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Theme 1 key terms Flashcards

(99 cards)

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1
Q

marketing mix

A

plan for getting the right blend of product, price and promotion

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2
Q

market segmentation

A

dividing a market up by characteristics of the consumers to find areas that are unserved

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3
Q

marketing objectives

A

targets marketing department must achieve

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4
Q

marketing strategy

A

medium to long term plan for meeting the marketing objectives delivered through the marketing mix

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5
Q

economies of scale

A

factors that cause cost per unit to fall when a firm operates at a higher level of production

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6
Q

franchise

A

businesses that sell the rights to the use of its name and trading level of production

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7
Q

generic brands

A

brands that are so well known that customers say the brand when they mean the product

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8
Q

product differentiation

A

the event to which consumers perceive your brand as being different from others

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9
Q

bias

A

a factor that causes research findings to be unrepresentative of the whole population

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10
Q

primary research

A

first-hand info

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11
Q

secondary research

A

pre-gathered info

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12
Q

sample size

A

no of people interviewed

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13
Q

market map

A

grid plotting where each existing brand sits on scales based on 2 important features of the market

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14
Q

price elasticity

A

the extent to which a products demand changes when its price is changed

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15
Q

USP

A

a consumer benefit that no rival can beat

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16
Q

complementary goods

A

bought in conjunction with each other

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17
Q

inferior goods

A

sales decrease when people are better off

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18
Q

luxury goods

A

sales increase when people are better off

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19
Q

normal goods

A

sales move in line with consumer incomes

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20
Q

seasonal variation

A

change in the value of a variable thats related to seasons

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21
Q

substitutes

A

products or services in competition with each other therefore customers will substitute one for the other

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22
Q

market price

A

price of a product that has been established by the market, where supply = demand

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23
Q

supply chain

A

suppliers - production and storage - customer

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24
Q

supply curve

A

line showing the quantity of goods firms want to supply at different price levels

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25
commodity markets
cover undifferentiated products - every kilo is the same
26
demand curve
a lone showing the demand for a product at different prices
27
external constraint
something outside of the firms control that can prevent it from achieving its objectives
28
predatory pricing
pricing low with the intention o driving a competitor out of business
29
price-elastic
product with demand thats highly price sensitive >1
30
price-inelastic
product with demand thats not price sensitive <1
31
negative income elasticity
product where when people are better off sales decrease
32
positive income elasticity
sakes increase when people are better off
33
recession
2 or more quarters of negative economic growth
34
prototype
test model of planned design
35
sustainability
making something using materials that will still be around for future generations
36
capacity utilisation
measures the actual usage of facilities as a percentage of max possible
37
corporate brands
brands that represents the whole company as well as its products
38
crowd funding
obtaining external finance from many individual small business investors, usually through a web based appeal
39
loss leader
pricing a product below cost in order to attract further profitable business
40
price sensitive
when customers demand for a product reacts sharply to a price change
41
pricing tactics
short-term pricing responses to opportunities
42
barrier to entry
factors making it hard for new firms to break into an existing market
43
e-commerce
buying things online
44
impulse purchase
buying in an unplanned way
45
opportunity costs
cost of missing out on the next best alternative when making a decision
46
wholesaler
middleman between producer and retailer
47
cash cow
high share of a low growth market
48
dog
low share go a low growth market
49
portfolio analysis
analysis of market position of the firms existing products
50
problem child
low share of a high growing market
51
rising star
high share of a high growing market
52
labour turnover
no of staff leaving a company as a percentage of the no employed
53
outsourcing
taking a task and putting it out to a tender
54
zero-hours contract
agree employee duties and hourly pay rates, yet offer no garuntee of any work in any specific week
55
hot desk
provides a temporary desk for home-workers to use when they come to the main office
56
off-the-job training
employees leave their normal place of work in order to receive instruction
57
on-the-job training
employees acquire or develop skills without leaving their usual place of work
58
delayering
removing a management layer from the original structure
59
line manager
manager responsible for meeting specific targets and responsible got specific tasks
60
matrix structure
staff work in project teams in addition to their responsibilities within their own department and therefore can be answerable to more than one boss
61
span of control
no. of staff who are answerable directly to a manager
62
division of labour
subdividing a task into a number of activities, enabling workers to specialise
63
hygiene factors
everything that surrounds what you do in the job egPay are possible causes of dissatisfaction according to Hertzberg
64
job satisfaction
sense of wellbeing and achievement that stems from a satisfying job
65
piece rate
paying workers per piece they produce
66
productivity
output per person
67
trade union
organisation that represents interests of staff at the workplace
68
kaizen
continuous improvement usually achieved by workforce engagement and involvement
69
quality circles
discussion groups for staff recommending solutions to management
70
entrepreneur
someone who makes a business idea happen - a risk taker
71
limited liability
not liable
72
unlimited liability
are liable
73
liquidity
ability of a firm to pay its bills on time
74
overtrading
when a business expands at a rate that cant be sustained
75
dynamic markets
change rapidly
76
stable markets
change slowly
77
product orientation
plays to the strengths of a business
78
market orientation
focus on customer needs
79
undiversified demand
putting all your eggs in one basket
80
real income
change in income excluding the effects of inflation
81
ESF
ethical sourcing forum
82
branding
process of creating a distinctive and lasting identity in the minds of consumers
83
individual brands
associate the identity with one product eg marmite
84
brand families
associate the identity with a range of products
85
corporate brands
range of products BUT might not be the main identity
86
above the line promotion
promotion that cant be controlled by company eg TV
87
bellow the line promotion
promotion that can be controlled by company eg sponsorship
88
penetration price
low price set to break into market
89
skimming price
high price set to yield a high profit margin (has USP)
90
price leader
large company that sets market price that price takers follow
91
price takers
small business with no obvious differentiation will have to charge market price
92
psychological pricing
prices are set to give the impression of value
93
product lifecycle
show sales of a product over time
94
extension strategies
aim to prevent decline
95
redundancy
company/job
96
dismissal
individual 'gross misconduct'
97
collective bargaining
representative of workforce negotiations pay
98
individual bargaining
single employee negotiations pay with management
99
trafe off
accepting less of one thing to achieve another

Business (6 decks)

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