| A | B |
|---|
| Advertising | informing potential buyers about a product |
| Australian Competition and Consumer Commission (ACCC) | Responsible for administering the Trade Practices Act and for promoting and educating the public about the provision of good business practices for a fair and efficient marketplace |
| Brand | a powerful business asset that is a "makers Mark". It creates and brings awareness desirability and power |
| Brand Loyalty | When consumers continue to purchase the same product, even though rival products exist |
| Brand Leader | The brand in the market with the highest market share |
| Break even point | The level of sales at which total revenue is equal to total expenses |
| Closed questions | Questions that require a simple answer, eg. Yes/No True/False |
| Competitor | a business rival in the same market for products and services offered by your oganisation |
| Consumer | A person or group that purchases or uses a product |
| Customer focus | responding to the needs and problems of customers is the most important consideration of the organisation |
| Customer satisfaction | degree to which customer expectations have been met |
| Descriptive research | research that incorporates consumers' attitudes, intentions and behaviour |
| Exploratory research | collecting information in an unstructured and informal manner |
| Focus group | a small group of participants gather together in an informal setting to give their opinion on a product or service |
| Generic market | a market where broadly similar needs of customers are met by sellers offering a variety and often diverse range of products |
| Market | grou pof potential customers with similar needs who are willing to exchange something of value with sellers offering various need-satisfying goods or services |
| Market orientation | A business strategy that focuses on the needs and wants of consumers and develops products to meet them |
| Market penetration | a pricing strategy that aims to set lower prices initially to gain high market share quickly |
| Market positioning | a product is placed within a market with regard to its image, price and age of the target market |
| Market research | a system approach used to gather information about a market place. |
| Market saturation | the market place is filled as most consumers own the product and the market is not growing. Any sales that occur are replacement sales |
| Market segment | relatively similar group of customers within a market who are likely to respond in similar ways |
| Market segmentation | An approach that is midway between mass marketing and individual marketing |
| market share | the percentage of total sales in a market held by one brand or business |
| Marketing | the process that provides the link between producers or providers of goods and services and consumers |
| Marketing mix | the variables that are used when undertaking marketing strategies: product, price, place, and promotion |
| Marketing objectives | the objectives set by the marketing department to meet the overall corporate objectives |
| Mark-up pricing | pricing determined by adding desired gross profit to the direct cost per unit. Usually expressed as a percentage |
| Maturity | Product life cycle stage where sales peak. Mature products either decline or are extended to lengthen their life cycle |
| Nice market | narrow segment that aims to provide products to buy with specific desires and preferences |
| Open Questions | Questions that allow the respondent to provide a descriptive answer |
| Pareto Principle | 80/20 rule - 80% of business is generated by approximately 20% of the customer base |
| Place | Encompasses the distribution channels used to market products to customers. One of the four Ps of the marketing mix |
| Population | Entire group under study as defined by the reserach objectives |
| Price Leader | a business through its dominant market position is able to set prices that other businesses adopt |
| Primary Data | Information gathered first hand by the business |
| Product | End result of the production process - either a good or service |
| Product development | Design and development of new or existing products |
| Product differentiation | Products are developed and advertised to make them appear different to others on the market |
| Product orientation | Focus is on the product manufactured rather than on the need of the product in the market place |
| Product life cycle | The stages through which all products pass: launch (introduction), growth, maturity, decline or extension |
| Promotion | The use of advertising, branding,. sales promotion and public relations to inform and persuade consumers |
| Psychological pricing | Pricing strategy wherby the price is set in accordance with the value the consumers place on the product |
| Sales Promotion | Use of incentives to encourage increased sales, eg. free gifts, competitions |
| Sample | A proportion or subset of the total population of interest |
| Secondary Data | Information that has been previously collected for another purpose |
| Target market | The market at which the product/service is primarily aimed |
| Wholesaler | A business that purchases in bulk from producers and sells smaller quantities to retailers |
