Advertising
Advertising
involves activity by which visual or oral messages are addressed to the general
public. Example: Newspapers, Magazines, Media.
B2B
In
B2B business model business organization sells its product to an intermediate
buyer who then sells the product to final customer. Example: Whole seller à Retailer
B2C
In
B2B business model business organization sells its product to final customer.
Example: Retailer à
Consumer
Psychological
pricing
Adjusting product or service price to create
psychological effect. Example:
(1)AXE 500 Tk.
(2)Lynx 350 Tk.
High price indicates special.
Product
mix
Product mix is the total number of different products a
firm sells. Example: product mix of ‘Samsung’- Mobile phone, tablet, fridges,
microwaves, televisions.
Product
line
The split form of a company’s product mix into several
groups can be termed as product line. Example:
|
Product
|
Product mix
|
Product line
|
|
Samsung
|
Mobile phone, tablet, fridges, microwaves, televisions.
|
Mobile phone: Android, Touch screen, Slide, Folding,
QWERTY
|
Product
life cycle
Product
life cycle describes the stages from the innovation of a product, until its
removal from the market. It includes 4 stages:-
·
Introduction:
researching, developing and then launching the product.
·
Growth:
sales increasing
·
Maturity:
sales at highest peak, rate of growth slowing down
·
Decline:
final stage of the cycle, when sells began to fall.
Product
Anything
that can be offered to market for attention, acquisition, use or consumption
and that might satisfy a want or need. Example: Iphone, Google, KFC
Needs
Needs
are states of felt deprivation. Example: Hungriness is need
Marketing mix
The
set of controllable tactical tools of marketing plan are often known as
marketing mix. Example: The 7P’s of marketing
Product,
Price, Place, Promotion ---- 4P’s; People, Process, Physical evidence ----3P’s
Marketing
Marketing
is the process by which companies create value for customers and build strong
customer relationship in order to capture value from customer in return.
Example: Advertising is a form of marketing.
Market skimming pricing
It
is a strategy of setting a high price for a new product to skim maximum
revenues layer by layer. Its objective is to gain maximum revenue before a
substitute of a product appears. Example: The pricing of IPHONE 4s
|
1st appearance
|
after 3 months
|
after 3 months
|
After 1 year
|
|
500$
|
400$
|
250$
|
150$
|
Market segmentation
The
process of dividing the market into distinct groups of customers according to
their needs, characteristics or behaviors. Example: The market segmentation of
IPHONE:-
|
Geographic
|
Demographic
|
Psychographic
|
|
Urban
|
Age(12-19,
20-34)
|
Social
class (Upper upper, upper middle)
|
Market positioning
The
process of creating positive impact and place in the mind of a customer.
Example: Offering good after sales services.
Market penetration
The
marketing efforts of the company to offer their existing products in the
current market is called market penetration. Example: beside their products ‘Dell’ is offering email disaster
recovery, spam/virus filtering services without any cost.
Market leader, challenger, follower,
nicher
·
The
firm having huge market share. Example: GP in telecommunication industry of BD
·
The
competitor of market leader. Example: Airtel is the market challenger of GP
·
Firms
that replicates what other business does. They ovserve others strategies and
implements successful ones. Example: Banglalink in BD
·
Firms
that serves small segments that the other firm overlook or ignore. Example:
Teletalk
Market
Market
is a set of all potential and current buyers of a product. Example: Consumer
market, Business market, Global market etc.
E-Marketing
The
process of marketing of product or services over the internet is called
e-marketing. Example: eBay, Amazon etc.
Diversification
Diversification
is the development of new products in the new market. Diversification strategy
is adopted by the company if the current market is saturated due to which
revenues and profits are lower. Example: Cannon diversified from camera making
company to producer of office equipment.
Direct marketing
When
a business address its customers through a multitude of channels, including
mail, email, phone, and in person. Example: Bill board advertising
Demand
Human
wants that are backed by purchasing power is known as demand. Example: Buying a
Ferrari car.
Consumer product
The
products which we usually buy for our personal use is known as consumer
product. Example: Necessary products such as rice, wheat, salt etc.
Convenience product
The
products which we buy frequently, and immediately with minimum comparison &
buying effort are known as convenience product. Example: Soap, Newspaper etc.
Consumer market
Markets
which are dominated by products & services designed for the general
consumer for their own or family use. Example: Newspapers, Dentists, Cloths
etc.
Concentrated (niche) marketing
A
market coverage strategy in which a firm goes after a large share of one or a
few segments or niches. Example: ‘Cosco’ soap shifted into concentrated
marketing as they are now holding the large share of this type of market.
Competitive advantage
It’s
a condition that puts a company in a favorable or superior business position.
Example: ‘Coca Cola’ enjoying competitive advantage by their products unique
formula.
Baby boomers
Baby
boomers are people born during the post- world war II, approximately between
the years
1946
and 1964. This includes people who are between 52-70 years old in 2016.
Service
Service
is an economic activity, where an immaterial exchange of value occurs. Example:
Hospital, Car wash, Banking.
Push and Pull strategy
·
Push
strategy involves direct sales of products and services to customers. Example:
Trade shows, Direct selling
·
Pull
strategy involves making the customer buying the product or services through
motivation by using advertising and promotional effort. Example: Discounts,
Advertising, referrals, promotions.
