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cambridge igcse business studies > marketing > Flashcards

marketing Flashcards

(83 cards)

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1
Q

customer base def

A

the group of customers a business sells its products to

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2
Q

market

A

all customers and consumers who are interested in buying a product and have the financial resources to do so

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3
Q

customer loyalty

A

keep customers to make repeat purchases

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4
Q

target market def

A

indiviuals or organisations identified by a business as the customers or consumers of their products

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5
Q

customer def

A

an individual or business that bys goods and services from a business

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6
Q

consumer def

A

the final user of a product

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7
Q

consumer markets def

A

markets for goods and services bought by the final consumer

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8
Q

industrial markets def

A

markets for goods and services bought by other businesses to use in their production process

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9
Q

business environment

A

the combination of internal and external factors that influence the operations of a business

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10
Q

why does demand change

A 
prices change
consumer income changes
population size and structure changes
tastes and fashion changes
advertising and promotional activities changes
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11
Q

free trade def

A

no barriers exist that might prevent trade between different countries

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12
Q

niche marketing def

A

developing producs for a small segment of the market

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13
Q

mass marketing def

A

selling the same product to the whole market

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14
Q

market segment def

A

a part of the whole market in which consumers have paticular characteristics

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15
Q

market segmentation def

A

dividing the whole market into segments by consumer characteristics and then targeting different products to each segment

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16
Q

geographic segmentation def

A

dividing consumers in the market by geographic area.

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17
Q

demographic segmentation def

A

dividing consumers in the market by factor such as age, gender, income, ethnic background and social class.

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18
Q

market research def

A

the process of collecting, recording and analysing data about the customers, competitors and market for a product.

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19
Q

unique selling point def

A

the special feature of a product that sets it apart from competitors products

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20
Q

market-orientated def

A

products are developed based on consumer demand as identified by market research

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21
Q

product orientated def

A

the firm decides what to produce and then tries to find buyers for the product.

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22
Q

primary research def

A

the collection of first hand data for the specific needs of the firm

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23
Q

secondary research def

A

the collection of data from second hand sources

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24
Q

commonly used second hand sources

A 
internet
government publications
newspapers and magazines
internal business records
local library
market research agencies
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25
quantitative research
the collection of numerical data tha can be analaysed using statistical techniques
26
qualitative research
the collection of information about consumer buying behaviour and their opinions about products
27
what is a focus group
a group of consumers that are invited to discuss topics such as new products, packaging, brand names and advertisements
28
what is observation
when large firms secretly observe consumer behaviour (supermarkets)
29
what is a test market
limited quantity of a product is produced and sold in a carefully selected area of the market, which represents the entire market.
30
what are consumer surveys
interviews, postal surveys and online surveys to survey potential consumers.
31
sample def
a representative sample of the target market selected to take part in market research
32
how is qualitative research usually presented
ina writtenreport.
33
how is quantitative research usually presented
tables, charts, graphs and pictograms
34
marketing mix def
four marketing decisions needed for the effective marketing of the product.
35
four p's def
the right product at the right price with the right promotion at the right place.
36
product def
the goods and services produced to satisfy a customer need or want
37
brand def
a name, image or symbol that distinguishes a product from a competitior's product
38
brand image def
the general impresson of a product held by consumers
39
product life cycle def
the pattern of sales of a product from introduction to its withdrawl from the market
40
what are the four stages of the product life cycle
introduction growth maturity decline
41
which stage is most profitable in the product life cycle
maturity
42
extension strategies def
marketing activities to extend the maturity stage of a product
43
give some extensions strategies
finding new markets finding new uses adapting the product or packaging to improve its appeal to consumers increased advertising and other promotional activities
44
price def
the amount paid by the customer to the supplier when buying a good or service
45
product quality
the product meets the needs and expectations of customers
46
market skimming def
setting a high price for a new product thta is unique or very different from any other product on the market
47
penetration pricing def
setting a low price to attract customers to buy a new product
48
competitive pricing def
setting a price similar to that of competitors products which are already established in the market
49
price leadership def
smaller firms set their price based on the price set by the dominant firm in the industry
50
loss leader pricing def
setting the price of a small number of products at below cost to attract customers into the outlet in the hope that they will buy other products priced to earn profuit.
51
cost plus pricing def
setting price by adding a fixed amount to the cost of making or buying the product
52
demand def
quantity of goods and services consumers are willing and able to buy
53
price elasticity of demand
measures by how much demand (sales) for product changes when there is a change in its price
54
price inelastic demand def
the percentage change in demand (sales) is less than the percentage change in price
55
price elasetic demand def
the percentage change demand is greater than the percentage change in price
56
revenue def
the amount earned by a business from the sale of its products
57
channels of distribution def
how a product gets from the producer to the final consumer
58
wholesaler def
a busienss that buys products in bulk from producers and then sells them to retailers
59
retailer def
shops and other outlets that sell goods and services to the final consumer.
60
middlemen def
these are the intermediaries in the channels of distribution, for example, wholesalers and retailers
61
direct selling
the product is sold directly to the final consumer without eh need for any middlemen
62
how do you choose a channel of distribution
cost nature of product market
63
promotion def
marketing activites used to communicate with customers to inform and persuade them to buy a business's products
64
advertising def
paid for communication with consumers which uses printed and visual media. the aim is to inform and persuade consumers to buy the product.
65
informative advertising def
information about the prodyct is communicated to consumers to creat product awareness and attract their interest
66
persuasive advertising def
communication with consumers aimed at getting them to buy a firm's product rather than a competitor's product
67
below the line promotion def
promotion that is not paid for - communication but uses incentives to encourage consumers to buy
68
sales promotion def
incentives used to encourage short term increases in sales or repeat purchases
69
personal selling def
sales staff communicate directly with the consumer to achieve a sale and form a long term relationship between teh firm and the consumer
70
direct mail def
aka mailshots, printed materials sent directly to the addresses of customers.
71
sponsorship def
payment by a business to have its name or products associated with a particular event
72
marketing budget def
the amount of money made available by a businesss for its marketing activities during a paticular period of time
73
ecommerce def
the use of the internet and other technologies used by businesses to market and sell goods and services to customers
74
threats of ecommerce to consumers
fraud hacking no personal service returning items
75
give some channels of distribution
producer to consumer producer to retailer to consumer producer to wholesaler to retailer to consumer producer to agent to wholesaler to retailer to consumer
76
marketing straetgy def
a plan to achieve the marketing objectives using a given level of resources
77
legal controls def
laws that control the activity of businesses
78
purpose of legal controls
protect consumers from faulty and dangerous goods prevent businesses from using advertising to mislead consumers protect consumers from being exploited in industries where there is little or no competition
79
barriers to trade def
usually taxes, quotas or bans that one country places on the goods of other countries to prevent or increase the cost of them entering that country
80
domestic market def
the market for goods and services in the business's own country
81
problems with entering new foregin markets
``` differneces in language and culture economic differences social differences different legal controls lack of market knowledge ```
82
how else would a business overcome probelems when entering foreign markets
franchising licensing joint bentures
83
joint venture def
an agreement betweent two or more businesses to work together on a project

cambridge igcse business studies (6 decks)

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