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GCSE Business > Marketing, competition and the customer > Flashcards

Marketing, competition and the customer Flashcards

(66 cards)

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1
Q

Customer base

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 financial access to do so

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3
Q

Target market

A

Individuals or organisations identified by a business as the customers or consumers of its products

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4
Q

Customer

A

An individual or business that buys goods and services from a business

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5
Q

Consumer

A

The final user of a product

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6
Q

Consumer markets

A

Markets for goods and services bought by the final consumer

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7
Q

Industrial markets

A

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

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8
Q

Business environment

A

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

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9
Q

Free trade

A

No barriers exist that might prevent trade between different countries

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10
Q

Niche marketing

A

Developing products for small segment of the market

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11
Q

Mass marketing

A

Selling the same product to the whole market

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12
Q

Market segment

A

A part of the whole market in which consumers have specific characteristics

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13
Q

Market segmentation

A

Dividing the whole market into segments by consumer characteritics and then targeting different products to each segment

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14
Q

Geographic segmentation

A

Dividing consumers in the market by geographic area

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15
Q

Demographic segmentation

A

Dividing consumers in the market by factors such as age, gender, income, ethnic background and social class

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16
Q

Psychographic segmentation

A

Dividing consumers in the market by lifestyles, personalities and attitudes

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17
Q

Market research

A

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

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18
Q

Unique selling point

A

The special feature of a product that set it apart from competitors’ products

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19
Q

Market-orientated

A

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

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20
Q

Product-orientated

A

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

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21
Q

Primary research

A

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

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22
Q

Secondary research

A

The collection of data from second-hand sources

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23
Q

Quantitative research

A

The collection of numerical data that can be analysed using statistical techniques

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24
Q

Qualitative research

A

The collection of information about consumers’ buying behaviour and their opinions about products

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25
Sample
A representative sample of the target market selected to take part in market research
26
Marketing mix
Four marketing decisions needed for the effective marketing of a product
27
Four Ps
The right product at the right price with the right promotion in the right place
28
Product
The goods and services produced to satisfy a customer need or want
29
Brand
A name, image or symbol that distinguishes a product from competitors' products
30
Brand image
The general impression of a product held by consumer
31
Product life cycle
The pattern of sales of a product from introduction to its withdrawal from the market
32
Extension strategies
Marketing activities to extend the maturity stage of a product
33
Price
The amount paid by the customer to the supplier when buying a good or service
34
Product quality
The product meets the needs and expectations of customers
35
Market skimming
Setting a high price for a new product that is unique or very different from any other product on the market
36
Penetration pricing
Setting a low price to attract customers to buy a new product
37
Competitive pricing
Setting a price similar to that of competitors' products which are already established in the market
38
Price leadership
Smaller firms set their price based on the price set by the dominant firm in the industry
39
Loss-leader pricing
Setting the price of a small number of products at below cost to attract cutomers into the outlet in the hope that they will buy other products priced to earn profit
40
Cost-plus pricing
Setting price by adding a fixed amount to the cost of making or buying the product
41
Demand
The quantity of goods and services consumers are willing and able to buy
42
Price elasticity of demand
Measures by how much demand (sales) for a product changes when there is a change in its price
43
Price inelastic demand
The percentage change in demand (sales) is less than the percentage change in price
44
Price elastic demand
The percentage change in demand is greater than the percentage change in price
45
Revenue
The amount earned by a business from the sale of its products
46
Channels of distribution
How a product gets from the producer to the final consumer
47
Wholesaler
A business that buys products in bulk from producers and then sells them to retailers
48
Retailer
Shops and other outlets that sells goods and services to the final consumer
49
Middleman
These are the intermediaries in the channels of distribution, for example wholesalers and retailers
50
Direct selling
The product is solds by the final consumer without need for any middlemen
51
Promotion
Marketing activities used to communicate with customers and potential customers to inform and persuade them to buy a business's products
52
Advertising
Paid-for communication with consumers which uses printed and visual media. The aim is to inform and persuade customers to buy a product
53
Informative advertising
Information about the product communicated to consumers to create product awareness and attract their interest
54
Persuasive advertising
Information about the product communicated to consumers to create product awareness and attract their interest
55
Below-the-line promotion
Promotion that is not paid-for communication but uses incentives to encourage consumers to buy
56
Sales promotion
Incentives used to encourage short-term increases in sales or repeat purchases
57
Personal selling
Sales staff communicate directly with the consumer to achieve a sale and form a long-term relationship between firm and consumer
58
Direct mail
Also known as 'mailshots'; printed materials which are sent directly to the addresses of customers
59
Sponsorship
Payment by a business to have its name or products associated with a particular event
60
Marketing budget
The amount of money made available by a business for its marketing activities during a particular period of time
61
E-commerce
Use of internet and other technologies by businesses to market and sell goods and services to customers
62
Marketing strategy
A plan to achieve the marketing objectives using a given level of resources
63
Legal controls
Laws that control the activity of businesses
64
Barriers to trade
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
65
Domestic market
The market for goods and services in the business's own country
66
Joint venture
An agreement between two or more business to work together on a project

GCSE Business (6 decks)

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