Marketing Vocabulary 1

Reading
PLEASE MATCH THE FOLLOWING TERMS TO THEIR DESCRIPTIONS
a. Diversification
b. Mass marketing
c. Benefit
d. Focus Group
e. Brand name
f. Early Adopter
h. Laggards
i. Break-Even
j. Innovator
k. Penetration pricing
l. Competitive Advantage
m. Segmentation
n. Brand repositioning
o. Niche
p. Early Majority
q. Target Market
r. Product Cannibalization
s. USP (Unique Selling Proposition)
t. Market Positioning/Position
u. Environment
1.The group of people at which you aim all your marketing efforts.
2. The process of concentrating your resources and efforts on one particular segment
3. The process of dividing a market into groups that display similar behaviour and characteristics
4. Offering a different benefit then that of your competitors.
5. The perception of a product or an organisation from the view of the consumer.
The place the product occupies in the consumer's mind relative to competing products.
6. An attempt to change consumer perceptions of a particular brand.
7. Used for the identification of goods or services. Can be a name, term, sign or symbol. A well managed brand should uphold certain values and beliefs.
8. Those who adopt a product/service in the early stages of its lifecycle.
9. Those consumers who adopt the product/service as it reaches the end of its lifecycle. They usally pay a competitive price for the benefit of waiting.
10. A pricing strategy where the organisation sets a low price to increase sales and market share.
11. A growth strategy which involves an organisation to provide new products or services. The new products on offer could be related or unrelated to the organisations core activities.
12. Those consumers who are the first to adopt a product/service at the beginning of its lifecycle. They are usually willing to pay a premium to have the benefit of being the first
13.Those who adopt a product/service after it has been established and excepted as the standard.
14. A simultaneous interview conducted amongst 6-8 respondents. The aim is to obtain qualitative information on the given topic.
15. The promotion of a product or service to all consumers.
16. The gain obtained from the use of a particular product or service. Consumers purchase product/services because of their desire to gain these built in benefits.
17. Loosing sales of a product to another similar product within the same product line.
18. A point for a business where turnover is equivalent to all costs.
19. The area around the company.
20. The one thing that makes that product different than any other. It's the one reason they think consumers will buy the product even though it may seem no different from many others just like it. It may be that the product has a lower price or more convenient packaging, or it may taste or smell better, or last longer.