Marketing definitions

Brand leader. The company with the highest percentage share of a certain market.
Branded goods. Goods with a brand name or identity.
Cash cow. A product with high market share of a low growth market.
Cluster sampling. Choosing people from a specific area.
Complimentary goods. Products that go well together e.g. fish and chips.
Constraints. Factors which prevent the company from being able to meet its objectives.
Cost plus. Adding a set profit percentage to estimated total cost per unit.
Dog. A product with a low market share of a low growth market.
Extension strategy. A plan for lengthening the cycle of a product or brand.
Global marketing. Marketing throughout the world as if it was one big market by using the same brand, advertising etc.
Industrial markets. Selling goods and services to other companies.
Market intelligence. Often data collected by market research on consumers, distributors or competitors.
Market mapping. Selecting variables that differentiate brands within a market (e.g. price) and then plotting the position of each product on a graph. This enables firms to identify gaps in the market.
Market research. The process of gathering data to enable marketing decisions to be made accurately based on relevant information.
Market share. The percentage of sales by a certain company; largest is market leader.
Marketing mix. The four Ps: product, price, promotion, place. These are used to carry out a business' marketing strategy.
Marketing model. A framework for making marketing decisions in a scientific manner.
Marketing planning. Producing a schedule of marketing activities based on decisions about the marketing mix.
Marketing strategy. A medium to long term plan for meeting marketing objectives.
Marketing targets. Specific, measurable goals to be achieved within a limited time scale.
Marketing. The function that links the company and the customer to get the right product to the right place at the right time.
Mass market. A product which has mass appeal so can be promoted to all types of customer.
Niche market. A small, concentrated market which is often a section of a larger market.
Pan European marketing. Treating Europe as one market and selling the same product throughout.
Penetration pricing. Setting a price low to gain market share.
Pester power. The ability of children to pester their parents into buying what they want.
Portfolio analysis. Examination of all the products held by a firm to identify strengths and potential.
Price discrimination. Charging different prices to different people who receive the same product.
Price elasticity. Measure of how demand for a product changes with a change in price.
Primary research. Gathering of first hand data which is tailored to find exactly what the company wants.
Problem child. A product with a low market share of a high growth market.
Product awareness. This shows how many customers know about a certain brand. Market leaders such as Coca Cola may have 100% awareness.
Product differentiation. The extent to which customers perceive a product to be different to a competitors.
Product positioning. Deciding on an image for a product and therefore its target market.
Profit utilisation. How a company uses its profit after tax has been deducted.
Qualitative data. Collecting people's opinions including their thoughts and ideas.
Quantitative data. Collecting statistics and numerical data. Many people are asked to make it more accurate.
Quota sampling. Choosing people in proportion to their known demographic profile.
Random sampling. Choosing people so that every person has the same chance of being picked as someone else.
Revenue orientation. When extra sales can be achieved whilst incurring few extra costs.
Sampling. A group of people in a market research exercise who have been selected to represent the market as a whole.
Segmentation. How a certain market is divided up.
Star. A product with a high market share of a high growth market.
Stratified sampling. Choosing people from a specified group in the population.
SWOT analysis. An analysis of the strengths, weaknesses, opportunities and threats to a business.
Target market. The group of consumers a company aims its product at (can be wide or concentrated).
Trade exhibitions. Suppliers of a certain sector can display their products here for other companies to purchase.
Vision. An ambitious idea of where the business wants to be in the future.