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GCSE Business > Marketing, competition and the customer > Flashcards

Marketing, competition and the customer Flashcards

1
Q

Customer base

A

The group of customers a business sells its products to

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2
Q

Market

A

All customers and consumers who are interested in buying a product and have financial access to do so

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3
Q

Target market

A

Individuals or organisations identified by a business as the customers or consumers of its products

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4
Q

Customer

A

An individual or business that buys goods and services from a business

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5
Q

Consumer

A

The final user of a product

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6
Q

Consumer markets

A

Markets for goods and services bought by the final consumer

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7
Q

Industrial markets

A

Markets for goods and services bought by other businesses to use in their production process

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8
Q

Business environment

A

The combination of internal and external factors that influence the operations of a business

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9
Q

Free trade

A

No barriers exist that might prevent trade between different countries

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10
Q

Niche marketing

A

Developing products for small segment of the market

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11
Q

Mass marketing

A

Selling the same product to the whole market

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12
Q

Market segment

A

A part of the whole market in which consumers have specific characteristics

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13
Q

Market segmentation

A

Dividing the whole market into segments by consumer characteritics and then targeting different products to each segment

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14
Q

Geographic segmentation

A

Dividing consumers in the market by geographic area

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15
Q

Demographic segmentation

A

Dividing consumers in the market by factors such as age, gender, income, ethnic background and social class

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16
Q

Psychographic segmentation

A

Dividing consumers in the market by lifestyles, personalities and attitudes

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17
Q

Market research

A

The process of collecting, recording and analysing data about the customers, competitors and market for a product

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18
Q

Unique selling point

A

The special feature of a product that set it apart from competitors’ products

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19
Q

Market-orientated

A

Products are developed based on consumer demand as identified by market research

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20
Q

Product-orientated

A

The firm decides what to produce and then tries to find buyers for the product

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21
Q

Primary research

A

The collection of first-hand data for the specific needs of the firm

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22
Q

Secondary research

A

The collection of data from second-hand sources

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23
Q

Quantitative research

A

The collection of numerical data that can be analysed using statistical techniques

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24
Q

Qualitative research

A

The collection of information about consumers’ buying behaviour and their opinions about products

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25
Q

Sample

A

A representative sample of the target market selected to take part in market research

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26
Q

Marketing mix

A

Four marketing decisions needed for the effective marketing of a product

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27
Q

Four Ps

A

The right product at the right price with the right promotion in the right place

28
Q

Product

A

The goods and services produced to satisfy a customer need or want

29
Q

Brand

A

A name, image or symbol that distinguishes a product from competitors’ products

30
Q

Brand image

A

The general impression of a product held by consumer

31
Q

Product life cycle

A

The pattern of sales of a product from introduction to its withdrawal from the market

32
Q

Extension strategies

A

Marketing activities to extend the maturity stage of a product

33
Q

Price

A

The amount paid by the customer to the supplier when buying a good or service

34
Q

Product quality

A

The product meets the needs and expectations of customers

35
Q

Market skimming

A

Setting a high price for a new product that is unique or very different from any other product on the market

36
Q

Penetration pricing

A

Setting a low price to attract customers to buy a new product

37
Q

Competitive pricing

A

Setting a price similar to that of competitors’ products which are already established in the market

38
Q

Price leadership

A

Smaller firms set their price based on the price set by the dominant firm in the industry

39
Q

Loss-leader pricing

A

Setting the price of a small number of products at below cost to attract cutomers into the outlet in the hope that they will buy other products priced to earn profit

40
Q

Cost-plus pricing

A

Setting price by adding a fixed amount to the cost of making or buying the product

41
Q

Demand

A

The quantity of goods and services consumers are willing and able to buy

42
Q

Price elasticity of demand

A

Measures by how much demand (sales) for a product changes when there is a change in its price

43
Q

Price inelastic demand

A

The percentage change in demand (sales) is less than the percentage change in price

44
Q

Price elastic demand

A

The percentage change in demand is greater than the percentage change in price

45
Q

Revenue

A

The amount earned by a business from the sale of its products

46
Q

Channels of distribution

A

How a product gets from the producer to the final consumer

47
Q

Wholesaler

A

A business that buys products in bulk from producers and then sells them to retailers

48
Q

Retailer

A

Shops and other outlets that sells goods and services to the final consumer

49
Q

Middleman

A

These are the intermediaries in the channels of distribution, for example wholesalers and retailers

50
Q

Direct selling

A

The product is solds by the final consumer without need for any middlemen

51
Q

Promotion

A

Marketing activities used to communicate with customers and potential customers to inform and persuade them to buy a business’s products

52
Q

Advertising

A

Paid-for communication with consumers which uses printed and visual media. The aim is to inform and persuade customers to buy a product

53
Q

Informative advertising

A

Information about the product communicated to consumers to create product awareness and attract their interest

54
Q

Persuasive advertising

A

Information about the product communicated to consumers to create product awareness and attract their interest

55
Q

Below-the-line promotion

A

Promotion that is not paid-for communication but uses incentives to encourage consumers to buy

56
Q

Sales promotion

A

Incentives used to encourage short-term increases in sales or repeat purchases

57
Q

Personal selling

A

Sales staff communicate directly with the consumer to achieve a sale and form a long-term relationship between firm and consumer

58
Q

Direct mail

A

Also known as ‘mailshots’; printed materials which are sent directly to the addresses of customers

59
Q

Sponsorship

A

Payment by a business to have its name or products associated with a particular event

60
Q

Marketing budget

A

The amount of money made available by a business for its marketing activities during a particular period of time

61
Q

E-commerce

A

Use of internet and other technologies by businesses to market and sell goods and services to customers

62
Q

Marketing strategy

A

A plan to achieve the marketing objectives using a given level of resources

63
Q

Legal controls

A

Laws that control the activity of businesses

64
Q

Barriers to trade

A

Usually taxes, quotas or bans that one country places on the goods of other countries to prevent or increase the cost of them entering that country

65
Q

Domestic market

A

The market for goods and services in the business’s own country

66
Q

Joint venture

A

An agreement between two or more business to work together on a project

GCSE Business (6 decks)

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