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Business: Marketing Flashcards

Chapter 10-17 (78 cards)

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1
Q

marketing

A

identifying customer wants and satisfying them profitably

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2
Q

customer

A

a person, business or other organisation which buys goods or services from a business

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3
Q

customer loyalty

A

when existing customers continually buy products from the same business

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4
Q

customer relationships

A

communicating with customers to encourage them to become loyal to the business and its products

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5
Q

market share

A

the percentage of total market sales held by one brand or business

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6
Q

consumer

A

buys goods or services for personal use-not to re-sell

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7
Q

market

A

the total number of customers and potential customers, as well as sellers, for the particular good or service

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8
Q

mass market

A

where there is a very large number of sales of a product

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9
Q

niche market

A

a small, usually specialised, segment of a much larger market

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10
Q

market segment

A

an identifiable sub-group of a whole market in which consumers have similar characteristics or preferences

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11
Q

market research

A

the process of gathering, analysing and interpreting information about a market

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12
Q

product-orientated businesses

A

businesses whose main focus of activity is on the product itself

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13
Q

market-orientated businesses

A

businesses which carries out market research to find out consumer wants before a product is developed and produced

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14
Q

marketing budget

A

a financial plan for the marketing of a product or product range for some specified period of time

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15
Q

primary research

A

the collection and collation of original data via direct contact with potential or existing customers (field research)

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16
Q

secondary research

A

uses information that has already been collected and is available for use by others

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17
Q

what are interviews

A

involve asking individuals a series of questions, often face-to-face or over the phone

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18
Q

what are questionnaires?

A

a set of questions to be answered as a means of collecting data for market research

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19
Q

what are focus groups

A

groups of people who are representative of the target market

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20
Q

what are observations

A

watching and recording behaviours of consumers in a natural/controlled environment

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21
Q

sample

A

group of people who are selected to respond to a market research exercise

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22
Q

random sample

A

when people are selected at random as a source of information for market research

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23
Q

quote sample

A

when people are selected on the basis of a certain characteristics for market research

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24
Q

marketing mix

A

describe all the activities which describe all the activities which go into marketing a product/service

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25
what is product
the good/service itself
26
what is price
price at which the product is sold to the customer
27
what is place
the channels of distribution that are selected
28
what is promotion
how the product is advertised and promoted
29
what do the 4P's need to. communicate
the same message
30
market-orientated
does the research first before creating the product
31
product-orientated
creates the product before doing the research
32
consumer goods & services
bought by consumers for their own use
33
unique selling point
the special feature of a product that differentiates it from the products of competitors
34
producer goods & services
produced for other businesses to use and help other services
35
brand name
the unique name of a product that distinguishes it from other brands
36
brand loyalty
when consumers keep buying the same brand again and again instead of choosing a competitors brand
37
brand image
the personality given to a product through marketing activities
38
branding
refers to the name, symbol or design to identify a particular product and to help maintain or increase its sales
39
packaging
the physical container/wrapping for a product
40
product life cycle
the stages a product will pass through from its introduction, through its growth until it is matured and then finally its decline
41
extension strategy
a way of keeping a product at the maturity stage of the life cycle and extending the cycle
42
Introduction: product
basic
43
Introduction: price
skimming/ penetration pricing
44
Introduction: promotion
brand awareness
45
Introduction: place
build selective distribution
46
Growth: product
offers product extensions, services & warranty
47
Growth: price
price cut/ increase depending on introduction strategy
48
Growth: promotion
establish strong brand image by promotional activities
49
Growth: place
built intensive distribution
50
Maturity/Saturation: product
diversify brands/models
51
Maturity/Saturation: price
lower price, remains competition to extend stage for longer
52
Maturity/Saturation: promotion
retain brand loyalty
53
Maturity/Saturation: place
build MORE intensive distribution
54
Decline: product
phase out weak items
55
Decline: price
lower price, attract customers from competitors newer products
56
Decline: promotion
relaunch product, extension strategy
57
Decline: place
falling number of outlets
58
promotional pricing
when a product is sold at a very low price for a short period of time
59
cost plus pricing
cost of manufacturing a product plus profit mark-up
60
competitive pricing
product priced in line with/just below competitors price, to capture more market
61
penetration pricing
price sit lower than competitors pricing to enter a new market successfully
62
price skimming
high price is set for a new product
63
dynamic pricing
businesses change product prices depending on level of demand
64
price elastic demand
where consumers are very sensitive to changes in price, normally luxuries or non-essentials
65
price inelastic demand
where consumers are not sensitive to changes in price, normally necessities, utilities & goods with no substitutes
66
distribution channel
the means by which a product is passed from the place of production to the customer
67
agent
an indépendant person/business that is appointed to deal with the sales and distribution of a product or range of products
68
promotion
marketing activities aim to raise customer awareness of a product/brand, generating sales and helping to create brand loyalty
69
advertising
paid for communication with potential customers about a product to encourage them to buy it
70
informative advertising
where the emphasis of advertising/sakes promotion is to give full information about the product
71
persuasive advertising
advertising/promotion which is trying to persuade the consumer that they really need the product and should buy it
72
target audience
the people who are potential buyers of a product/service
73
sales promotion
incentives aimed at consumers to achieve short-term increases in sales
74
marketing budget
a financial plan for the marketing of a product or product range for a specified period of time
75
social media marketing
a form of internet marketing that involves creating and sharing content on social media networks in order to achieve marketing and branding goals it includes activities that achieves audience engagement
76
viral marketing
when consumers are encouraged to share information online about the products of a business
77
e-commerce
the online buying and selling of goods and services using computer systems linked to the internet and apps on phones
78
marketing strategy
plan to combine the right combination of the four elements of the marketing mix for a product or service to achieve a particular marketing objective

Business Studies (2 decks)

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