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Business A level definitions > marketing management > Flashcards

marketing management Flashcards

1
Q

marketing

A

the anticipating and satisfying of customer’s wants in a way that delights the consumer and also meets the needs of the organisation

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2
Q

marketing objectives

A

the goals of the marketing functions in an organisation

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3
Q

sales volume

A

measures the number of items sold or produced

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4
Q

sales value

A

measures the financial worth of the items sold

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5
Q

market size

A

the volume of sales of a product or the value of sales of a product

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6
Q

market growth

A

the percentage change in sales of a general product or service, over a period of time

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7
Q

sales growth

A

the percentage change in sales for a specific business or product over a period of time

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8
Q

market share

A

the percentage or proportion of the total sales of a product or service achieved by a firm or a specific brand of a product

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9
Q

brand

A

a name, sign, symbol, design or slogan linked to a particular product or service in order to differentiate it from its competitors

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10
Q

brand loyalty

A

a measure of degree of attachment that a consumer has for a particular brand of product

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11
Q

market research

A

the systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing progress

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12
Q

primary market research

A

collection or commissioning of information, gathered first hand for the specific purpose of the initial user

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13
Q

secondary market research

A

information that has already been collected for a different purpose

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14
Q

qualitative market research

A

collection of information about the market based on subjective factors such as opinions and reasons

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15
Q

quantitative market research

A

collection of information about the market based on numbers

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16
Q

market mapping

A

a technique that analyses markets by looking at the features that distinguish different products or firms

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17
Q

sampling

A

gathering data from a group of respondents whose views or behaviours should be representative of the target market as a whole

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18
Q

price elasticity of demand

A

the degree to which the quantity demanded of a good or service is affected by a chance in consumer income

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19
Q

income elasticity of demand

A

the degree to which the quantity demanded of a good or service is affected by a change in consumer income

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20
Q

market segmentation

A

the classification of customers or potential customers into groups or sub groups, each of which responds differently to different products or marketing approaches

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21
Q

market targeting

A

deciding on the consumer/market segment to whom you intend to sell your products or brands

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22
Q

niche marketing

A

targeting a product or service at a small segment of a larger market

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23
Q

mass marketing

A

aiming a product at all of the market

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24
Q

market positioning

A

where your products or brand stands in relation to the products or brands of other businesses

25
Q

competitive advantage

A

a benefit that allows a business to gain and retain more customers that its competitors

26
Q

marketing mix

A

those elements of a business’s approach to marketing that enable it to satisfy and delight its customers

27
Q

product

A

the good or service provided by the business for its competitors

28
Q

price

A

the sum of money paid by the customer for a unit of a product

29
Q

promotion

A

in the context of marketing, promotion is the process of communicating with customers or potential customers

30
Q

place

A

the location at which the purchase of a product is made

31
Q

people

A

anyone who represents the firm and comes into contact with the firms customers

32
Q

process

A

the system involved in ensuring that an efficient service is provided to prospective and actual customers

33
Q

physical environment

A

the nature and the appeal of the physical evidence a customer will observe during a transaction

34
Q

industrial marketing

A

where a firm sells its product to another business

35
Q

consumer marketing

A

where a firm targets individual consumers with its products

36
Q

consumer products

A

products that are purchased in order to directly satisfy the needs and wants of consumers

37
Q

convenience products

A

products that are purchased frequently and with minimum thought and effort by consumers

38
Q

shopping products

A

products that consumers want to be readily accessible, but which involve thought and planning before purchasing

39
Q

speciality products

A

products whose purchase is planned by consumers who will seek out these products for purchase

40
Q

Boston matrix

A

a tool of product portfolio analysis that classifies products accordingly to the market share of the product and the rate of growth of the market at which the product is sold

41
Q

product portfolio

A

the range of products or brands provided by a business

42
Q

product life cycle

A

the stages that a product passes through during its lifetime - development, introduction, growth, maturity and decline

43
Q

extension strategies

A

methods used to lengthen the life cycle of a product by preventing or delaying it from reaching the decline stage of the product life cycle

44
Q

product development

A

when a firm creates a new or improved good or service, for release into an existing market

45
Q

penetration pricing

A

a strategy in which low prices are set to break into a market or to achieve a sudden increase in market share

46
Q

price skimming

A

a strategy in which a high price is set to yield a high profit margin

47
Q

dynamic pricing

A

an approach which uses a flexible system of pricing based on marketing factors.

48
Q

price war

A

the occurs when rival companies undercut each others price cuts in order to increase sales volume by keeping existing customers and attracting new customers.

49
Q

branding

A

the process of differentiating a product from its competitors through the name, sign, symbol, design or slogan linked to that product

50
Q

advertising

A

the process of communicating with customers or potential customers through specific media

51
Q

promotion

A

in the context of marketing, the process of communicating with customers or potential customers

52
Q

distribution channels

A

channels or routes through which a product passes in moving from the manufacturer to the consumer

53
Q

multi-channel distribution

A

this exists when a firm uses more than one type of distribution channel

54
Q

relationship marketing

A

this is an approach to marketing that focuses on consumer loyalty and long-term association rather than short-term sales targets

55
Q

process

A

the procedures or flow of activities by which a service is delivered to the customer

56
Q

physical environment

A

the tangible features of the service that enhance customer’s experience

57
Q

digital marketing

A

the anticipating a satisfying of consumer wants through the use of different forms of technology

58
Q

e-commerce

A

the buying and selling of goods and services through the use of electronic media

59
Q
A

Business A level definitions (6 decks)

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