Marketing Concepts Flashcards

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Branding

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The process of creating a unique name, design, or symbol that identifies and differentiates a product from others in the market.

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Brand Value

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The worth of a brand in terms of customer perception, loyalty, and financial performance.

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Competitor Based Pricing

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A pricing strategy where a company sets the price of its product based on the prices of competitors' products.

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Diversification

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A growth strategy where a company enters new markets with new products, often to spread risk and opportunities.

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Market Share

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The percentage of total sales in a market captured by a particular company or product.

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Marketing Mix

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A set of controllable factors, commonly known as the 4Ps: Product, Price, Place, and Promotion, used by a company to influence consumer purchase decisions.

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Mass and Niche Markets

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Mass markets target a broad audience with generalised products, while niche markets focus on specific segments with specialised products.

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PESTLE

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A framework used to analyse the macro-environmental factors affecting a business: Political, Economic, Social, Technological, Legal, and Environmental.

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Price Skimming

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A pricing strategy where a company sets a high price initially and then gradually lowers it over time.

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Primary vs Secondary Research

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Primary research involves collecting original data directly from sources, while secondary research involves analysing existing data collected by others.