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.