Target market |
The group of potential customers sharing common needs and characteristics that a business decides to serve |
Telemarketing |
Telemarketing (sometimes also referred to as “telesales”) is a method of direct marketing in which the telephone is used to contact potential customers in order to reduce the time spent in making personal visits. Traditionally, products such as double glazing and central heating have been marketed using this technique |
Telephone surveys |
Surveys in which respondents' answers to a questionnaire are recorded by interviewers on the phone |
Test marketing |
Test marketing occurs when a new product is tested with a sample of customers, or launched in a restricted geographical area, to judge customers' reactions. If the product is unsuccessful, the business will have minimised its costs and can either make changes before the main launch or decide to discontinue the product. Test marketing has a disadvantage in that competitors learn about the new product before its full launch |
Threats |
Threats are any aspect of the external environment which cause problems and which may prevent achievement of objectives. Almost by definition, what presents a threat to one business offers an opportunity to other businesses. |
Trademark |
Legal designation indicating that the owner has exclusive use of a brand |
