An individual who makes a purchase from a business to use themselves or to give to others.
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Market share
The percentage of the total sales of a product accounted for by one company.
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competitive advantage
The advantage gained by offering more superior goods or services than competitors.
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Corporate objectives
The actions necessary to achieve the aims set by the business.
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Marketing plan
The document which sets out the marketing activities necessary to the achieve the business aims
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Consumer
A private individual who buys and uses goods and services.
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Consumables
Goods that are replaced regularly, such as soap or toothpaste.
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Desk research
The research of secondary data by studying reports or journals and checking facts and figures online.
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Situational analysis
When a business looks at its own position in the market and assesses how it could be affected by trends and developments.
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Target Market
The section of the market the business aims to supply.
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Market segment
a section of the market with common characteristics.
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Target customer
the customer that the business aims to supply.
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Gap in the market
when a customer need is not currently met by existing products or services.
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Saturated market
a market which is full of similar products which now have little value to consumers
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Core product
the basic product designed to meet user needs.
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Augmented product
the core product plus additional benefits or services.
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Unique selling point
a special feature of a product or service that makes it easy to promote and sell
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Extension strategy
a plan to revive sales by adapting a product or launching in new markets.
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Product portfolio
the range of products produced by a business
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Pricing strategies
alternative methods of deciding the best price to charge.
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Elasticity of demand
the degree to which demand( and sales) increases as prices fall, and vice versa.
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Goods Market
relates to buyers and sellers of different products, from crisps to computers. these can be sub-divided into different types such as convenience goods,durable goods and luxury goods.
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Services Market
relates to the sales of different types of services, from hotels to nail bars. these can be sub-divided, for example into financial services, personal services and business services.
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Capital Goods
used to make another product
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Consumer goods
items bought from a shop or online store for, or by, an end user.
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Mass Market
the largest market possible for an item, without any allowances for income, personal interests or preferences. Mass market retailers include Marks and Spencer
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Niche Market
a much smaller market for a specialist product which takes into account specific needs. An example is gluten free bread.
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E-commerce
buying or selling goods over the internet. It also includes offering customer service online.
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E-business
Other business operations such as production and product development, stock control systems, financial systems, human resources and customer relationship management.
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Other cards in this set
Card 2
Front
The percentage of the total sales of a product accounted for by one company.
Back
Market share
Card 3
Front
The advantage gained by offering more superior goods or services than competitors.
Back
Card 4
Front
The actions necessary to achieve the aims set by the business.
Back
Card 5
Front
The document which sets out the marketing activities necessary to the achieve the business aims
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