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A Level Business > Marketing > Flashcards

Marketing Flashcards

(99 cards)

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1
Q

Marketing

A

The management task that links the business to the customer by identifying and meeting the needs of customers profitably – it does this by getting the right product at the right price to the right place at the right time.

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2
Q

Marketing objectives

A

The goals set for the marketing department to help the business achieve its overall objectives.

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3
Q

Marketing strategy

A

Long-term plan established for achieving marketing objectives.

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4
Q

Market orientation

A

An outward-looking approach basing product decisions on consumer demand, as established by market research.

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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.

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6
Q

Asset-led marketing

A

An approach to marketing that bases strategy on the firm’s existing strengths and assets instead on purely on what the customer wants.

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7
Q

Societal marketing

A

This approach considers not only the demands of the customers but also the effects on all members of the public (society) involved in some way when firms meet these demands.

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8
Q

Demand

A

The quantity of a product that consumers are willing and able to buy at a given price in a time period.

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9
Q

Supply

A

The quantity of a product that firms are prepared to supply at a given price in a time period.

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10
Q

Equilibrium price

A

The market price that equates supply and demand for a product.

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11
Q

Market size

A

The total level of sales of all producers within a market.

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12
Q

Market growth

A

The percentage change in the total size of a market (volume or value) over a period of time.

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13
Q

Market share

A

The percentage of sales in the total market sold by one business.

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14
Q

Direct competitor

A

Businesses that provide the same or very similar goods or services.

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15
Q

USP – unique selling point (or proposition)

A

The special feature of a product that differentiates it from competitors’ products.

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16
Q

Product differentiation

A

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

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17
Q

Niche marketing

A

Identifying and exploiting a small segment of a larger market by developing products to suit it.

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18
Q

Mass marketing

A

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

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19
Q

Market segment

A

A sub-group of a whole market in which consumers have similar characteristics.

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20
Q

Market segmentation

A

Identifying different segments within a market and targeting different products or services.

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21
Q

Consumer profile

A

A quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class.

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22
Q

Market research

A

This is the process of collecting, recording and analyzing data about customers, competitors and the market.

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23
Q

Primary research

A

The collection of first-hand data that is directly related to a firm’s needs.

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24
Q

Secondary research

A

Collection of data from second-hand sources.

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25
Qualitative research
Research into the in-depth motivations behind consumer buying behavior or opinions.
26
Quantitative research
Research that leads to numerical results that can be statistically analyzed.
27
Focus groups
A group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging.
28
Sample
The 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 target population has an equal chance of being selected.
30
Systematic sampling
Every nth item in the target population is selected.
31
Stratified sampling
This draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum.
32
Quota sampling
When the population has been stratified and the interviewer selects an appropriate number of respondents from each stratum.
33
Cluster sampling
Using one or a number of specific groups to draw samples from and not selecting from the whole population, e.g. using one town or region.
34
Open questions
Those that invite a wide-ranging or imaginative response – the results will be difficult to collate and present numerically.
35
Closed questions
Questions to which a limited number of pre-set answers are offered.
36
Arithmetic mean
Calculated by totaling all the results and dividing by the number of results.
37
Mode
The value that occurs most frequently in a set of data.
38
Median
The value of the middle item when data has been ordered or ranked. It divides the data into two equal parts.
39
Range
The difference between the highest and the lowest value.
40
Inter-quartile range
The range of the middle 50% of the data.
41
Marketing mix
The four key decisions that must be taken in effective marketing of a product.
42
Customer relationship management (CRM)
Using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained.
43
Brand
An identifying symbol, name, image or trademark that distinguishes a product from its competitors.
44
Intangible attributes of a product
Subjective opinions of customers about a product that cannot be measured or compared easily.
45
Tangible attributes of a product
Measurable features of a product that can be easily compared with other products.
46
Product
The end result of the production process sold on the market to satisfy a customer need.
47
Product positioning
The customer perception of a product or service as compared to its competitors.
48
Product portfolio analysis
Analyzing the range of existing products of a business to help allocate resources effectively between them.
49
Product life cycle
The pattern of sales recorded by a product from its launch to withdrawal from the market and is one of the main forms of product portfolio analysis.
50
Consumer durable
Manufactured product that can be reused and is expected to have a reasonably long life, such as a car or washing machine.
51
Extension strategies
These are marketing plans to extend the maturity stage of the product before a brand new one is needed.
52
Price elasticity of demand
Measures the responsiveness of demand following a change in price.
53
Mark-up pricing
Adding a fixed mark-up for profit to the unit price of a product.
54
Target pricing
Setting a price that will give a required rate of return at a certain level of output/sales.
55
Full-cost pricing
Setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and then adding a fixed profit margin.
56
Contribution-cost pricing
Setting prices based on the variable costs of making a product in order to make a contribution towards fixed costs and profit.
57
Competition-based pricing
A firm will base its price upon the price set but its competitors.
58
Dynamic pricing
Offering goods at a price that changes according to the level of demand and the customer’s ability to pay.
59
Penetration pricing
Setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales.
60
Market skimming
Setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity of demand.
61
Promotion
The use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy.
62
Promotion mix
The combination of promotional techniques that a firm uses to sell a product.
63
Above-the-line promotion
A form of promotion that is undertaken by a business by paying for communication with consumers.
64
Advertising
Paid-for communication with consumers to inform and persuade, e.g. TV and cinema advertising.
65
Below-the-line promotion
Promotion that is not directly paid-for means of communication, but based on short-term incentives to purchase.
66
Sales promotion
Incentives such as special offers or special deals directed at consumers or retailers to achieve short-term sales increase and repeat purchases by consumers.
67
Personal selling
A member of the sales staff communicates with one consumer with the aim of selling the product and establishing a long-term relationship between company and consumer.
68
Sponsorship
Payment by a company to the organizers of an event or team/individuals so that the company name becomes associated with the event/team/individual.
69
Public relations
The deliberate use of free publicity provided by newspapers, TV and other media to communicate with and achieve understanding by the public.
70
Branding
The strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about a product.
71
Channel of distribution
This refers to the chain of intermediaries a product passes through from producer to final consumer.
72
Internet (online) marketing
Refers to advertising and marketing activities that use the internet, email and mobile communications to encourage direct sales via electronic commerce.
73
E-commerce
The buying and selling of goods and services by businesses and consumers through an electronic medium.
74
Viral marketing
The use of social media sites or text messages to increase brand awareness or sell products.
75
Integrated marketing mix
The key marketing decisions complement each other and work together to give customers a consistent message about the product.
76
Marketing plan
A detailed, fully researched written report on marketing objectives and the marketing strategy to be used to achieve them.
77
Income elasticity of demand
Measures the responsiveness of demand for a product following a change in consumer incomes.
78
Promotional elasticity of demand
Measures the responsiveness of demand for a product following a change in the amount spent on promoting it.
79
Cross elasticity of demand
Measures the responsiveness of demand for a product following a change in the price of another product.
80
New product development (NPD)
The design, creation and marketing of new goods and services.
81
Test marketing
The launch of the product on a small-scale market to test consumers' reactions to it.
82
Research and development
The scientific research and technical development of new products and processes.
83
Sales forecasting
Predicting future sales levels and sales trends.
84
Sales-force composite
A method of sales forecasting that adds together all of the individual predictions of future sales of all of the sales representatives working for a business.
85
Delphi method
A long-range qualitative forecasting method that obtains forecasts from a panel of experts.
86
Jury of experts
Uses the specialists within a business to make forecasts for the future.
87
The trend
The underlying movement in a time series.
88
Seasonal fluctuations
The regular and repeated variations that occur in sales data within a period of 12 months.
89
Cyclic fluctuations
These variations occur over periods of time of much more than a year and are due to the business cycle.
90
Random fluctuations
These can occur at anytime and will cause unusual and unpredictable sales figures - examples include exceptionally poor weather or negative public image following a high-profile product failure.
91
Globalisation
The growing trend towards worldwide markets in products, capital and labour, unrestricted by barriers.
92
Multinational companies
Businesses that have operations in more than one country.
93
Free international trade
International trade that is allowed to take place without restrictions such as 'protectionist' tariffs and quotas.
94
Tariff
Tax imposed on an imported product.
95
Quota
A physical limit placed on the quantity of imports of certain products.
96
International marketing
Selling products in markets other than the original domestic market.
97
BRICS
The acronym for five rapidly developing economies with great market opportunities - Brazil, Russia, India, China and South Africa.
98
Pan-global marketing
Adopting a standardised product across the globe as if the entire world were a single market - selling the same goods in the same way everywhere.
99
Global localisation
Adapting the marketing mix, including differentiated products, to meet national and regional tastes and cultures.

A Level Business (6 decks)

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