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153 terms from Marketing, each defined in a sentence or two, with the part of the syllabus where you first meet it. 30 of them are HL only, and marked.
Paid advertising through mass media such as television, radio, newspapers, magazines, cinema and outdoor posters, aimed at a broad audience.
The changing of the marketing mix, such as the product, price, promotion or place, to suit the tastes, culture, incomes, laws and competition of each foreign market.
An intermediary that negotiates sales or finds buyers on behalf of a producer, usually for a commission, without taking ownership of the products.
Dividing a market according to customers' behaviour towards a product, such as the benefits sought, usage rate, brand loyalty and the occasion of purchase.
Promotion that does not use paid mass media, such as sales promotions, direct marketing, public relations, sponsorship and personal selling, usually aimed at specific customers.
A systematic distortion in research results, caused by the way the sample is chosen or the data is collected, which makes the results unrepresentative of the population.
A name, term, sign, symbol, design or combination of these that identifies the products of a business and distinguishes them from those of competitors.
The extent to which customers recognise or can recall a brand and know what it offers.
The process of strengthening a brand’s image and reach over time, for example by improving its products, investing in promotion and extending the brand to new products or markets.
The set of ideas, feelings and associations that customers hold about a brand, such as its quality, reliability, style or values.
The extent to which customers repeatedly buy one brand in preference to competing brands, even when rivals offer lower prices or new alternatives.
The financial worth of a brand, based on the extra revenue and profit it is forecast to earn because customers recognise and prefer it.
The process of creating, developing and managing a distinctive name, design and image for a product so that customers can identify it and develop positive associations with it.
A market in which businesses sell goods or services to other businesses, such as machinery, raw materials or accounting services, rather than to final consumers.
A market in which businesses sell goods or services directly to individual consumers for their own use, such as food, clothing or streaming subscriptions.
A question that offers respondents a fixed set of possible answers, such as yes/no, multiple choice or a rating scale, so that results are easy to count and compare.
A sampling method in which the population is divided into areas or groups, some of these clusters are chosen at random, and people are sampled only within the chosen clusters.
Setting a price based on the prices charged by competitors for similar products, at the same level or slightly above or below them.
The combined market share of a stated number of the largest businesses in a market, such as the three-firm concentration ratio, used to measure market concentration.
A description of the typical customer in a target market, covering characteristics such as age, gender, income, location, lifestyle, interests and buying habits.
Setting a price that covers the variable cost per unit and makes a contribution towards fixed costs and profit, without each price having to cover full average cost.
A sampling method in which the researcher selects the people who are easiest and quickest to reach, such as passers-by or friends, without trying to represent the population.
A pricing method that sets the price by adding a percentage mark-up to the average cost of producing each unit: price = unit cost × (1 + mark-up %).
The ability of a person or organisation to understand people from different cultures and to adapt behaviour, communication and decisions so as to work effectively with them.
A movement of data above or below the trend linked to the business cycle of booms and recessions, usually lasting several years and less regular than seasonal variation.
The final stage of the product life cycle, in which sales and profits fall steadily, usually because tastes have changed or better products have replaced it.
A qualitative forecasting method in which a panel of experts answers questionnaires anonymously over several rounds, seeing a summary of the group’s answers after each round, until their forecasts converge.
Dividing a market according to measurable population characteristics such as age, gender, income, occupation, family size and ethnicity.
Promotion that communicates directly with individual customers, for example by email, text message, post or app notification, usually using customer data.
The route by which a product passes from the producer to the final consumer, including any intermediaries involved.
A pricing method in which the price of a product changes frequently, often automatically, according to current demand, supply and other market conditions.
The buying and selling of goods and services over the internet, through websites, apps and online marketplaces.
A form of observation in which researchers study people in their own everyday surroundings, such as homes or shops, over a period of time, to understand how and why they behave as they do.
The price of one currency expressed in terms of another currency, for example £1 = US$1.25.
Selling goods or services produced in the home country to customers in other countries, either directly or through an intermediary such as an agent or distributor.
A method used to lengthen the life of a product by preventing or delaying the decline in its sales, such as new markets, new uses, repackaging or product improvements.
Extending a trend or relationship found in past data beyond the range of those data in order to predict future or unobserved values.
A branding approach in which one brand name is used for all or most of a business’s products.
A primary research method in which a small group of people, led by a moderator, discusses its opinions of and attitudes to a product, brand, advertisement or idea.
An area of a market, often shown on a position map, where customer needs exist but no product or brand is currently positioned to meet them.
Dividing a market according to the location of customers, such as country, region, urban or rural area, or climate.
A strategy that combines a standardised global brand and core product with adaptation of parts of the marketing mix to local tastes, culture and conditions; often summed up as “think global, act local”.
A form of foreign direct investment in which a business builds new operations, such as a factory, office or store network, in a foreign country rather than buying an existing business.
The stage of the product life cycle in which sales rise rapidly, unit costs fall, the product becomes profitable and competitors begin to enter the market.
Unconventional, often low-cost promotion that uses surprise and creativity in public or online spaces to attract attention and get people talking about a brand.
A form of promotion in which a business pays or rewards individuals with a large or loyal social media following to feature or recommend its products.
The agreement of a person to take part in research after being told clearly who is carrying it out, what it involves and how their information will be used.
A business that operates between the producer and the final consumer in a distribution channel, such as a wholesaler, retailer or agent.
The marketing of goods and services across national borders, including choosing which foreign markets to enter, how to enter them and how far to adapt the marketing mix for each one.
A primary research method in which an interviewer asks an individual respondent questions directly, allowing answers to be explored in depth through follow-up questions.
The first stage of the product life cycle, when a product is launched: sales are low, unit costs and promotion spending are high and the product usually makes a loss.
An agreement in which a business allows another business to use its intellectual property, such as a brand, patent or production process, for a stated period in return for a fee or royalty.
A product sold at a price below its cost to attract customers, who are then expected to buy other products on which the business makes a profit.
A branding approach in which the producer sells products under its own brand name through many different retailers.
The amount added to the unit cost of a product to set its price, usually expressed as a percentage of the unit cost.
Any place or system, physical or online, where buyers and sellers come together to exchange a particular good or service.
A published report on a particular market, usually by a specialist research firm, giving secondary data such as its size, growth, market shares, trends and forecasts.
The degree to which sales in a market are controlled by a small number of the largest businesses, often measured by a concentration ratio.
The percentage change in the size of a market over a period, calculated by comparing current market size with market size in the previous period.
The business or brand with the largest market share in a particular market, measured by value or by volume of sales.
An outward-looking approach in which a business uses market research to find out what customers want and then develops and markets products to meet those needs.
The process of collecting, analysing and interpreting information about a market, its customers and competitors, in order to make better marketing decisions.
An identifiable group of customers within a market who share similar characteristics or needs and respond in a similar way to a marketing mix.
The process of dividing a market into distinct groups of customers who have similar characteristics, needs or buying behaviour.
The total sales of all businesses in a market over a given period, measured either by value (sales revenue) or by volume (units sold).
The management process of identifying, anticipating and satisfying customers' needs and wants profitably, by deciding what to offer, at what price, where and how to promote it.
The combination of elements, product, price, promotion and place (and for services people, processes and physical evidence), that a business uses to market a product to its target market.
The specific targets of the marketing function, such as sales, market share or brand awareness, which support the organisation's overall objectives.
A document that sets out a business's marketing objectives and the strategies, marketing mix, budget and timeline it will use to achieve them over a given period.
The systematic process of analysing a business's marketing position, setting marketing objectives, and choosing the strategies, actions, budget and timescale needed to achieve them.
A medium- to long-term plan of how a business will achieve its marketing objectives, based on its target market, its intended position against competitors and the marketing mix that supports it.
A large market in which products are aimed at most customers, with little or no difference between segments, and are sold in high volumes.
The stage of the product life cycle in which sales are at or near their peak but grow slowly, competition is strongest and profit and cash flow are usually highest.
The ways in which a business can begin selling in a foreign market, from exporting and e-commerce through licensing, franchising and joint ventures to acquisitions and wholly owned subsidiaries.
The average of a fixed number of consecutive values in a time series, recalculated as the group moves forward one period at a time, used to smooth out short-term variations and show the trend.
A form of observation in which a researcher acts as an ordinary customer to assess the quality of service, products and staff behaviour of a business or its competitors.
A small, clearly defined segment of a larger market, with specific needs that are not fully met by mass-market products.
A primary research method that collects information by watching and recording people’s behaviour, such as how customers shop or use a product, instead of asking them questions.
A distribution approach that integrates a business’s physical stores, websites, apps and other channels so that customers have one seamless experience across them.
A distribution channel with one intermediary, usually a retailer, between the producer and the consumer.
A question that lets respondents answer in their own words rather than choose from fixed options, giving detailed qualitative information that is harder to analyse.
A branding approach in which a retailer sells products under its own brand name, made for it by other manufacturers.
Setting a low price when a product is launched in order to attract customers quickly and gain market share, with the intention of raising the price later.
In the marketing mix, the employees who deliver a service and interact with customers, whose skills, attitudes and behaviour shape the customer’s experience.
Promotion in which sales staff communicate directly with individual customers, face to face or remotely, to persuade them to buy.
The tangible elements of a service that customers can see or touch, such as premises, décor, uniforms, equipment, packaging and websites, which help them judge its quality.
The element of the marketing mix concerned with how and where a product is made available to customers, including distribution channels and outlets.
The entire group of people or organisations that a piece of market research is about and wants to draw conclusions on.
A diagram that shows how customers perceive competing brands or products on two dimensions, such as price and quality, with the axes crossing in the centre.
The place a product or brand occupies in the minds of customers relative to competing products, in terms of features such as price, quality and image.
Setting a price deliberately low, often below cost, to force competitors out of the market or deter new entrants so that prices can be raised later; illegal for dominant firms in many countries.
The amount of money that customers pay to obtain a good or service, set by the business as one element of its marketing mix.
Charging different prices to different groups of customers for the same product, where the groups can be kept apart and differ in their willingness to pay.
Demand for which the percentage change in quantity demanded is greater than the percentage change in price, so that PED, ignoring its sign, is greater than 1.
A measure of the responsiveness of the quantity demanded of a product to a change in its price: the percentage change in quantity demanded divided by the percentage change in price.
Demand for which the percentage change in quantity demanded is smaller than the percentage change in price, so that PED, ignoring its sign, is less than 1.
The method a business uses to set the price of a product, chosen to suit its costs, competitors, customers and marketing objectives.
The collection of new, first-hand data for a specific purpose, directly from customers or the market, through methods such as surveys, interviews, focus groups and observations.
In the marketing mix, the procedures, systems and activities through which a service is delivered to customers, from first contact to after-sales service.
A good or service, or a combination of both, that a business offers to the market to satisfy customers’ needs and wants.
A branding approach in which each product has its own separate brand name, often with little reference to the business that owns it.
Making a product or brand distinct from competitors' products in ways that customers value, so that it is less easily substituted and can command loyalty or a higher price.
The stages a product passes through from launch to withdrawal (introduction, growth, maturity, saturation and decline), shown as the pattern of its sales over time.
A group of closely related products sold by a business, such as different sizes, flavours or models of the same basic product.
An inward-looking approach in which a business focuses on developing and making products it believes are good, then tries to persuade customers to buy them.
The full range of products that a business sells, usually analysed to check that it holds products at different stages of the product life cycle.
The communication between a business and its customers that aims to inform them about, persuade them to buy, or remind them of a product or brand.
The combination of promotional methods, such as advertising, sales promotion, public relations, sponsorship, direct marketing and personal selling, that a business uses.
Dividing a market according to customers' lifestyles, values, attitudes, interests and personality.
Setting prices that appeal to customers’ perceptions rather than to calculation, such as $9.99 instead of $10.
The management of a business’s reputation and relationships with the public and the media, for example through press releases, events and interviews.
Predicting future sales from the judgment, opinions and experience of people who know the market, such as experts, managers and salespeople, rather than from statistical analysis of past data.
Research that collects non-numerical information about people’s opinions, feelings, motivations and attitudes, usually through interviews, focus groups, open questions or observation of small numbers of people.
Research that collects numerical data, such as how many people buy a product or what percentage prefer a design, which can be measured, counted and analysed statistically.
A written set of questions, in a fixed order, used to collect information from respondents in a survey.
A sampling method in which the population is divided into groups and a set number of people is chosen non-randomly from each group, usually in proportion to its share of the population.
A sampling method in which every member of the population has an equal chance of being selected, for example by using a random number generator on a list of the population.
An irregular, unpredictable movement in data caused by one-off events such as extreme weather, strikes or accidents, which cannot be forecast from past patterns.
Changing customers' perception of a product or brand relative to competitors, usually to appeal to a different or larger target market.
A business that buys products from producers or wholesalers and sells them in small quantities to the final consumer, in shops or online.
A qualitative forecasting method in which the sales estimates of individual salespeople for their own territories or customers are added together to give a forecast for the whole business.
The process of predicting the future sales of a business, in volume or value, over a given period, using past sales data, market information and judgment.
A short-term incentive to encourage customers to buy, such as a discount, coupon, free sample, competition or “buy one, get one free” offer.
A group of people selected from a population to take part in market research, whose answers are used to draw conclusions about the whole population.
The number of people, or other members of the population, included in a sample for market research.
The process of selecting a group of people from a population to take part in market research, so that conclusions about the population can be drawn from the group.
The difference between a result from a sample and the true value for the whole population, caused by chance because only part of the population was studied; it falls as sample size rises.
The stage of the product life cycle in which the market is full, so sales stop growing and firms can grow only by taking customers from competitors.
A regular and predictable movement of data above or below the trend that repeats within a fixed period, usually a year, because of the seasons, holidays or customs.
The use of data that already exists, collected by someone else or for another purpose, such as market analyses, government publications, academic journals, media articles and online content.
The extended marketing mix used for services: product, price, promotion and place plus people, processes and physical evidence.
A sampling method in which existing respondents recommend or recruit further respondents from among their contacts, used to reach small or hard-to-find groups.
An approach to marketing that meets customers' wants profitably while also protecting or improving the long-term well-being of consumers, society and the environment.
A form of promotion in which a business pays to be associated with an event, team, programme or person in order to raise awareness and improve its image.
The use of the same, or largely the same, marketing mix in every country in which a business operates, in order to build one global brand and gain economies of scale.
A sampling method in which the population is divided into groups (strata) and a random sample is taken from each group, usually in proportion to its size.
A company that is owned and controlled by another company, its parent company, which holds more than half of its shares; an overseas subsidiary operates in a foreign market on the parent’s behalf.
A primary research method that collects information from a sample of people by asking each of them the same set of questions, usually in a questionnaire.
The market segment or segments that a business chooses to aim its products and marketing at.
Launching a product in a limited geographical area or to a small part of the market for a trial period, to measure customers’ response before deciding on a full launch.
An integrated promotional strategy that combines above the line and below the line methods so that they reinforce one another.
A quantitative forecasting method that studies data recorded at regular intervals over time to identify the trend and the variations around it, and uses them to predict future values.
A restriction imposed by a government on the free exchange of goods and services between countries, such as a tariff, quota, embargo or regulation that favours domestic producers.
The underlying long-term movement in a set of data over time, upwards, downwards or flat, once short-term fluctuations have been smoothed out.
A distribution channel with two intermediaries, usually a wholesaler and a retailer, between the producer and the consumer.
A feature or benefit of a product that distinguishes it from competitors' products and gives customers a reason to buy it.
Material about a brand or product, such as reviews, photos, videos and posts, that is created and shared by customers rather than by the business.
An intermediary that buys large quantities of products from producers, stores them and sells them in smaller quantities to retailers.
A distribution channel in which the producer sells directly to the consumer, with no intermediaries.
The use of social media platforms to promote a business and its products, through its own content, paid targeted advertising, influencers and conversations with customers.