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.