Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

AS Business 2024 > Marketing > Flashcards

Marketing Flashcards

(72 cards)

Start Studying
1
Q

Marketing

A

Management task that links the business to the customer, identifying and meeting the needs of the customers profitably

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

Marketing objectives

A

Goals for marketing department to help the business achieve its overall objectives

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

Marketing strategy

A

Long-term plan established for achieving marketing objectives

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

Market orientation

A

An outward looking approach basing product decisions on customer demands, as established by market research

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

Product orientation

A

An inward looking approach that focuses on making products that can be made or have been made for a long time and then trying to sell them

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

Asset led marketin

A

Approach to Marketing the basis strategy on the firms existing strengths and assets instead of purely on what the customer wants

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

Societal marketing

A

This approach considers not only the demand of customers but the effects on all members of society involved in some ways when the firm meets these demands

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

Demand

A

Quantity of a product that consumers are willing And able to buy at a given price in a time period

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

Supply

A

Quantity of a product that firms are prepared to supply at a given price in a time period

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

Equilibrium price

A

The market price that equal supply and demand for a product

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

Market size

A

Total level of sales of all producers in a market

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

Market growth

A

The percentage change in the total size of a market over a period of time

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

Market share

A

Percentage change of sales in the total market sold by one business

Firms sales in a period
Total market sales in a period. X100

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

Direct competitor

A

Business that provides the same or very similar goods or service

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

Unique selling point – USP

A

Special feature of a product that differentiated from competitors products

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

Product differentiation

A

Making a product distinctive so that it stands out from competitors product in a consumers perception

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

Niche marketing

A

Identifying and exploiting a small segment of a large market or developing products to suit it

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

Mass marketing

A

Selling the same product to the whole market with no attempt to target groups within it

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

Market segment

A

A segment of a whole market in which consumers have similar characteristics

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

Market segmentation

A

Identifying different segments with in the market and targeting different products or services to them

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

Consumer profile

A

Qualified picture of consumers of a firms products, surely proportions of age groups, income levels, location, gender, social class

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

Market research

A

Process of collecting, recording, analysing data about consumers, competitors and the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Primary research

A

Collecting First hand data that is directly related to references

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Secondary research

A

Collection of data from secondhand sources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Qualitative research
Research into the in-depth motivation behind consumers Buying, behaviour/opinions
26
Quantitative research
Research that leads to numerical results that can be statistically analysed
27
Focus group
A group of people who ask about their attitude towards a product, service, advertisement, style of packaging
28
Sample
Group of people taking part in a market research survey selected to be representative of the overall target market
29
Random sampling
Every member of the total population has an equal chance of being selected
30
Systemic sampling
Every nth item in the target population is selected
31
Stratified sampling
Draws a sample From a specific subgroup what is segment of the population; uses random sampling to select appropriate number from each stratum
32
Quota sampling
When population has been stratified and the interviewer select an appropriate number of respondents
33
Cluster sampling
Using one number of a specific group to draw samples from not the whole population
34
Open Question
Invite a wide range of imaginative responses
35
Closed question
A limited number of preset answers are offered
36
Marketing mix
Four key decisions that must be taken in the effective marketing of a product
37
Customer relationship management
Using marketing Activities to establish a successful customer relations, So that existing customer loyalty can be maintained
38
Brand
And identifying symbol, name, image, trademark what distinguishes a product from its competitors
39
Intangible attributes of a product
Subjective opinions of customers about a product that cannot be measured or compared easily
40
Tangible attributes of a product
Measurable features of a product that can easily be compared with other products
41
Product
End result of the production process sold on the market to satisfy customer needs
42
Product positioning
Customers perception of a product/service as compared to its competitors
43
Product portfolio analysis
Analysing the range of existing products of a business to help allocate resources effectively between them
44
Product life cycle
Pattern of sales recorded by a product from launch to withdraw from the market -Main form of product portfolio analysis
45
Customer durable
Manufacture products that can be reused and is expected to have a reasonably long life
46
Extension strategy
Marketing plans to extend the maturity stage of the product before a brand-new one Is needed
47
Price elasticity of demand – PED
Measures the responsiveness of demand following a change in price 0 = perfectly inelastic: same amount is demanded no matter price change 1–0 = inelastic: percentage change in demand is less than percentage change in price Unitary = unit elasticity: percentage change in demand equals percentage change in price One – infinity = elastic demand: percentage change in demand is more than percentage change in price
48
Markup pricing
How do you fixed mark up for profit to the unit price of a product
49
Target pricing
Setting a new price that will give a required rate of return at a certain level of output/sales
50
Full cost pricing
Setting a price by calculating a unit cost for the product then adding a fixed profit margin
51
Contribution cost pricing
Setting price based on the variable cost of making a product in order to contribute towards fix costs and profits
52
Competition based pricing
Basing its price upon the process by its competitors
53
Dynamic pricing
Offering good at a certain price the changes according to the level of demand and customers ability to pay
54
Penetration pricing
Setting relatively low price often supported by strong promotion in order to achieve higher volume sales
55
Market skimming
Setting a high price for new products in firms - have a unique or highly differentiated product with low price elasticity of demand
56
Promotion
Use of advertising, sales promotion, personal selling, direct mail, et cetera inform consumers and persuade them to buy
57
Promotion mix
Combination of promotional techniques that a firm uses to sell a product
58
Above the line marketing
Form of promotion that is undertaken by a business By paying for communication with the consumers
59
Advertising
Paid for communication with consumers to inform and persuade
60
Below the line promotion
Promotion that is not directly paid for means of communication, but based on short-term incentives to purchase
61
Sales promotion
Incentives such a special offers/deals directed at consumers or retailers to achieve short-term sales and increase repeat purchases by consumers
62
Personal selling
A member of sales staff communicates with one consumer with the aim of selling the product and establishing a long-term relationship between company and consumer
63
Sponsorship
Payment by a company to the organisers of an event/team/individuals so that company name becomes associated with event/team/individual
64
Public relation
Delivered use of free publicity provided by newspapers TV and other media to communicate with and achieve understanding by the public
65
Branding
Strategy of differentiating products from those of competitors by creating an identifiable image into expectations about a product
66
Marketing/promotion budget
Financial amount allocated by a business for spending on marketing/promotion during a certain time period
67
Channel of distribution
Chain of intermediaries a product passes through from producer to final consumer
68
Online marketing
Advertising/marketing activities that use the Internet email and mobile communications to encourage direct sales via electronic commerce
69
E commerce
Find selling of goods/services by businesses and consumers through an electronic medium
70
Viral marketing
Use of social media sites or text messages to increase brand awareness/selling products
71
Integration marketing mix
Key marketing decisions compliment each other and work together to give consumers a consistent message about the product
72
Nonprice competition
Firms use fierce and competitive promotional campaigns to establish brand identity and dominance

AS Business 2024 (5 decks)

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