Definition: The goals and targets the business sets out to achieve through their marketing strategy or a marketing campaign.
Definition: Substitute products consumers spend money on. For example substitute a chocolate bar for a pack of crisps
Definition: The stages of a product's life from initial concept through to when the product is taken off the market.
Definition: Random/probability, cluster, stratified, quota, independent quota control, judgement sampling, convenience sampling.
Definition: Prices set based on a similar competitor. Used in a crowded market where there is little product differentiation.
Definition: Segmentation strategy based on marketing research based identifying a gap in the market or a group of customers who needs are not being met by the main suppliers.
Definition: Setting a high price to maximise profitability before being forced to reduce price by competition.
Definition: Decisions based on achieving long-term objectives. Time scale set to change consumer attitudes and behaviours for the long term.
Deinition: Seeking new channels of distribution or selling in different geographic area – medium risk.
Definition: Tool for assessing and evaluating external factors affecting the business.
Definition: Pro-longing product sales by re-designing packaging, introducing new models, new ingredients and flavours, re-launching.
Defintion: To set the price of the product deliberately low to undercut competitors and force its way in the market. This will achieve high volume sales in a short space of time. Good for products that have a limited advantage over similar products in the market.
Definition: Using advertising to send messages to a large audience: TV, radio, newspapers, magazines, billboards, tube advertising
Definition: Questioning the acceptance of the product, advertising sales techniques, before the product is launched.
Definition: collecting information from internal sources (data held by the business such as customer info, accounts) and external sources (Government statistic, commercial research reports).
Defintion: The independent regulator and competition authority for the UK communications industries, with responsibilities across television, radio, telecommunications and wireless communications services
Defintion: Opinion based data – can be more time consuming to collect, however a small sample size used.
Defintion: Budget, costs, time, skills and staff expertise, availability of technical resources, the opinions of stakeholders.
Definition: Breaking the market down into sub-groups with similar characteristics: age, sex, level of education, socio-economic class (A,B,C1,C2, D, E)
Definition: Tool to identify the status of each product to help plan marketing requirements. Business will use the matrix to identify the status of the each of their products in their portfolio (product portfolio).