Advertising Campaign  - A series of advertisements, often using different advertising mediaData collected that is based on facts or numbers, usually easier to analyse than qualitative data, Advertising Media  - The methods by which a business can advertise a product. Includes newspapers, TV and radio, Census Data  - Data collected by the Government every 10 years, questioning the entire population on their income, occupation etc. , Competitor Pricing - When a price is set based on prices charged by competitor businesses for a similar product, Cost-Plus Pricing  - A pricing method that adds a percentage of profit to the total costs of making a product. This gives the selling price., Design  - An important element in a number of different products, especially where style and technology work together, Digital Distribution - The distribution of goods and services digitally by downloading from a website, Focus Groups  - Selected small groups of customers who give their opinion on products, Internal Data  - Data already within a business based on past performance, Interview  - A question sheet filled in by the person conducting the interview, Marketing  - Finding the needs of consumers and demonstrating how a business fulfils those needs in a way that increases sales, Market Data - Information that help marketing decisions. It includes data on such things as market shares, changes in demand and the effect of promotions, Market Research  - The collection of data on consumer habits to help decision-making in marketing, Market Segmentation  - Splitting the market for a product into different parts, or segments, P’s of Marketing Mix  - Price, Product, Promotion and Place, Penetration Pricing - When a price is set lower than the competitor businesses. Often used by new businesses to break into a market. This should only be seen as a short-term strategy, Physical Distribution - The distribution of goods using a physical presence such as a shop or office, Point of Sale Promotions - Includes price reductions, loss leaders, competitions and free samples, Primary Research  - Data collected first-hand, often in the form of surveys. Sometimes referred to as field research, Product Life Cycle - The life of a product, usually shown as a graph divided up into four stages: introduction; growth; maturity; and decline, Promotional Pricing - Where prices are reduced to give products a boost or to sell off old stock. Most commonly seen as sales in shops, Qualitative Data  - Data based on opinions of those being asked, Quantitative Data  - Data collected that is based on facts or numbers, usually easier to analyse than qualitative data, Questionnaire - A question sheet filled in by the consumer, Research and Development - Used to help introduce both new and existing products. The research may be testing products in a laboratory or conducting market research by interviewing customers, Secondary Research - The collection of data using research or information provided by others, such as magazines, journals and the internet. Often called desk research, Skimming - Where a new product is more advanced than that of competitors; a price is set high as some customers are willing to pay higher prices to own the newest technology., Target Market - The group of customers to whom a business aims to sell its products. The target market may be other businesses as well as consumers, Trials - Used to test whether customers will buy a product,

Unit 2 - All Key Terms

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