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Marketing Terms
Marketing Terms and Market Research
Marketing Terms
Market Segmentation
• Breaking down of customers into various segments i.e. potential and existing
customers is called as market segmentation
Basis of segmentation
• Demographic: Segmenting the market on various population characteristics
i.e. family size, socio-economic status, income and gender etc.
• Geographic: segmenting by location i.e. country, state
Marketing Terms
Market Segmentation
• Psychographic: personality characteristics, social characteristics and life style
• Geo-demographic: combination of demographic and geographic
characteristics
• Behavioral: Usage behavior, consumption or purchasing
Marketing Terms
Product Life Cycle
• Different stages from which a product goes from introduction to decline is called as
product life cycle
Stages of Product life cycle
Introduction
• One of the most expensive stage of a product as a company has to invest heavily to
introduce a product
• Cost on R&D, marketing and consumer can be higher at this stage
Marketing Terms
Product Life Cycle
Growth Stage
• Stage when sales and profits of a particular product are increasing
• Investing in promotional will increase the profits
• Maturity stage
• Product is established at this stage
• Company’s aim to maintain the market share
• Most competitive time for the product
Marketing Terms
Product Life Cycle
Decline Stage
• At this stage, product start shrinking
• Market is saturated
• Consumers are switching to different products
Marketing
• The process through which services and goods move from idea to consumers
Marketing Terms
4 Ps of Marketing
• Identification, selection and development of a product
• Determination of prices
• Selecting the particular channel to reach the place of consumer
• Selection, development and implementation of promotional strategy
Mass Market
• The market for goods tha are produced in large quantities
Niche market
• Market on which a specific product is focused
Marketing Terms
Unique Selling Point
• A particular factor that differentiates a specific product from competitors i.e.
first ever product, highest quality of lowest cost
Type of Market Research
Sr.
no
Type Explanation
1 Focus
Groups
Conducted at focus group facilities, managers can receive
feedbacks, mostly five to ten products about a group
2 One on
Intervie
ws
These are conducted from one person at a time
3 Phone
surveys
To validate the information from focus group or from one
person at a time through phone
4 Testing Product is actually tested at this stage
Marketing Strategy Flow chart
Bibliography
• Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction.
Pearson Education.
• Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand
equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132).
Springer, New York, NY.
• Tomczak, T., Reinecke, S. and Kuss, A., 2018. Introduction. In Strategic Marketing (pp. 1-18).
Springer Gabler, Wiesbaden.
• Hanssens, D.M., Pauwels, K.H., Srinivasan, S., Vanhuele, M. and Yildirim, G., 2014.
Consumer attitude metrics for guiding marketing mix decisions. Marketing Science, 33(4),
pp.534-550.

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Product life cycle

  • 1. Marketing Terms Marketing Terms and Market Research
  • 2. Marketing Terms Market Segmentation • Breaking down of customers into various segments i.e. potential and existing customers is called as market segmentation Basis of segmentation • Demographic: Segmenting the market on various population characteristics i.e. family size, socio-economic status, income and gender etc. • Geographic: segmenting by location i.e. country, state
  • 3. Marketing Terms Market Segmentation • Psychographic: personality characteristics, social characteristics and life style • Geo-demographic: combination of demographic and geographic characteristics • Behavioral: Usage behavior, consumption or purchasing
  • 4. Marketing Terms Product Life Cycle • Different stages from which a product goes from introduction to decline is called as product life cycle Stages of Product life cycle Introduction • One of the most expensive stage of a product as a company has to invest heavily to introduce a product • Cost on R&D, marketing and consumer can be higher at this stage
  • 5. Marketing Terms Product Life Cycle Growth Stage • Stage when sales and profits of a particular product are increasing • Investing in promotional will increase the profits • Maturity stage • Product is established at this stage • Company’s aim to maintain the market share • Most competitive time for the product
  • 6. Marketing Terms Product Life Cycle Decline Stage • At this stage, product start shrinking • Market is saturated • Consumers are switching to different products Marketing • The process through which services and goods move from idea to consumers
  • 7. Marketing Terms 4 Ps of Marketing • Identification, selection and development of a product • Determination of prices • Selecting the particular channel to reach the place of consumer • Selection, development and implementation of promotional strategy Mass Market • The market for goods tha are produced in large quantities Niche market • Market on which a specific product is focused
  • 8. Marketing Terms Unique Selling Point • A particular factor that differentiates a specific product from competitors i.e. first ever product, highest quality of lowest cost
  • 9. Type of Market Research Sr. no Type Explanation 1 Focus Groups Conducted at focus group facilities, managers can receive feedbacks, mostly five to ten products about a group 2 One on Intervie ws These are conducted from one person at a time 3 Phone surveys To validate the information from focus group or from one person at a time through phone 4 Testing Product is actually tested at this stage
  • 11. Bibliography • Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education. • Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer, New York, NY. • Tomczak, T., Reinecke, S. and Kuss, A., 2018. Introduction. In Strategic Marketing (pp. 1-18). Springer Gabler, Wiesbaden. • Hanssens, D.M., Pauwels, K.H., Srinivasan, S., Vanhuele, M. and Yildirim, G., 2014. Consumer attitude metrics for guiding marketing mix decisions. Marketing Science, 33(4), pp.534-550.