Market segmentation - Splitting the market for a product into different parts, or segments, Market share - The percentage of total sales of a product that a business has made.  If a business sells 20,000 products and the total market for that  product is 50,000, then the business has a market share of 40%, Maturity - When sales are at their highest level, P's of markeing 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, Prodcut 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, Quantative 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 Marketing, Part 2 OCR GCSE Business - Key Terms

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