Topic 9

Word

Definition

Example

primary data

information that an organization collects and examines itself, instead of using information that already exists

Primary data is most frequently collected by means of surveys based on questionnaires or interviews.

secondary data

information that an organization has already collected in the past, which it examines again before collecting new information

Secondary data can pinpoint areas for further investigation.

field research

work that involves travelling to meet possible customers in order to get their opinions on products or services

We must insure that a field research finds its way back into practice.

desk research

the collection of secondary data or that which has already been collected. To most people it suggests published reports and statistics and these are certainly important sources.

In addition, the team carried out desk research, data analysis and field visits.

market research

the work of finding out what kind of goods consumers want

Conducting online surveys is a new and promising approach to market research.

survey

an examination of opinions, behaviour, etc., made by asking people questions

A recent survey had some disappointing findings.

respondent

a party against whom a petition is filed, especially one in an appeal or a divorce case

The respondents agreed with the court's finding that the firm failed to maintain the minimum capital required.

consumer panel

a group of people organized by a company or an organization doing market research to give their opinions about products

Using the findings of consumer panels across the country, we redesigned over 1,000 existing products.

focus group

a group of people assembled to participate in a discussion about a product

According to results we obtained from focus groups red is the best colour for the packaging.

market test

a test in which a new product is made available in one area in order to find out if people like it or if changes should be made

You will be developing products, from initial ideas to market test and national launches.

test market

the process of introducing a new product or service to one or more areas in a country to find out whether people are likely to buy it when it becomes more widely available

Another shortcut is to skip the traditional consumer test market and rely solely on laboratory research.

market-led

market-driven activities, developments, products etc are a result of the needs of customers

To maintain profitability, the company has to become increasingly market-led.

life cycle

the series of changes in the life of an organism including reproduction

The product life cycle is the period over which an item is developed, brought to market and eventually removed

development

the process of gradually becoming bigger, better, stronger, or more advanced

The company spends a lot of money on research and development.

launch

to begin something such as a plan or introduce something new such as a product

He decided to launch Facebook in 2004.

growth

an increase in the value of goods and services provided in a country or area

Analysts are predicting strong economic growth next year.

maturity

when an industry or market has stopped growing as fast as before, and there are fewer competitors etc

Western economies have reached maturity for insurance cover for goods and property.

saturation

when an event or person is given so much attention by newspapers, television etc that everyone has heard about it

The trial was given saturation coverage by the press.

decline

Downward movement, fall. A sloping downward, e.g. of a hill or road. A reduction or diminution of activity.

Direko expressed concern about what she described as a decline of the moral fibre of society - of which rape and woman abuse were symptoms.

advertising

the activity or business of advertising things on television, in newspapers etc

Both political parties spent millions of pounds on advertising.

advertisement

a picture, set of words, or a short film, which is intended to persuade people to buy a product or use a service, or that gives information about a job that is available, an event that is going to hap

Advertisements appear even on the side of buses.

promotion

an activity such as special advertisements or free gifts intended to sell a product or service

ABC has announced a joint promotion with Mullen

print

information and news in books, newspapers etc, rather than in other media

We send information to clients using both print and electronic media.

billboard

a large sign, usually outdoors, used for advertising

The agency estimates that one million drivers pass their billboards every day

junk mail

letters, advertisements etc that you receive through the mail without asking for them

Many of us find that even if we bin our junk mail, it continues to arrive.

spam

e-mail messages that a computer user has not asked for and does not want to read, for example messages from advertisers

You can protect your computer from unwanted email spam.

tag line

the last few words in a television or radio advertisement

Their new tag line was, 'Generation Next, ' which refocused the brand on the youth market.

tailor

to make something or put something together so that it is exactly right for someone's needs

We can tailor the insurance policy to fit your family's needs.

advertising agency

Firm that creates new promotional ideas, designs print, radio, television, and internet advertisements

She opened her own advertising agency.

advertising campaign

an organized course of action to promote a product or service

Their advertising campaign is nationwide.

advertising standards

are the standarts of honesty and decency that advertisements are expected to follow

This is an independent body which keeps advertising standards high.

budget

an estimate of income and expenditure for a set period of time

'Titanic' was a really high budget movie.

account

if you have an account with a bank, you can leave money there

Alison drew money out of her account to pay for our trip

account executive

an executive who works for an advertising agency and deals directly with clients, communicating their ideas to the company and making sure that their accounts are managed in a satisfactory way

An account executive will be expected to know when a client can see the proofs of the latest press advertisement.

branding

the action of marking with a branding iron

Sorry I'm late. I was at the presentation on branding.

brand

the identity of a product or service

Eastman Kodak is a premier brand in traditional and digital imaging

own brand

own-brand products have on them the name of the shop that is selling them, rather than the producer's name

We indicate the recyclability of the packaging on our own brand products.

generic

of or relating to a whole group or class

"Flu" is sometimes used as a generic term for any illness caused by a virus

brand name

the name given to a product by a company so that the product can easily be recognized by its name or design

Swatch is a well-known brand name worldwide.

brand awareness

the degree to which people know about a particular brand

The company increased market penetration and brand awareness among consumers.

brand image

the collection of ideas and beliefs that people have about a brand

Brand image is the current view of the customers about a brand.

brand loyalty

tendncey to buy brands

Apple has very high level of brand loyalty.

brand recognition

the ability of a consumer to recognize one brand over other brands

The NBA, which has been trying to build brand recognition and interest in China, is thrilled.

brand stretching

use the same brand name in a different product category

Victorinox's brand stretching strategy included clothing and accessories

diversification

the process of a business enlarging or varying its range of products or field of operation

The company is benefiting from geographical diversification.

USP

(unique selling proposition) a feature of a product that makes it different from other similar products, and therefore more attractive to people who might buy it

As an entrepreneur, you will need to develop your own USP.

price

the amount of money expected, required, or given in payment for something

One of our competitive advantages is the price.

list price

a price that is suggested for a product by the people who make it

The current list price for this model is just £11,295.

cost

(of an object or action) require the payment of (a specified sum of money) before it can be acquired or done.

Don't worry about the cost of the holiday - I won it in a competition

pricing strategy

method companies use to price their products or services

The Economist has different pricing strategy in different countries.

market price

the price of something on a market at a particular time

The price of A$6.75 for the new shares compares with Thursday's closing market price of A$7.88.

market value

how much people would be willing to pay for something, rather than a value calculated in another way

The survey compared the market value of similar properties in different parts of the country.

price-sensitive

if a product is price-sensitive, its sales are affected by the price

Gasoline is a very price-sensitive product - people will drive for long distances to get a few cents off.

competition-based pricing

a pricing method that makes use of competitors' prices for the same or similar product as basis in setting a price

Competition-based pricing is easily implemented on the Internet.

cost-based pricing

one of the pricing methods of determining the selling price of a product by the company, wherein the price of a product is determined by adding a profit element (percentage) in addition to the cost of

A cost-based pricing strategy had caused this company to lose orders it should have won.

market-orientated pricing

compares similar products being offered on the market

We will also maintain a market-orientated pricing strategy and a firm grip on our cost base.

penetration pricing

a marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering

A policy broadly akin to penetration pricing was adopted to achieve maximum penetration in this sector.

discount

a deduction from the usual cost of something.

In the present economic climate, many shops are offering discounts in order to attract customers

discounting

when a financial institution lends a business an amount of money equal to that owed to the business by its suppliers, in return for a percentage

If you have a lot of money tied up in your sales ledger in unpaid bills, invoice discounting is a way to release this money for you.