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

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