Chapter 2: Marketing Flashcards Preview

GCSE AQA Business Studies Unit 1 and Unit 2 > Chapter 2: Marketing > Flashcards

Flashcards in Chapter 2: Marketing Deck (30):
1

Market Research

Research that enables a firm to find out about its market, its customers and its potential customers

2

Primary Research

Gathering new information specifically for the purpose identified by the business

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Secondary Research

Research that uses information that has already been gathered for another purpose

4

Questionnaire

A set of questions designed to discover information relating to a product or service. These may be left for consumers to complete themselves, carried out by using face-to-face interviews by researchers or from the basis of a telephone or postal survey

5

Internet Research

Using information that has already been published on the internet to gather information about the market for a firm's products or services

6

Telephone Survey

A series of set questions delivered over the telephone to consumers as a method of primary research

7

Supplier Feedback

Gathering information from companies that supply products or services on their forecasts for what is likely to happen in the market in the future

8

Customer Feedback

Formal or informal responses from customers to the product or service offered by a business

9

Focus Group

In-depth discussion with a small group of consumers (8-10), which probes their feelings towards a product or service.

10

Marketing Mix

The 4 major variables for which decisions must be made when marketing a product

11

Product

The service or physical good being sold by the company

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Price

The amount charged by a business for its product or service

13

Promotion

All the ways a business communicates to consumers with the aim of selling products.

14

Place

The methods used by a firm to sell its products or services to consumers

15

Product range

The collective term given to all the products made or sold by a business

16

Product differentiation

Attempting to make your products stand out from those of your rivals through advertising, design or different product features

17

Demand

The quantity that consumers are willing and able to buy at the current price level

18

Marketing budget

The amount to be spent on marketing and promotion over a certain period of time

19

Advertising

Communication to consumers, using television and other media, to encourage them to buy a product

20

Publicity

Gaining press coverage for your business

21

Word-of-mouth recommendations

Getting customers to talk to their friends and family about your product or service

22

Direct mail

Sending promotional material directly to consumers

23

Personal selling

Employing a person to visit potential customers to persuade them to buy your goods and services

24

Website

Many businesses now have their own website on the Internet to provide information about their business for consumers

25

Banner

An Internet advert shown on another firm's website in the form of horizontal bar across the page

26

Pop-up

An Internet advert that 'pops-up' in a new window when visiting another company's website

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Channel of distribution

The method used to transfer goods or services from the producer to the final consumer

28

e-Commerce

Transactions between people and business carried out entirely via the Internet

29

Wholesaler

Buys large quantities of a product from producers and break them down into more manageable batches for retailers or consumers

30

Retailers

Offer consumers a convenient and comfortable environment in which to buy products