Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

business > marketing > Flashcards

marketing Flashcards

(53 cards)

Start Studying
1
Q

what are the stages of marketing

A

understanding
identifying/predicting
produce
satisfy requirment

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

what is the main role of marketing

A

converting wants into needs

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

how wants are turned into need

A

promotional activities

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

what is the result when wants are turned to needs

A

increase sales
increase profit

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

what should be done

A

decide if it is able to satisfy those needs by producing good or services

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

what should be done after satisfying

A

customer loyalty

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

how customer loyalty is built

A

maintaning loyalty

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

what should be done after customer base

A

build customer relationship

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

what is building customer relationship involved of

A

collecting information about each induvidual customer then the information issued to better identifying and satisfy customer needs

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

what are the role of marketing

A

identifying and satisfying customer needs
customer loyalty
building customer relationship

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

what is customer base

A

the group of customer a business sell its product to

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

define target market

A

induvidual/org
identified
consumer/customer

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

define customer

A

induvidual
buy
good service

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

define consumer

A

induvidual
uses
good and service

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

define consumer market

A

market
bought
other business
production

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

define business enviroment

A

combination
external internal
influence
operation

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

what are the factor that influence customer spending pattern

A

price of product
price of competitor good
change in size popullation and structure
taste and fashion
change in consumer income
advertising and promotional activities

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

explain price of product

A

higher the price less demand
lower the price more demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

explain the price of competitors product

A

if the product of business are very simillar then consumer likely to buy the product that has the lowest price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

explain change in consumer income

A

if the consumer have less money they will buy what they need for living

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

explain change in population

A

if country population grow in size then this increase the size of the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

expalin advertising and promotional activities

Study These Flashcards
A

promotional activities of business are aimed at persuading consumers to buy their product instead of competitors [product spend money on advertising create brand image and consumer often pay high because of the brand image

23
Q

why some market become more competitive

Study These Flashcards
A

goverment intervation
. legal control
. DEREGULATION
. privatisation
. providing fnancial assistance
free trade between countries
development of e-commerce
social media network

24
Q

what is legal control

Study These Flashcards
A

preventing induvidual market from dominating the market

25
how legal control increase competition
Competition law does this by making the market as competitive as possible in order to prevent any firm from dictating prices.
26
what is privatisation
selling of goverment owned business to private sector
27
how privatisation make competition
policies to allow more firms to enter the industry and increase the competitiveness of the market. It is this increase in competition that can be the greatest spur to improvements in efficiency.
28
what is deregulation
removal of goverment control from an industry
29
how deregulation make competition
eliminates restrictions for new businesses to enter the market, which increases competition. Since there is more competition in the market, it improves innovation and increases market growth as businesses compete with each other.
30
what is providing financial assistance
providing a source of finance to new, small to medium size business
31
what is free trade
no barrirer exist that might prevent trade between different countries
32
whta is free trade between countries
regional free trade agreement remove or reduce barrires to trade between countries
33
how free trade between countries make market competitive
Free trade agreements are contracts between countries to allow access to their markets. FTAs can force local industries to become more competitive and rely less on government subsidies.
34
how development of e commerce make market competive
many business have developed website to sell there products in other region this has increased the size of the business market and greatly increased the level of competition in the market
35
how social media network make the market more competitive
social media network like face book insta help promote their product and customer can have access to the information about supplier of product while this has increased consumer choice it has also increased competition within the market
36
define niche market
developing product for a small segment of the market
37
what doe niche market identifies
the needs of the small part of the whole market and then develop product to satisfy those needs
38
waht does niche market sell
high priced and high status good however some may target niche market where the product is not particularly high status or high priced
39
what is mass market
selling the same product to the whole market
40
why businesses see the benifit of dividing market and providing a slightly different product to each segment
this recognise that consumers do not all want the same product
41
what are the benifit to niche market
able to survive and earn profit less competition consumers pay more for a high status product
42
limitation to niche market
opportunity to earn high profit might attract competitors and this woll reduce price and future profit dosent benifit economies of scale consumer spending patter have effect
43
benifit to mass market
benifit economies of scale has potential for high sale and profit change in consumer spending pattern has no effect
44
what are the limitation for mass market
more competition not all market is large enough to support a mass marketing aproch reduce scope for mass marketing
45
what is market segment
a part of the whole market in which consumers have specific charactaristics
46
what is market segmentation
dividing the whole market into segment by consumer charactaristic and then targeting different product to each segment
47
what are the method of market segmentation
geographic segmentation demographic segmentation psychographic segmentation
48
what is geographic segmentation
dividing consumers in the market by geogrophic area
49
what is demographic segmentation
dividing consumers in the market by factors such as age gender income ethnic background and social class
50
what is psychographic segmentation
dividing consumers in the market by lifestyle personalitie and attitude
51
how geographical segmentation is made
different region within the same country different region of the world different countries of the world
52
what is the benefit of segmentation
help identify customer needs and wants good and services can be desinged to meet specific purpose of consumer small firms can servive easily and compete in the whole market reduce wastage help change higher price for similar product
53
segmentation leads to
niche market

business (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions