Marketing Key Terms

Where buyers and sellers meet to exchange goods and services

the difference between the cost of purchasing raw materials and the price the finished goods are sold for

A business carries out market research to find out what a consumer wants before a product is developed or produced

A business products the product first and try and find a market for it

The process of collecting, presenting and analysing information about a particular product or service

the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market

A financial plan for the marketing of a product or product range for some specified period of time. It specifies how much money is available to market the product or range, so that the Marketing department know how much they may spend.

The characteristics of consumers of a particular product in different markets based on their gender, age, and income levels, among other characteristics.

A group of people or organizations for which a business designs, implements, and maintains a marketing mix intended to meet the needs of that group.

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviour, and who might require specific products and needs

Devising products with mass appeal and promoting them to all types of customers

Tailoring a product to a particular type of customer in a small market.

a geographic region or demographic group used to gauge the viability of a product or service in the mass market prior to a wide scale roll-out.

numerical data

Provides an opinion or judgement

Involves collecting primary data from a new source

Uses secondary data that has already been collected by somebody else

Sets of questions which are designed to find out consumer's buying habits or opinions.

Questions that allow people to give their own views

People are asked to choose an answer from a list of possible responses

A formal, personal meeting arranged for finding out opinion on the product or service

A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organisation, its products, or other given issues.

the process of formally testing a product to discover how effective or suitable it is

Data obtained within the organisation itself

Official information and statistics about the whole population

a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.