Marketing and Competitive environment

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Marketing and Competitive environment
2013-05-24 10:19:44

Unit 2
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  1. Consumer marketing
    creating and delivering products to solve consumer's needs
  2. Unique selling point (USP)
    a feature or function of a product that makes it different to any other on the market
  3. Product Differentiation
    creating a perceived difference for a product in a competitive market
  4. The products life cycle
    the path of a product from its introduction onto the market to its eventually disappearance from that market
  5. Product portfolio analysis:
    analysing the existing product mix to help develop a balanced range of goods and services
  6. Promotion
    Bringing a product or range pf products to the attention of existing and potential customers
  7. Sales promotion
    offers designed to increase sales
  8. Promotional activities
    The ways in which a business can communicate with its potential and existing customers with the aim of increasing sales
  9. Business marketing
    serving the needs of a business or businesses within one or more industries
  10. Supply Chain
    all the stages in the production process from obtaining raw materials to selling to the consumer - from point of origin to point of consumption
  11. Marketing
    Identifying and meeting customer needs
  12. Niche marketing
    meeting the needs of a relatively small number of potential customers
  13. Market
    anyone willing and with the financial ability to buy a product or service
  14. Marketing mix
    the integration of a product, place, promotion and pricing designed to achieve the marketing objectives of the business
  15. Merchandising
    the visual presentation of a product to the consumer at the point of sale
  16. Direct selling
    a way of selling directly to the final consumer without another intermediary
  17. Product development
    Changing aspects of the goods and services to meet the changing needs of existing customers or to targets a different market
  18. Product line
    a set of related goods or services
  19. Product mix
    the full range of products offered by a business also know as product portfolio
  20. Mass marketing
    meeting the needs of a very large number of potential customers
  21. Price strategies
    long-term pricing plans which takes into account the objectives of the business and the value associated with the product
  22. Price skimming
    entering a market with a high price to attract early adopters and recoup high development costs
  23. Penetrating pricing
    below market pricing to gain a foothold in an established and competitive market
  24. promotional mix
    The combination of promotional activities which make up a campaign to communicate with a target market
  25. Public relations
    communicating with the media and other interested parties to enhance the image of the business and its products and thereby increasing sales
  26. Branding
    creating an identity for a business and its products to differentiate it from its rivals on the market
  27. Advertising
    the use of media to communicate with consumers
  28. Price leader
    a product that has significant market share and can influence market price
  29. Price taker
    a firm which sets its prices to the same or similar level to those of dominant firm in the industry
  30. Pricing tactics
    the manipulation of price to achieve an short-term objective
  31. Loss leaders
    Products sold at a loss than a cost to attract customers to a product range
  32. psychological pricing
    pricing the use of odd number pricing to increase the value-for-money appeal of a product
  33. Price elasticity of demand
    the responsiveness of demand for a product to a change of its price
  34. Price inelasticity demand
    the demand for a product changes relatively less than a change in price
  35. Business to business markets
    companies meeting the needs of other businesses in the market place
  36. Business to consumer markets
    companies meeting the needs of final consumers of goods and services
  37. Direct sale
    where no intermediaries are used
  38. Intermediaries
    organisations involved in the distribution of goods and services on behalf of other businesses
  39. Distribution channel
    Method by which a product is sold to the customer
  40. degree of competition
    the number and the size of the businesses operating in a  given market be it local, regional, national or international
  41. Market conditions
    the nature of the product, the needs of consumers, the number of firms and the ease of entry to the market
  42. Competiveness
    characteristics that permit a firm to compete effectively with other businesses
  43. Competitive advantage
    discovering and using methods of competing which are distinct and offer consumers greater perceived value than those of rivals in the market
  44. Agent
    Someone that arranges transaction between a supplier and customer usually over seas
  45. Boston matrix
    A method of analysing the products in a firms portfolio based on relative market share and market growth
  46. Brand loyalty
    A long-term decision to purchase a particular product or service
  47. Competitive advantage
    One or more features about a business product/service that gives it an advantage over it competitors (eg quality)
  48. Brand extension
    The use of a successful brand name to launch a new or modified product in the market