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Business > 1.1 1.2 > Flashcards

1.1 1.2 Flashcards

1
Q

What are the factors of a mass market?

A
  • Widely available products
  • Mass media marketing
  • Wide range of audience
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2
Q

What are the factors of a brand?

A
  • Colour
  • Symbols
  • Logo
  • Shape
  • Image
  • Celebrity Endorsement
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3
Q

What is the equation for market growth?

A

Change in size of market ÷ original size of market

X100

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4
Q

What are the factors of a niche market?

A
  • Small , currently unsatisfied gaps in a market

- Charge premium prices

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5
Q

What is the equation for market size?

A

No. Of units sold x price

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6
Q

What is the equation for market share?

A

Sales of one firm
—————————. x100
Total market sales

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7
Q

What does “uncertainty” mean?

A
  • Non quantifiable probability

- Not measurable

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8
Q

What is the purpose of a brand?

A
  • Distinguishes the firm
  • Added value
  • Creates brand loyalty
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9
Q

What is “risk”?

A
  • Quantifiable probability

- Measurable

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10
Q

What are the benefits of online retailing?

A
  • E-commerce

- Breaks geographical barriers

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11
Q

What are the factors of competition?

A
  • Buying power
  • Price
  • Substitutes
  • Selling power
  • Ability of new firms to enter the market
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12
Q

What are the ways in which markets are segregated?

A
  • Geographic
  • Income
  • Behavioural
  • Demographic
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13
Q

What are the limitations of market research?

A
  • Accuracy of findings
  • Financial and opportunity costs
  • Bias
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14
Q

What are the factors of primary market research?

A
  • Interviews
  • Focus groups
  • Face-to-Face
  • Telephone
  • Postal
  • Observations
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15
Q

What are the factors of secondary market research?

A
  • National statistics
  • News magazine
  • Professional bodies
  • Market research organisations
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16
Q

What is quantitative data?

A

Statistical information- numbers

17
Q

What is qualitative data?

A

Non statistical data - insight into human behaviour

18
Q

What is product orientation?

A

When a firm orientates their product to create a market for it e.g technology products

19
Q

What is market orientation?

A

When a firm orientates their product/service to the customers needs - informed by market research

20
Q

What are the influences on market positioning?

A
  • internal constraints e.g budgets
  • internal strengths e.g creativity and innovation
  • market conditions e.g degree of competition
  • external environment e.g state of the economy
21
Q

What are factors contributing to a competitive advantage?

A
  • Product differentiation
  • Ability to add value
  • Operational efficiency
  • Position relative to competitors
22
Q

What does product differentiation allow a firm to do?

A
  • Charge a premium processing
  • Gain brand loyalty
  • Add value
23
Q

What are factors contributing to a change in demand?

A
  • Changes in prices
  • Changes in consumer incomes
  • Fashions , tastes and preferences
  • Advertising and branding
  • Demographics
  • External shock
  • Seasonality
24
Q

What is demand?

A

Demand is the amount society is willing and able to buy at a set price at a given point in time

25
Q

What are factors leading to a change in supply?

A
  • Changes in the costs of production
  • Introduction of new technology
  • Indirect taxes
  • Government subsidies
  • External shocks
26
Q

What is supply?

A

Supply is the amount of a good or service that producers are willing and able to sell at any given price

27
Q

How does a fall in price affect supply?

A

Supply decreases

28
Q

What is market equilibrium?

A

The point when demand is equal to supply

29
Q

What is price elasticity of demand?

A

Ped is a measure of how responsive demand is to a change in price

30
Q

What are factors that influence ped?

A
  • The availability of substitutes
  • The price of competitor goods
  • Time
  • Branding
  • Income
  • Nature of the good - luxury/necessity
31
Q

What is the calculation for ped?

A

%change in quantity demanded ÷ %change in price

32
Q

What is income elasticity of demand?

A

Yed is a measure of the responsiveness of demand to a change in income

33
Q

What is the formula for calculating YED?

A

%change in quantity demanded ÷ %change in income

Business (4 decks)

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