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Business Studies iGCSE Edexcel Marketing > Marketing > Flashcards

Flashcards in Marketing Deck (37)
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1

Market

A set of arrangements which allows buyers and sellers to communicate and trade in goods and services

2

Market share

The proportion of sales in a total market that a business or product enjoys

3

Marketing

Identifying customer needs and satisfying them profitably

4

Marketing Mix

The key elements in a firm's marketing strategy
Commonly known as the 4 P's - Product, Price, Promotion and Place

5

Market orientation

Where a business focuses on the needs of customers when developing products

6

Marketing strategies

A set of plans designed to achieve marketing objectives

7

Product orientation

Where a business focuses on the design and manufacture of the the product itself rather than the needs of customers

8

Market segment

Part of a whole market where a particular customer group has similar characteristics

9

Socio-economic groups

Division of people according to social class based on employment status

10

Competition based pricing

Pricing strategies based on the prices charged by rivals

11

Cost plus or cost based pricing

Adding a percentage( the mark up) to the cost of producing a product to get the price

12

Destroyer or predatory pricing

Setting a low price until rivals have gone out of business

13

Loss leader

A product sold below cost to draw in customers

14

Market orientated pricing

Pricing strategies based upon the conditions of the market

15

Mark up

The percentage added to costs which makes a profit for a business when setting the price

16

Price elasticity of demand

Measures the responsiveness of demand to a change in price

17

Price elastic demand

Where a price change will result in a significant change in demand

18

Price inelastic demand

Where a price change will result in a much smaller change in demand

19

Price Skimming

Setting a high price initially and the lowering it later

20

Above the line promotion

Placing adverts using the media

21

Advertising

Communication between a business and it's customers where messages are placed in the media to encourage the purchase of products

22

Below the line promotion

Any promotion that does not involve using the media

23

Sponsorship

Making a financial contribution to an event in return for publicity

24

Agent or broker

An intermediary that brings together buyers and sellers

25

Direct selling

Where businesses sell their products directly to consumers

26

Distribution channel

The route taken by a product from the producer to the costumer

27

Retailer

A business which buys goods from manufacturers and wholesalers and sells them in small quantities to consumers

28

Wholesaler

A business which buys goods from manufacturares and sells them in smaller quantities to retailers

29

Boston Matrix

A 2 x 2 matrix which describes products according to the market share they enjoy and whether the market has any potential for growth

30

Brand names

The name of a product which consumers see as being from those of rivals