Theme 1.1 Flashcards

(15 cards)

1
Q

Marketing objectives

A

The targets the marketing department must achieve, such as increasing sales by 15 per cent within 12 months

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2
Q

Market segmentation

A

Dividing a market up by customers’ age, gender or income to find areas that are under-served

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3
Q

Marketing strategy

A

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

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4
Q

Economies of scale

A

Factors that cause costs per unit to fall when a firm operates at a higher level of production

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5
Q

Franchise

A

A business that sells the rights to use of its name and trading methods to local businesses

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6
Q

Generic Brands

A

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

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7
Q

Product differentiation

A

The extent to which consumers perceive your brand as being different from others

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8
Q

Bias

A

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

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9
Q

Primary research

A

Finding out the information first hand

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10
Q

Secondary research

A

Finding out information that has already been gathered

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11
Q

Sample size

A

The number of people interviewed; this should be large enough to give confidence that the findings are representative of the whole population

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12
Q

Market map

A

A grid plotting where each existing brand sits on scales based on two important features of a market

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13
Q

Price elasticity

A

A measurement of the extent to which a product’s demand changes when its price is changed

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14
Q

Unique selling point

A

A consumer benefit that no rival can match, perhaps because it is protected by a strong patent

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15
Q

Marketing Mix

A

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

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