Exam (elaborations)
Unit 2 Exam Key Terms
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- PEARSON (PEARSON)
This covers Unit 2 Exam Key Terms, hopefully this will help you get a good grade from your tutor
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Unit 2: Developing a marketing campaign(Key terms)
Market size and growth
The market's size and growth are indicators of "how
much we sell" and "how quickly that changes." The size
of a market can be determined by unit sales or the
amount of money a product or sector makes in a certain
time.
Trends and fashion
A fashion trend is a look or expression that is popular
among a group of people at a certain moment and
place. A trend is a more ephemeral look that is not
determined by the seasons when the fashion industry
releases collections.
Customer needs
A customer need is a compelling reason for a customer
to buy a product or service. The ultimate criteria that
determine which solution a customer purchases is the
necessity.
Frequency of purchases
The number of times a consumer makes a purchase in a
certain period of time is known as purchase frequency.
Understanding how frequently a consumer purchases
within a certain category provides insight into their
interest in research.
, Competitor pricing
The process of establishing strategic price points to best
take advantage of a product or service-based market
relative to competition is known as competitive pricing.
PEST Factors
Political factors involve the decisions and laws that
governments make. These include tax. laws. political
stability.
Economic factors investigate the financial,
organisational, market-related, and environmental
concerns that firms face is known as economics.
Social factors are a type of business that strikes a
balance between social and financial purposes, falling
somewhere between profit-maximising business and the
non-profit sector.
Technological factors are the digital electronics,
software, and internet-related services, such as e-
commerce services, are all examples of businesses.
Competitor product ranges
A company's product range refers to the number and
types of products or services it sells. If a competitor just
sells one product, this could be perceived as a drawback
because the competitor's market reach will be limited.
Distribution channels
It's a route a product or service might take to get to
market. What is a direct channel of distribution? A direct
distribution channel is one through which a corporation
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