Principles Of Marketing Revision Glossary

Unit 9 Principles of Marketing BTEC Level 2

Here is a useful list defining the marketing terms used in BTEC Level 2 Unit 9 Principles Of Marketing

List of Marketing Terms A - C

Advertising Model:Obtaining revenue from adverts of sponsors.

Augmented Product:The extras that come with the product on sale. E.g. A phone with a virtual reality head set, or a TV with a guarantee

Benchmarking:Comparing how the business is performing against other businesses.

Brand: A name, logo, symbol or sign that recognises the maker of the product.

Brand Dimensions:Logo, Symbol, colours, images, and celebrity endorsements.

Brand Extension:Using an established brand name for a new (or other product), this is sometimes called stretching the brand to another product e.g. Apple using the brand they use on their phones on their cars.

Brand Personality:The characteristics of a brand

Brand Value:The monetary value of a brand.

Business to Business (B2B:Businesses selling to other businesses.

Business to Customer (B2C):Businesses selling to customers for personal consumption.

Capital goods: Goods used to make another product

Core Product: The basic item that is offered e.g. a mobile phone.

Consumer: Individuals who use consume) the product.

Consumer goods:Products purchased for persona consumption. They are usually bought buy the consumer form a retail store on the high street or the internet.

Corporate objectives:The aims of the business.

Customers:Individuals and businesses who purchase the product.

List of Marketing Terms D - L

Data Mining:Computers are used to analyse large volumes of information in an attempt to solve marketing problems, aid forecasting and generate useful marketing data.

Extension strategy:How to increase the life of a product by making slight changes e.g. Sony introducing a slim version of their Play Station.

EBusiness:Business operations like stock control are linked by technology.

ECommerce:Buying and selling goods over the internet.

Elasticity of demand:How much demand increases (or falls) as a result of changes in price.

List of Marketing Terms M - 0

Market Growth:How much the market is worth each year is it growing or declining.

Marketing Definition:The processes involved in making a profit through developing, promoting and selling products and services

Marketing Mix:Product , price, place and promotion strategies.

Marketing Model:Focuses on meeting needs and building relationships with customers. Sales come from this loyalty.

Marketing Plan:The activities required to achieve the corporate objectives.

Market Oriented:A business focuses on the needs and wants of the customer.

Market Share:Shows the popularity of a product or service.

Mass market:Aiming at the largest possible market.

Niche market:A niche market is a market that has a small number of customers usually because the product or service being sold is specialist and would not suit the needs or wants of the mass market

List of Marketing Terms P - R

Penetration pricing: Charging a lower price than competitors or the actual value of the product. The idea behind penetration pricing is to quickly generate a large number of sales to gain market share.

PESTLE analysis:Political , Economical, Social, Technological, Legal, Environmental factors.

Premium Pricing:Asking a high price for a desirable luxury product.

Primary data:First hand data directly collected from customers or consumers by the researcher.

Product differentiation:How an organisation makes their products stand out from their competitors.

Product Life Cycle:The life stages a product goes through,(1) Introduction, (2) Growth (2) (3) Maturity and (4)Decline.

Product Mix:The variety of products offered by an organisation e.g. Samsung sells a range of mobile phones.

Product Orientated:This is strategy that focuses on products, sometimes at the cost of other things.

Qualitative data:Data collected on views and opinions.

Quantitative data:The collection of numerical data.

List of Marketing Terms S - Z

Sales Model:Selling the product in order to increase revenue. Bonuses and commission are often given to staff to motivate them.

Secondary data:Data that exists elsewhere.

Situational analysis:Assessing how a firm’s situation is affected by trends and development.

Skimming pricing:Charging a high price for a new product.

SMART Objectives:SMART stands for Specific, Measurable, Achievable, Realistic, Time - Based

SWOT analysis:Strengths, Weaknesses, Opportunities and Threats (SWOT)

Viral marketing:Encouraging people to tell others about your product. The popular way of doing this is through social media.

We hope you enjoyed looking through the glossary. To learn more marketing refer to our marketing theory page, visit our library of marketing videos on YouTube or visit our main glossary for a comprehensive list of marketing terms.