commercial

marketing

use of marketing strategies to meet the needs and wants of customers in a profitable
way

ethical code of
practice

guidelines that help businesses to act in a moral way by considering what is right or
wrong

market

process or place where customers and suppliers trade. It exist where there is
demand or willingness from business to supply the product.

market
concentration

measures the degree of competitors that exist in a market. calculate by market share
of largest few firms

market leadership

firm with largest market share in particular market

market orientation

marketing approach that are outward looking by focusing on making product that
they can sell

market share

measure the value of firms sales revenue as a percentage of the total sales revenue
in the industry

market size

magnitude of an industry, measure in terms of the value of sales revenue from all the
business in a particular market, per time period

marketing

management process of predicting, identifying and meeting the needs and wants of
customers in a profitable manner.

marketing
objectives

specific marketing goals of an organization.

marketing
strategies

medium to long term plan to achieve a firms marketing objectives

needs

essential necessities that human must have to survive ex) food, shelter

product orientation

marketing approach used by business that are inward looking. They focus on selling
products that they can make

social marketing

any activity that seeks to influence social behaviour to benefit the target audience
and society

wants

human desires. irrespective of persons income or wealth. ex) luxury car

consumer profiles

demographic and psychographic characteristic of consumers in different market

differentiation

act of distinguishing a business or its products from rivals in the industry

ethical marketing

moral aspects of an organizations marketing strategies.

market
segmentation

process of categorising customers into distinct groups with similar characteristic or

wants and needs

marketing mix

combination of various elements needed to successfully market a product

marketing
objectives

targets that the marketing department wishes to achieve ex) sales growth or
increased market share

marketing plan

document outlining a firms marketing objectives and strategies for a specific time
period.

marketing planning systematic process of devising amercing objectives and appropriate marketing
strategies to achieve these goals.
mass marketing

undifferentiated marketing that ignores targeting individual market segment

niche marketing

targets a specific and well-defined market segment ex) some business provide highend speciality goods

packaging

form of non-price competition that focuses on the ways in which product is presented
to the customer

physical evidence

image portrayed by a business regarding its observable and tangible features ex)
cleanliness and physical attribute of an organization

place

method of distributing products to customer

position map

visual aid that shows customer perceptions of a product or brand in relation to others
in the marketing, often by comparing perceptions about price and quality

price

the amount that customers pay for a particular good or service

process

part of the extended marketing mix which refers to the methods and procedures used
to give clients the best possible experience.

product

goods or service to satisfy the needs and wants of the customer

promotion

method to communicate messages to the customer usually to sell firms product

repositioning

marketing strategy that changing the markets perception of firms product and brand
in comparison rival firms.

segmentation

process of categorising customers into distinct group of people with similar

characteristics and similar buying

targeting

distinctive market segment having its own specific marketing mix.

unique selling
point

any aspect of a product that makes it stand out from those offered by rival business

academic journals

periodical publication from educational research institutions that publish data data
information relating to a particle academic discipline

cluster sampling

getting feedback from respondents involves too much time, travelling or money.
ex)too time consuming when company randomly interview people

convenience
sampling

subjects that are easy to reach ex) students uses classmates

focus group

forming group discussion groups to gain insight into attitudes and behaviours of
respondents. Usually made up with similar profiles

interview

type of primary research that involve discussion between interviewer and interviews
to interviewees their person opinions.

market analysis

reveal characteristic and the trend for a particular product or industry ex) market
share and market growth rate

market research

marketing activities designed to discover the opinions, potential and existing

customer in order to identify their needs and wants

non-sampling
errors

cause by human error or human behaviour. They arise from the researchers mistake
in recording or analysing because respondents do not always give truthful and
honest answer

observation

method of primary research that involves watching how people behave in different
situation

population

all potential customer of a particular market

primary research

markest reserach that involves gathering new data first-hand for a specific purpose
ex) interview, surveys

qualitative market
research

getting non-numerical answers and opinions from respondents. The purpose is to

understand behaviour, attitude of customer and employee or other respondents.

quota sampling

most common sampling method involving certain number of people from different
market segment being used for research

random sampling

give every population an equal chance of being selected for the sample

sample

selected proportion of the population used for primary market research purposes

sampling errors

cause by mistakes made in the sample design, such as unrepresentative sample

being used

secondary
research

collection of second-hand data that already exist previously gathered by others

snowballing

market research carried out with individuals who then suggest other friends. This is
used when firms are unable to get hold of appropriate respondents as the population
is not clear

stratified sampling

subdividing the amerce into segment that share homogeneous or very similar
characteristic

survey

document that contains a serious of questions used to collect data for specific
purpose