Bingo glossary marketing mix

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1 Bingo glossary marketing mix The management process which identifies customer wants, anticipates their future wants and then goes about satisfying them profitably. Where the market has been divided up into groups of consumers who have similar needs. A term used to describe all the activities which go into marketing a product/service. It s the 4 Ps product, price, promotion and place. The collection and collation of original data via direct contact with potential or existing customers. The use of information that has already been collected and is available for use by others. The unique name of a product that distinguishes it from other brands. This is when customers keep buying the same brand again and again instead of choosing a competitor s brand. This is the image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors brands. This is the physical container or wrapping for a product. It is also used for promotion and selling appeal. This describes the stages a product will pass through from its introduction, through its growth until it is mature and then finally declines. This pricing strategy is the cost of manufacturing the product plus a profit mark-up. This pricing strategy is when the price is set lower than the competitors prices in order to be able to enter a new market. This pricing strategy is where a high price is set for a new product on the market. This pricing strategy is when the product is priced in line with, or just below competitors prices to try to capture more of the market. This pricing strategy is when a product is sold at a very low price for a short period of time. NCEA Level 1: Business Studies, Lesson 10 1

2 This pricing strategy is used when particular attention is paid to the effect that the price of a product will have upon consumers perception of the product. This is where the emphasis of advertising or sales promotion is to give full information about the product. This is advertising or promotion which is trying to persuade the consumer that they really need the product and should buy it. This is the people who are potential buyers of the product or service. This is the means by which a product is passed from the place of production to the customer or retailer. This is an independent person or business that is appointed to deal with the sales and distribution of a product or range of products. A financial plan for the marketing of a product or product range for a specified period of time. A demand for a very specialised product or commodity. This is probably the most important element of the marketing mix without it, the rest of the marketing mix is pointless. This includes many activities that are undertaken by a business to raise awareness of the business products and encourage customers to make a purchase. This is used when the exact nature of the product can vary and customers need to be able to discuss their specific requirements before they buy. The deliberate use of free publicity provided by newspapers, TV and other media to communicate with and achieve understanding by the public. Buys in large quantities from manufacturer and sells in small quantities to small retailers. The use of the internet and electronic communications to carry out business transactions. This is what makes a product stand out from its competitors. NCEA Level 1: Business Studies, Lesson 10 2

3 The percentage of product sales, in terms of dollars or units, obtained by a brand or company. Developing unique product differences with the intent to influence demand. The consumer perception of a product or service as compared to its competition. The term that describes how someone may segment a market by age, gender, race and income. A pricing strategy where a high price is used when there is an uniqueness about the product or service. This approach is used where a substantial competitive advantage exists. These are marketing plans to extend the maturity stage of the product before a brand new one is needed. Paid for communication with consumers to inform and persuade customers to buy. A payment by a company to the organisers of an event so that the company name becomes associated with the event. The marketing of products over the internet. The use of social-networking sites or text messages to increase brand awareness or sell products. NCEA Level 1: Business Studies, Lesson 10 3

4 Word List Brand name Primary research Packaging Niche market Marketing mix Agent Price skimming Brand image Marketing Channel of distribution Promotional pricing Cost-plus pricing Personal selling Informative Competitive pricing advertising Psychological Market segmentation Target market Product life cycle Secondary research pricing Promotion Unique selling point Demographic e-commerce Marketing budget Product positioning Viral marketing Premium pricing Product Product differentiation Brand loyalty Wholesaler Persuasive Market share Public relations advertising Internet marketing Advertising Penetration pricing Extension strategies Sponsorship NCEA Level 1: Business Studies, Lesson 10 4

5 Teacher instructions and answers Students are to match the terms at the bottom of the page to the list of definitions. First, see how many the students are able to complete without looking at the word list, then they can complete using the word list. Check students answers before giving them a blank piece of A4 to make 25 squares (four lines in each direction) and get the students to fill in each square with a word from the word list. You can then play bingo, reading only the definitions, while students mark off their called words. The management process which identifies customer wants, anticipates their future wants and then goes about satisfying them profitably. Where the market has been divided up into groups of consumers who have similar needs. A term used to describe all the activities which go into marketing a product/service. It s the 4 Ps product, price, promotion and place. The collection and collation of original data via direct contact with potential or existing customers. The use of information that has already been collected and is available for use by others. Marketing Market segmentation Marketing mix Primary research Secondary research The unique name of a product that distinguishes it from other brands. Brand name This is when customers keep buying the same brand again and again instead of choosing a competitor s brand. This is the image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors brands. This is the physical container or wrapping for a product. It is also used for promotion and selling appeal. This describes the stages a product will pass through from its introduction, through its growth until it is mature and then finally declines. This pricing strategy is the cost of manufacturing the product plus a profit mark-up. Brand loyalty Brand image Packaging Product life cycle Cost-plus pricing This pricing strategy is when the price is set lower than the competitors prices in order to be able to enter a new market. This pricing strategy is where a high price is set for a new product on the market. This pricing strategy is when the product is priced in line with, or just below competitors prices to try to capture more of the market. Penetration pricing Price skimming Competitive pricing NCEA Level 1: Business Studies, Lesson 10 5

6 This pricing strategy is when a product is sold at a very low price for a short period of time. Promotional pricing This pricing strategy is used when particular attention is paid to the effect that the price of a product will have upon consumers perception of the product. This is where the emphasis of advertising or sales promotion is to give full information about the product. This is advertising or promotion which is trying to persuade the consumer that they really need the product and should buy it. These are the people who are potential buyers of the product or service. Psychological pricing Informative advertising Persuasive advertising Target market This is the means by which a product is passed from the place of production to the customer or retailer. This is an independent person or business that is appointed to deal with the sales and distribution of a product or range of products. A financial plan for the marketing of a product or product range for a specified period of time. Channel of distribution Agent Marketing budget A demand for a very specialised product or commodity. Niche market This is probably the most important element of the marketing mix without it, the rest of the marketing mix is pointless. This includes many activities that are undertaken by a business to raise awareness of the business products and encourage customers to make a purchase. This is used when the exact nature of the product can vary and customers need to be able to discuss their specific requirements before they buy. The deliberate use of free publicity provided by newspapers, TV and other media to communicate with and achieve understanding by the public. Buys in large quantities from manufacturer and sells in small quantities to small retailers. Product Promotion Personal selling Public relations Wholesaler The use of the internet and electronic communications to carry out business transactions. e-commerce NCEA Level 1: Business Studies, Lesson 10 6

7 This is what makes a product stand out from its competitors. Unique selling point The percentage of product sales, in terms of dollars or units, obtained by a brand or company. Developing unique product differences with the intent to influence demand. The consumer perception of a product or service as compared to its competition. Market share Product differentiation Product positioning The term that describes how someone may segment a market by age, gender, race and income. A pricing strategy where a high price is used when there is a uniqueness about the product or service. This approach is used where a substantial competitive advantage exists. These are marketing plans to extend the maturity stage of the product before a brand new one is needed. Paid for communication with consumers to inform and persuade customers to buy. Demographic Premium pricing Extension strategies Advertising A payment by a company to the organisers of an event so that the company name becomes associated with the event. The marketing of products over the internet. The use of social-networking sites or text messages to increase brand awareness or sell products. Sponsorship Internet marketing Viral marketing NCEA Level 1: Business Studies, Lesson 10 7

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