Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Key Terms > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing

A

Is the process of identifying, anticipating and satisfying the needs of customers in a mutually beneficial manner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Marketing objective

A

Is a marketing target for the business, setting out what it wants to achieve and when

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Corporate objective

A

Is a target set for the business as a whole

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Marketing stratergy

A

Is a marketing plan to achieve the marketing objective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Business to consumer marketing

A

Occurs when one business is marketing to the final customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Business to business marketing

A

Occurs when one business is marketing its products to other businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Market size

A

Is the total number of items sold - measuring volume or total sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Market growth

A

Measure the rate at which the market ad a whole is growing over a time period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Unique selling point

A

Is something about your product which is perceived by your customers as unique

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Niche marketing

A

Occurs when a business focuses on a particular ( usually small ) segment of a market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Market segment

A

Exists when there is a group of clearly identifiable customer needs and want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Mass marketing

A

Occurs when a business targets the majority of a market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Customer relationship marketing

A

Involves gathering and analysing data about customers to understand their behaviours and take appropriate actions to move them towards a purchase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Customer retention

A

Measure the proportion of customer whi continue to buy from a business over a given time period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Market research

A

Is the process of gathering, analysing and producing data relevant to the marketing process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Primary market research

A

Gathers data for the first time for a specific purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Focus group

A

Is a small number of people gathered together to talk about a particular issue in open discussion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Secondary market research

A

Using data which already exists

19
Q

Sample

A

Is a group of people selected to represent the population as a whole

20
Q

Validity of market research

A

Refers to how accurate the findings of market research are

21
Q

Reliability of market research

A

Refers to the extent to which the same results would be received if the research was conducted again

22
Q

Marketing mix

A

Combination of elements that Influence a customers decision on whether or not to buy a product

23
Q

Products

A

Refer to what it offers to sell to its customer, may be good ( tangible ) or services ( intangible )

24
Q

Tangible attributes

A

The tangible attributes of a product refer to its physical aspects, such as how it looks or feels

25
Q

Intangible aspects

A

Refer to aspects which cannot be touched but can still be very important to customers ( Brand )

26
Q

Product differentiation

A

Occurs when benefits of your product are perceived as clearly different from competitors products

27
Q

Product portfolio analysis

A

Occurs when a business examines the position of all its products in terms of their relative market share and market growth

28
Q

Product life cycle

A

Shows the stages of which a product is made

29
Q

Extension strategy

A

Occurs when marketing activities are changed to prevent sales from falling

30
Q

Boston matrix

A

Is a method of product portfolio which analysis that examines the products of a business in terms of their market share and market growth

31
Q

Competitive pricing

A

Is when companies set their prices at the same level as or slightly below competitors

32
Q

Penetration pricing

A

Is a pricing strategy aimed at gaining market share via a low entry price

33
Q

Price skimming

A

Occurs when your product has a high initial price is set for a product and this reduced over time

34
Q

Price discrimination

A

Occurs when different prices are charged for the same product

35
Q

Dynamic pricing

A

Occurs when different prices are changed at different times to reflect demand conditions

36
Q

Cost based pricing

A

Occurs when a business considers the cost of an item and add ons on an amount or a percentage to ensure profit is made

37
Q

Psychological pricing

A

Takes into account the psychological effect of a price on customers

38
Q

The promotional mix

A

Refers to the combination of ways in which the business communicates about its products

39
Q

Digital promotion

A

Involves promoting a brand, product or service in digital channels such as engines, social media, email etc

40
Q

Click through rate

A

Measure the number of visits to a website as a percentage of the number of impressions of a digital advert.
( 20 % CTR means 20 per cent of the time an advert is viewed someone clicks on it )

41
Q

Marketing expenditure budget

A

Is the amount of money a business allocated to spend on marketing activities such as promotion

42
Q

Distribution channel

A

Describes how the ownership of a product moves from the producer to the customer

43
Q

Distribution outlet

A

Is where the product is actually sold ( the shop )

Business Key Terms (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions