Unit 2B Glossary
BTEC Level 3 Business Studies. Unit 2 Developing a Marketing Campaign
Appropriateness - The suitability of the methods of research.
Competition - Rival businesses that sell the same or similar goods and services
Cost - The total spending on a marketing campaign including research and promotion.
Currency - How old the information collected is.
Decline - The stage in which sales begin to fall. Firms need to make a decision to withdraw their products before they begin to make a loss or to use extension strategies to maintain high levels of sales.
Development - The stage before the launch. This is the stage where the product is being designed, prototyped and tested before a final product is decided upon.
Extension strategies - Methods to keep a product in the maturity stage.
External secondary research - Information that already exists in the external environment such as competitor websites and news articles.
Focus groups - Gathering a group of people to discuss a brand, its products or other strategies and observing the outcome of that conversation.
Growth - The stage where sales begin to increase more rapidly. People are more aware of the product at this stage so promotional activities may switch to reminder rather than informative.
Internal secondary research - Information that already exists within the business such as sales reports and financial data.
Interview - A face-to-face, telephone or online conversation to gather information from a respondent.
Introduction - The initial stage when the product is launched. Promotional activities are high at this stage as customers need to be informed of the existence and benefits of the products.
Market research - The activity of gathering information about consumers' needs and preferences.
Market size - The total sales from all sellers of a specific product
Market structure - The nature and degree of competition among firms operating in the same industry.
Market trends - The direction in which consumer tastes, interests and preferences are heading.
Maturity - The stage when sales are at their highest and growth slows down. At this stage there will be a lot of other competitors on the market.
Observation - Gathering information about consumer preferences and behaviour by watching how they behave in situations.
Primary market research - Collection of information first-hand for a specific purpose
Product life cycle - The stages a product goes through from its development and launch to withdrawal from the market.
Qualitative data - Data that is collected that more descriptive and detailed and cannot be analysed statistically. An example of this is the answers received in an interview.
Quantitative data - Data that can be measured and counted. This data can be expressed through numbers which can be converted into charts for quick analysis.
Reliability - How consistent results from research would be if it was conducted again.
Secondary research - Past research which has already been performed and often already published
Target markets - Groups of customers with very similar needs to whom the company plans to sell its product.
Trials - Testing consumer responses to a new product before launch by giving them free samples or paying them to try and feedback.
Validity - A measure of how accurately data from research represents true findings.
