Marketing
A little Quizlet on marketing from the Scottish Intermediate 2 Business Management Course
Terms
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- Competitive pricing
- When rival companies charge similar prices for similar products
- The Marketing Mix
- For marketing to be succuesful, an organisation must combine the right product, right price, place and suitable promotion.
- Methods of Market research
- Desk or Field research
- Price Skimming
- When consumers are prepared to pay a high price in order to have the product first
- Development, Introduction, Growth, Maturity and Decline
- The 5 stages of the Product Life Cycle
- Above the Line promotion
- Promotion that makes use of independent media such as tv, radio and newspapers to allow businesses to reach a large audience
- Branding
- Using a logo or trademark to identify a product from others
- Destroyer Pricing
- Charging a deliberately low price to try to undermine competitors and put them out of business
- Desk Research
- Research that involves using secondary data
- Product
- Must meet the needs of the consumer and benefit the customer
- Market
- A place for buyers, sellers and consumers to meet involving the sale of goods to custoemrs by any means
- Market Led Organisation
- An organisation that consumer and what they want and changes in response to change in the market
- Below the Line promotion
- Promotion directly controlled by the business in order to target the consumer
- Field Research
- Research that involves using primary information
- Penetration Pricing
- When a firm wishes to bring tin a new product it will often introduce a low price to penetrate the maket
- Product Led Organisation
- An organisation that assumes its products are the best and that there is no competition for it