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Business Studies > Unit 3 > Flashcards

Unit 3 Flashcards

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1
Q

Marketing

A

The management task that links the business to the customer by identifying and meeting the needs of customers profitability — it does this by getting the right product at the right price to the right place at the right time

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2
Q

Marketing objectives

A

The goals set for the marketing department to help the business achieve its overall (corporate) objectives

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3
Q

Demand

A

The quantity of a product that consumers are willing and able to buy at a given price in a time period

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4
Q

Supply

A

The quantity of a product the firms are prepared to supply at a given price in a time period

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5
Q

Equilibrium price

A

The price level at which demand is equal to supply

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6
Q

Customer orientation

A

An outward looking approach basing product design on consumer demand, established by market research

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7
Q

Product orientation

A

An inward looking approach that focuses on making products that can be made — or have been made for a long time — then trying to sell them

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8
Q

Consumer products

A

Goods or services sold to end users

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9
Q

Industrials products

A

Goods or services sold to businesses

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10
Q

Niche marketing

A

Identifying and exploiting a small segment of a larger market by developing products to suit it

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11
Q

Mass marketing

A

Selling the same product to the whole market with no attempt to target groups within it

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12
Q

Market segmentation

A

Identifying different segments within a market and targeting different products or services to them

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13
Q

Consumer profile

A

A quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, occupation, gender and social class

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14
Q

Customer relationship marketing (CRM)

A

Using marketing activities to build and establish good customer relationships so that the loyalty of existing customers can be maintained

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15
Q

Market growth

A

The percentage change in total size of a market (volume or value) over a period of time

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16
Q

Corporate objectives

A

Well defined and realistic goals that are set for the whole company

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17
Q

Market research

A

This is the process of collecting, recording and analysing data about customers, competitors and the market

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18
Q

Primary research

A

The collection of first hand data that is directly related to a firms needs

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19
Q

Secondary research

A

The use of existing data that was originally collected for another purpose

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20
Q

Qualitative data

A

Non-numerical data, which provides insight into the detailed motivations of consumers and helps to explain their buying behaviour or opinions

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21
Q

Quantitative data

A

Numerical results from research that can be statistically analysed

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22
Q

Coding

A

The process of labelling and organising qualitative data to identify the main themes and the links between them

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23
Q

Marketing mix

A

The four key decisions of product, price promotion and place that must be taken to enable the effective marketing of a product

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24
Q

Intangible attributes of a product

A

Subjective opinions of customers about a product that cannot be measured or compared easily

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25
Tangible attributes of a product
Measurable features of a product that can easily be compared with another product
26
New product development (NPD)
The design, creation and marketing of new foods and services
27
Unique selling point
The special feature of a product that differentiates it from its competitors products
28
Product differentiation
The unique qualities of a product that lead to a difference between the product and competitors product
29
Product portfolio analysis
Analysing the range of existing products of a new business to help them allocate resources effectively between them
30
Product life cycle
The pattern of sales recorded by a product from launch to withdrawal from the marketing and is one the main forms of product portfolio analysis
31
Extension strategies
These are marketing plans to extend the maturity stage of the product before a brand new one is needed
32
Advertising
Paid-for communication with consumers to inform and persuade
33
Direct promotion
A range of promotional activities aimed directly at target customers. Also known as direct marketing
34
Sales promotion
Incentives such as special offers or special deals directed at consumers or retailers to achieve short-term sales increase and repeat purchases by customers
35
Digital promotion
The promotion of products using digital technologies, mainly on the internet but also including mobile phones
36
Channels of distribution
The chain of intermediaries a product passes through producer to the final consumer
37
Sample
The group of people taking part in a market research survey selected to be representative of the overall target market
38
Sample bias
When a sample is not a good representation of the whole population, because it is chosen in ways which give some people a greater chance of being selected
39
Marketing strategy
A plan of action giving details of how a business intends to achieve its marketing objectives by creating competitive advantage
40
Market segment
A subgroup of a whole market in which consumers have similar characteristics
41
Industrial market
The selling of products by businesses to other businesses, also known as business to business (B2B)
42
Consumer market
The selling of products by businesses to the final end user, ask known as business to consumer (B2C)
43
Market size
The total value (or quantity) of sales of all producers within a market in a given time period
44
Brand leader
The brand with the highest share of the market
45
Sampling
The process of selecting a group of respondents from a larger population
46
Arithmetic mean
Dividing the total of all results by the number of results
47
Mode
The most common number
48
Median
The middle number when the data has been ordered
49
Range
The difference between the highest and lowest number
50
Product
Goods or services that are the end result of the production process and are sold on the market to satisfy customer needs
51
Goods
Products which has a physical existence, such as washing machines and chocolate bars
52
Services
Products which have no physical existence, but satisfy customer needs in other ways, such as hairdressing, car repairs, banking
53
Brand
An identifying symbol, name, or image that distinguishes a product from its competitors
54
Product positioning
Consumer’s view of a product or service as compared to its competitors
55
Consumer durable
A manufactured product that can be re-used and is expected to have a reasonably long life, like a car or washing machine
56
Boston matrix
A method of analysing the product portfolio of a business in terms of market share and market growth
57
Mark-up pricing
Adding a fixed mark-up for profit to the unit cost of buying in a product
58
Cost-plus pricing
Setting a price by calculating a total in it cost for the product and then adding a fixed profit mark-up
59
Contribution-cost pricing
Setting prices based on the variable costs of making a product, in order to make. Contribution towards fixed costs and profit
60
Competitive pricing
Making pricing decisions based on the price set by competitors
61
Price discrimination
Charging different groups of consumers different prices for the same good or service
62
Dynamic pricing
Offering products at a price that changed according to the level of demand and the customer’s availability to pay
63
Penetration pricing
Setting a relatively low price to achieve a high volume in sales
64
Market skimming
Setting a high price for a new product when a firm has a unique or highly differentiated product with price elasticity of demand
65
Psychological pricing
Setting a price at a level which matches customer’s view about a product’s perceived value
66
Promotion
The use of advertising to inform consumers and persuade them to buy a product
67
Promotion mix
The combination of promotional techniques that a firm uses to sell a product
68
E-commerce
The buying and selling of goods and services by businesses and consumers through an electronic medium
69
Online marketing
Selling and marketing activities that use the internet, email and mobile communications to encourage direct sales via electronic commerce (another way of saying e-commerce)
70
Digital distribution
The delivery of distribution of digital media content like audio, video, TV programmes, film, software and video games
71
Physical distribution
The activities that combine to achieve the efficient movement of finished products from the end of the production operation to the consumer
72
Integrated marketing mix
The key marketing decisions complement each other and work together to give customers a consistent message about the product

Business Studies (6 decks)

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