| A | B |
|---|
| Added value | is the difference between the cost of inputs into a product and the value placed on that product by the market. For example, Colgate add value by heavy advertising and packaging. |
| Advertising | is either informative or persuasive, using media such as TV, papers, posters or the internet. |
| Brand image | is a way of identifying a product or service. |
| Brand names . | create an identity for the product and highlight the ways in which it is different from competing products |
| Market niche | is a gap in the market which a firm might want to fill with a new product. |
| Market research | is the process of collecting, collating and interpreting information about the market for a product, e.g. a questionnaire. |
| Market segmentation | is the division of markets according to different types of customers in order to develop products that exactly meet people's needs. Markets can be segmented on the basis of age, gender, income or other features. |
| Market share | is the quantity sold by the company as a percentage of total sales during a given time period. |
| Marketing mix | is the combination of product features, promotion, place (distribution) and price used by a firm. |
| Place | refers to the distribution channels which may be used to market a product. Different ways of retailing are possible, including the internet. |
| Product life cycle | shows the pattern in which sales of a new product first increase, then peak and later go down. It includes the introduction, growth, maturity and decline stages. |
| Promotion | includes all kinds of advertising, free gifts and other incentives to purchase. |
| Qualitative research | finds out about people’s views and the reasons for their actions, e.g. why do people buy Pepsi. |
| Quantitative research | involves carrying out surveys to find numerical information e.g. how many people buy Pepsi, how many buy Coca Cola. |
| Unique selling point (USP) | is a particular feature of a product or service that sets it apart from its competitors. |
