Vocabulary List 3 - Marketing Terms

Vocabulary List 3

• Adoption: The decision to start using something (e.g., an idea, plan).
• Brand Recognition: How well a consumer identifies a product/service by its logo, tagline, packaging, or advertising.
• Product Mix: A company's total range of products.
• Brand: A type of product made by a specific company.
• Brand Switcher: When a consumer switches from one brand to another.
• Logo: A printed design/symbol representing a company/organization.
• Reputation: Public opinion about a person/thing based on past actions.
• Competitor: A person/organization competing against others, especially in business.
• Target Customer: A specific customer group a business aims its marketing at.
• Market Research: Studying consumer needs and preferences.
• Product Launch: The debut of a product in the market.
• Niche Market: A subset of a market focused on a particular product.
• Marketing: Activities related to buying & selling that include advertising, selling & delivering.
• Persuade: To induce someone to do something through reasoning.
• Distribution Channel: The flow of goods/services from the producer to the consumer, including wholesalers & retailers.
• Market Segmentation: Dividing a market into groups based on characteristics (e.g., interests, needs).
• Wholesaler: A business that sells goods in bulk to other businesses.
• Product Differentiation: Highlighting differences between similar products.
• Market Penetration: The measure of sales/adoption of a product compared to the overall market.
• Market Skimming: A pricing strategy that charges the highest initial price.
• Product Life Cycle: Product stages: introduction, growth, maturity, decline.
• Product Features: Characteristics describing a product's appearance, components, & capabilities.
• Market Opportunities: Understanding customer characteristics & market trends.
• Market Leader: Company with largest market share in an industry.
• Market Followers: Companies that copy or improve on existing market leaders' products/marketing efforts.
• Market Challenger: Companies aggressively trying to increase market share.
• Unique Selling Proposition (USP): A factor distinguishing a product from competitors.
• Dominate: To control or influence strongly.
• Differentiation: Showing the differences between things.
• Economies of Scale: Reduced per-unit costs from increased product output.
• Segmentation: The act of dividing something into parts.
• Cultural Sensitivity: Awareness of cultural differences.
• Market Positioning: The consumer's perception of a product/brand.
• Market Entry Costs: The costs involved in entering a new market.
• Standardization: Making things of the same type have the same features/qualities.
• Adaptation: Changing something to better suit a new situation.
• Exit Barrier: Anything that prevents a company from leaving an industry.
• Vertical Competition: Competition among suppliers & buyers in the supply chain.
• Horizontal Competition: Competition between firms of the same type.

Further Study

• These terms are fundamental to understanding marketing and business strategies.
• The concepts of pricing, competition, and market analysis are closely related.

This quiz focuses on essential vocabulary related to marketing concepts. Test your understanding of terms such as brand recognition, product mix, and target customer. Perfect for students looking to enhance their marketing language skills.