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