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| Question | Answer |
| Marketing | Providing customers with a persuasive case for preferring your products to your competitors. |
| Primary Research | When a firm carries out first hand research by fiel work e.g. conducting a survey. |
| Secondary Research | Information from a second hand source that has been found out by another person e.g. government statistics, books or websites. |
| Qualitative Research | In depth research using focus groups or in depth interviews, It is used to find out customers behaviors and attitudes. |
| Quantitative Research | This deals with large quantities of data e.g.a sample of 500 for a survey. |
| Socio-Economic Group | The customer's social class. |
| Product Trial | The consumer samples a product for the first time. |
| Repeat Purchase | The consumer regularly purchases a brand. |
| Brand Loyalty | A strongly motivated and long-standing decision to purchase a particular product or service. |
| Extension Strategy | An attempt to prolong the sales of a product and prevent it from declining. |
| Boston Matrix | A planning tool which can compare the products of a business and work out which ones have the best prospects for the future. The 4 areas are: Star Product, Problem Child, Cash Cow, Dog Product. |
| Cash Cows | Products with a high share and a (s)low market growth. |
| Star Product | Products that have a high market growth and a high market share. |
| Problem Child | Products with a low market share but a high market growth. |
| Dog Product | Products with a low market share and a low market growth. |
| Logo | A symbol or picture that represents a business. |
| Brand | A product with a unique character, for instance a design or image. |
| Differentiation | The process of making a product seem distinct from its competitors. |
| Unique Selling Point | A key feature of a product that is not shared by any of its rivals. |
| Marketing Mix | The things a business needs to consider in order to be successful. They are Price, Product, Place and Promotion which are known as the 4 P's |
| Public Image | How a business is perceived by the general public e.g. The Co-Op is believed to be ethical because of how it markets itself. |
| Product Life Cycle | The change in sales throughout the life of a product. It consists of Introduction, Growth, Maturity and Decline. |
3 comments
over 2 years ago
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over 2 years ago
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over 2 years ago
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