Offering goods at a price that changes according to the level of demand and the customers ability to pay
Advertising
Paid for communication with consumers to inform and persuade
sponsorship
Payment by a company to the organizers of an event or team individuals so that the company name becomes associated with the event team individual
Below the line promotion
Promotion that is not directly paid for means of communication but based on short term incentives to purchase
Closed questions
Questions to which a limited number of preset answers is offered
Internet marketing
Refers to advertising and marketing activities that use the internet email and mobile communications to encourage direct sales via electronic commerce
Qualitative research
Research into the in-depth motivations behind consumer buying behavior or opinions
Quantitative research
Research that leads to numerical results that can be statistically analyzed
Mass marketing
Selling the same product to the whole market with no attempt to target groups within it
Market skimming
Setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity demand
Target pricing
Setting a price that will give a required rate of return at a certain level of output sales
Penetration pricing
Setting relatively low price often supported by strong promotion in order to achieve a high volume of sales
Intangible attributes of a product
Subjective opinions of customers about a product that cannot be measured or compared easily
eCommerce
The buying a selling of goods and services by businesses and consumers through and electronic medium
Primary research
The collection of firsthand data that is directly related to a firms needs
Promotion mix
The combination of promotional techniques that a firm uses to sell a product
Product positioning
The consumer perception of a product or service as compared to its competitors
Public relations
The deliberate use of free publicity Buy newspapers TV and other media to communicate with in achieve understanding by the public
Range
The difference between the highest and lowest value
Product
The end result of the production processes sold on the market to satisfy a customer need
Marketing or promotion budget
The financial amount made available by a business for spending on marketing promotion during a certain time period
Marketing mix
The four key decisions that must be taken in the effective marketing of a product
marketing objective
The goals set for the marketing department to help the business achieve its overall objectives
Sample
The group of people taking part in a market research survey selected to be representative of the overall target market
Marketing
The managemnet task that links the business to the customer by identifying and meeting the needs of the customers profitability
Equilibrium price
The market price that equates supply and demand for a product
Product lifecycle
The pattern of sales recorded by product from launch to withdraw from the market and it's one of the main forms of product portfolio analysis
Market growth
The percentage change in the total size of a market (volume or value) over a period of time
Market share
The percentage of sales in the total market sold by one business
Supply
The quantity of a product that firms are prepared to supply at a given price in a time period
Demand
The quantity of product that consumers are willing and able to buy at a given price in a time period
Interquartile range
The range of the middle 50 percent of the data
USP unique selling point
The special feature of a product that differentiates it from competitors products
Branding
The strategy of differentiating products from those competitors by creating an identifiable image and clear expectations about a product
Market size
The total level of sales of all producers within a market
Promotion
The use of advertising sales promotion personal selling direct mail trade affairs sponsorship in public relations to inform consumers and persuade them to buy
Viral marketing
The use of social media sites to text messages to increase brand awareness to sell products
Median
The value of the middle item when data have been ordered or ranked it divides the data into two equal parts
Mode
The value that occurs most frequently in a set of data
Extension strategies
These are marketing plans to extend the maturity stage of the product before a brand new one is needed
Integrated marketing mix
They let marketing decisions complement each other and work together to give customers a consistent message about the product
Societal marketing
This approach considers not only the demands to f consumers but also the effects on all members of the public involved in some way when firms meet these demands
Stratified sampling
This draws a sample from a specified subgroup or segment of the population and uses random sampling to select an appropriate number from each stratum
Market research
This is the process of collecting recording and analyzing data about customers competitors and the market
channel of distribution
This refers to the chain of intermediaries a product passes through from producer to final consumer
Open questions
Those that invite a wide ranging or imaginative response the results will be difficult to collate and present numerically
Customer relationship management
Using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained
Cluster sampling
Using one or a number of specific groups to draw samples from and not selecting from the whole population
Quota sampling
When the population has been stratified and the interviewerSelect an appropriate number of respondents from each stratum
full cost pricing
setting a price by calculating a unit cost for the product and then adding a fixed profit margin
contribution cost pricing
setting proves based on the variable cost of making a product in order to make a contribution towards fixed costs and profit