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Question		Answer
market start learning		all the potential customers share a particular need or want
marketing start learning		the process of developing, pricing, distributing and promoting the goods or services that satisfy such needs
marketing combines 6 start learning		research, product development, distribution, advertising, promotion, product improvement
6 P start learning		product, price, promotion, place, packaging, ppl
market leader start learning		firm with a much larger market share than its competitors
market challenger start learning		a company that number two in an industry, but which would like to become nr1
market follower start learning		a smaller company in an industry, more or less content with its existing market share
market nichers start learning		small, specialised companies, which target segments within segments
monopoly start learning		a market in which one single producer can fix an artifically high price
oligopoly start learning		a market dominated by a few large suppliers and which it is hard for new companies to break into
cartel start learning		a group of companies which chose to collaborate by sharing out markets, co-ordinating their prices and so on
dominant-firm oligopoly start learning		a situation in which the market leader can determine the price that its competitors can charge
natural monopoly start learning		a market in which it is normal to have only one supplier -e.g. utilities such as water and sewage
differential advantage start learning		a feature that makes you stand out
selling point start learning		feature which makes your product sell well
point of sale start learning		place where we sale
market driven economy start learning		an economy controlled by market forces rather than by government action
price skimming start learning		a product pricing strategy by which firm charges the highest initial price that customers will pay
product life cycle start learning		introduction, growth, maturity, decline
economies of scale start learning		a proportionate saving in costs gained by an increased level of production
market penetration strategy start learning		selling the product at as low a price as possible in order to attain a large market share
product recall start learning		request from a manufacturer to return a product after the discovery or safety issues
undercover marketing start learning		marketing in which customers do not realize they are being marketed to
e-marketing start learning		using electronic media like email or SMS to promote products
direct marketing start learning		promoting products to target customers, eg through addressed mail
product placement start learning		putting products or references to product in media like films
viral marketing start learning		marketing that spreads from consumer to consumer, often online
advertising start learning		persuading ppl to buy a product or service by announcing it on eg TV
4 C start learning		customer solution, cost, convienience, communication
mix coherency start learning		refers to how well the components of the mix are blended together
mix dynamics start learning		refers to how the mix is adapted to a changing business environment
determining market segmentation start learning		is about adapting the marketing mix to different customer subgroups

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