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business > unit 3 - decision making to improve marketing performance > Flashcards

unit 3 - decision making to improve marketing performance Flashcards

(64 cards)

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1
Q

Relationship Marketing

A

an approach in which a company seeks to build long-term relationships with customers by providing consistent satisfaction

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2
Q

Marketing Objectives

A

sales volume, sales value, sales growth, market share, brand loyalty

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3
Q

Sales Volume & Sales Value

A

value - measured in terms of how much is spent on a product and increasing the revenue generated from sales
volume - measured in terms of the number of units sold and increasing the number of units sold

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4
Q

Sales Growth

A

increasing the sales value or volume

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5
Q

Market Share

A

measures the amount a product sells as a percentage of the total sales of the market

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6
Q

Brand Loyalty

A

ensuring a business is retaining customers

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7
Q

Market Growth

A

occurs when an industry grows in terms of volume or value

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8
Q

Market Analysis

A

examining the particular characteristics of a market such as size or growth

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9
Q

Internal Influences

A

factors within the business (finance, hr, operations, existing position, overall strategy)

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10
Q

External Influences

A

factors outside of the business (pestle, competition)

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11
Q

PESTLE Factors

A

political, economical, social, technological, legal, environmental/ethical

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12
Q

Globalisation

A

refers to increasing trade between countries and the growing internationalisation between businesses

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13
Q

Market Research On

A

who, what, when, where, why, what influences

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14
Q

Competitiveness

A

the extent to which a business offers a good value for money in comparison to competitors

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15
Q

Primary Research

A

collects and analyses data for the first time use of market research purposes

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16
Q

Secondary Data

A

collects and analyses data that already exists for market research for purposes

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17
Q

Quantitative Data

A

data provided in numerical form

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18
Q

Qualitative Data

A

data not provided in numerical form and often descriptive

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19
Q

Market Mapping

A

analyses the market conditions to identify the position of one product or brand relative to others in the market, also identifies gaps in the market (often uses price and quality)

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20
Q

Correlation

A

occurs when there is an apparent relationship between one factor and another

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21
Q

Extrapolation

A

involves a business looking at past sales trends and using these to predict future sales trends

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22
Q

Confidence Level

A

probability that research levels are correct

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23
Q

Confidence Interval

A

possible range of outcomes for a given confidence level

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24
Q

Sampling

A

a business selects a sample of the population to collect data from (good for reducing costs, bad for reflecting target market)

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25
Coefficient
a numerical factor that accompanies a variable in an equation or calculation
26
Normal Good
demand increases as consumer income increases
27
Inferior Good
demand decreases as consumer income increases
28
Price Elasticity Of Demand (PED)
measures how responsive quantity demanded is to change in price
29
PED Coefficients
usually negative as inc price means dec demand and vice versa, larger the coefficient means greater responsiveness
30
Interpreting PED
ped less than 1 (pos or neg) means it is inelastic, change in demand is less than change in price ped greater than 1 (pos or neg) means it is elastic, change in demand is more than change in price ped 0 means perfectly inelastic, demand will remain constant
31
Income Elasticity Of Demand (YED)
measures the responsiveness of quantity demanded to a change in consumer income
32
YED Coefficients
larger the coefficient means greater responsiveness, positive means inc income inc demand and dec income dec demand, negative means inc income dec demand and dec income inc demand
33
Interpreting YED
yed less than 1 means inelastic, change in income leads to change in demand which is less than change in income yed more than 1 means elastic, change in income leads to change in demand which is more than change in income
34
Big Data
increasing ability to combine data from a variety of sources due to technology
35
Market Segmentation
dividing potential customers into groups based on characteristics (demographic, income, geographic, behavioural)
36
Market Segments
groups of similar needs and wants within a market
37
Targeting
when a business decides which market it wants to operate in
38
Niche Market
smaller groups of consumers who have specific needs and wants
39
Mass Market
large groups of consumers who have similar needs and wants
40
Marketing Mix
4ps - product, place, price, promotion 7ps - physical environment, people, process
41
Product Life Cycle
r&d, introduction, growth, maturity, saturation, decline OR product extension
42
The Boston Matrix
dog - low market share, low market growth cash cow - high market share, low market growth question mark - low market share, high market growth star - high market share, high market growth
43
Product Portfolio Analysis
examines market position of all the products of a business
44
Extension Strategies
find new uses, increase usage, new market segments, promote more effectively, modify product
45
Influence On Pricing
costs, product life cycle, nature of product, degree of competition
46
Price Skimming
a high initial price which is gradually lowered over time (maximises revenue and covers r&d costs but slower unit sales growth)
47
Price Penetration
a low initial price then increasing as product grows (increases market share but lower short-term profit)
48
Competitive Pricing
setting prices based on what competitors of pricing (good in markets with similar products)
49
Cost-Plus Pricing
charging based on what the cost was to produce the product with an added mark-up to ensure profit
50
Promotional Methods
sponsorship, social media, pr, product placements, sales promotion, advertising
51
Viral Marketing
uses social media to increase brand awareness by getting users to share their promotional campaign
52
Public Relations
maintaining a good public image and managing the spread of information of a business
53
Sales Promotion
trying to boost sales using a temporary promotions (competition, discount vouchers, free gifts, point of sales display, value for money BOGOF, samples)
54
Factors Influencing Promotion
finance, nature of product, nature of market, competitor actions, target market
55
Reason For Promotion
increase sales, persuade people to buy, change image of the product, inform/remind of product
56
Distribution Channels
ways a business can distribute their product manufacturer - wholesalers - retailers - customers manufacturer - retailers - customers direct to consumer
57
Multichannel Distribution
customers can buy a product in many different ways
58
M - W - R - C
large network of buyers but less customer interactions and profit sharing
59
M - R - C
lower prices for customers (no middle man) but hard to contact retailers, no control over retailer shops and delivery costs
60
M - C
no profit sharing but hard to reach customers (easier with e-commerce)
61
E-Commerce
purchases that take place electronically such as through the internet
62
M-Commerce
purchases that take place using a mobile phone
63
Benefits Of E&M-Commerce
b2c, cheaper to set up business, reach more customers
64
Drawbacks Of E&M-Commerce
increased competition, investment need for website building or storage, consumers cannot check product beforehand

business (11 decks)

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