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Marketing
JC Business
| Term | Definition |
|---|---|
| Target Market | The total number of potential customers for a product or service. The group the product is aimed at. |
| Market Segmentation | Dividing up your market and producing many different types of products to satisfy as much of the market as possible |
| The 4 Ps of Marketing | Product, Price, Place, Promotion |
| The marketing mix | Having the right product, on sale at the right price, in the right place, promoted in the right way. |
| Market research | Involves researching, gathering, recording and analysing information about a market. |
| Market Research finds out: | Who will buy the product, What price should be charged, What methods of advertising should be used, Best packaging to use, What competition is in the market |
| Desk Research | Secondary data is gathered. e.g. Reports, newspapers, internet, Central Statistics Office |
| Field Research | Primary Data is gathered. e.g. Observation, Questionnaire, Telephone Interview, Personal Interview, Focus Group |
| Factors to consider before launching a new product | Is there demand for the product? Will it be profitable? What price should be charged? How should it be promoted? In what place should it be sold? What type of packaging should be used? What is the target market? |
| Aims of Advertising | To give information to consumers, To persuade consumers to buy the product, To launch new products, To project a good image of the firm |
| Informative Advertising | Gives information to consumers |
| Persuasive Advertising | Trying to convince the consumer |
| Competitive Advertising | Comparing with competitors |
| Generic Advertising | Trying to promote the products of a particular industry |
| Examples of Sales Promotion | Free samples, Coupons, Special Offers, Competitions and draws |
| Branding | Use a logo or name to distinguish yourself from competitors |
| Loss leaders | Selling goods below cost to attract customers into the shop in the hope that they will buy other products |
| Merchandising | Arranging products on shelves and in display cabinets in such a way as to attract customers. |
| Duties of a Public Relations Officer | Issuing Press Releases, Arranging sponsorship, Arranging radio and TV coverage of events, Organising company literature for the public |
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dkellybusiness
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