Marketing (Unit 2)

When your target market is divided into approachable groups to create subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better understand the target audience.

• Consumer good

• Segmentation

• Target marketing

• Ease of entry

Products which are bought for consumption by the average consumer. They are the result of production and manufacturing and are what a consumer will see stocked on the store shelf.

• Homogeneous products

• Consumer service

• Market orientation

• Consumer good

The total number of potential buyers of a product or a service within a given market, and the total revenue that these sales can generate.

• Market growth

• Consumer service

• Market size

• Market share

The process of organizing and defining the marketing aims of a company and gathering strategies and tactics to achieve them.

• Market share

• Market orientation

• Social marketing

• Marketing planning

The segment of a larger market that has its own demands and preferences. Companies focus on this to better cater to a specific consumer than competitors who target a broad audience.

• Market share

• Niche market

• Market orientation

• Mass marketing

The process of estimating future revenue by predicting the amount of product or services a sales unit will sell soon.

• Sales forecasting

• Product position map

• Target market

• Random variations

It refers to the recurrent variation in a time series which usually lasts for two or more years and is regular neither in amplitude nor in length.

• Seasonal variations

• Random variations

• Market segmentation

• Cyclical variations

Something that alters the market where your company operates. This could be something like artificial intelligence technology, consumer preferences, new regulations.

• Market research

• Trend

• Sales forecasting

• Target market

The process of determining the viability of a new service or product through research conducted directly with potential customers.

• Market research

• Test marketing

• Sample

• Trend

When collecting and analyzing non-numerical data (to understand concepts, opinions, or experiences. It can be used to gather in-depth insights into a problem or generate new ideas for investigation.

• Primary research

• Secondary research

• Qualitative research

• Quantitative research