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Business Management > Unit 4 Key Terms > Flashcards

Unit 4 Key Terms Flashcards

1
Q

Concentration ratio

A

An indicator of the degree of competition in an industry by calculating the sum of the market share held by the largest specified number of firms in the industry

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2
Q

Ethical code of practice

A

Refers to the guidelines that help businesses to act in a moral way by considering what society accepts as ethically right or wrong

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3
Q

Market concentration

A

Measures the degree of competitiveness that exists within a market by calculating the market share of the largest few firms in the industry

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4
Q

Market growth

A

Refers to the rate at which the size of a market is increasing, typically expressed as the percentage increase in the market size of an industry per year

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5
Q

Market leadership

A

The position of a business which has the largest market share in a given market for a particular good or services

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6
Q

Market orientation

A

A marketing approach adopted by businesses that are outward looking by focusing on making products that they can sell, rather than selling products they can make

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7
Q

Market share

A

Measures an organisations’ portion of the total value of sales revenue in a specific industry

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8
Q

Market size

A

Refers to the magnitude of an industry, usually measured in terms of the value of sales revenue from all the businesses in a particular market, per time period

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9
Q

Marketing

A

The management process of predicting, identifying and meeting the needs and wants of customers, usually in profitable ways

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10
Q

Marketing objectives

A

The specific marketing goals of an organisation, such as increased sales revenue, greater market share and market leadership

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11
Q

Marketing strategies

A

The medium - to long-term plan to achieve an organisation’s marketing objectives

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12
Q

Needs

A

The essential necessities e that all humans must have to survive, such as food, shelter, warmth and water

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13
Q

Production orientation

A

A marketing approach used by businesses that are inward looking as they focus on selling products that they can make, rather than making products that they can sell

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14
Q

Wants

A

Human desires, I.e., things that people would like to have. Irrespective of personal income or wealth, humans have infinite wants

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15
Q

Consumer profiles

A

The demographic and psychographic characteristics of consumers in different markets, such as their age, gender,occupation or income level

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16
Q

Differentiation

A

The art of distinguishing a business or its products from rivals in the industry. It tries to create the perception among customers that the organisation’s product is different (unique or special) compared to substitute products in the market

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17
Q

Market segmentation

A

The process of categorising customers into distinct groups with similar characteristics (such as age or gender) and similar wants and needs

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18
Q

Marketing audit

A

A review of the current position of an organisation’s marketing mix, in terms of its strengths and weaknesses and consideration of opportunities and threats

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19
Q

Marketing objectives

A

The targets that the marketing department wishes to achieve, such as sales growth or increased market share

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20
Q

Marketing plan

A

A document outlining an organisation’s marketing objectives and the marketing strategies to achieve these goals

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21
Q

Marketing planning

A

A systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals

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22
Q

Market segment

A

Refers to a distinct group of customers with similar characteristics (such as age or gender) and similar wants or needs

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23
Q

Marketing strategies

A

The various long-term actions taken by a business to achieve its marketing goals

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24
Q

Mass marketing

A

Refers to undifferentiated marketing. This marketing strategy ignores targeting individual market segments

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25
Q

Niche marketing

A

Targets a specific and well-defined market segments, such as high-end speciality goods

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26
Q

A product position map ( perception map )

A

A visual tool that reveals customer perceptions of a product or brand in relation to others in the market, often by comparing perceptions about price and quality

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27
Q

Repositioning

A

A marketing strategy that involves changing the market’s perception of a firm’s product or brand in comparison to rival businesses

28
Q

Segmentation

A

The process of categorising customers into distinct groups of people with similar characteristics and buying habits for market research and targeting purposes. Segmentation can be done by using demographic, geographic or psychographic factors .

29
Q

Target market

A

Refers to a clearly identifiable group of customers that marketers choose to focus their efforts on ,such as children, adults, men or women for a particular product

30
Q

Targeting

A

Refers to each distinctive market segment having its own specific marketing mix, depending on whether the business operates in niche or mass markets

31
Q

Unique selling point (proposition)

A

Refers to any aspect of a good or service that makes it stand out (in a positive way) from those offered by competitors

32
Q

Cyclical variations

A

Recurrent fluctuations in sales revenues linked to the economic cycle of booms and slumps

33
Q

Sales forecasting

A

A quantitative management technique used to predict a firm’s level of sales over a given time period

34
Q

Seasonal variations

A

Are periodic fluctuations in sales revenues during different times of the year

35
Q

Random variations

A

Unpredictable fluctuations in sales revenues caused by erratic and irregular factors that cannot be reasonably anticipated

36
Q

Time series analysis

A

A sales forecasting technique that attempts to predict sales levels by identifying the underlying trend from a sequence of actual sales figures

37
Q

Academic journals

A

Periodical publications from educational and research institutions that publish data and information relating to a particular academic discipline

38
Q

Ad-hoc market research

A

Market research conducted as and when required in order to deal with a specific problem or issue

39
Q

Continuous market research

A

Market research conducted on an ongoing basis, rather than a one-off (ad-hoc) basis

40
Q

Convenience sampling

A

Uses research participants who are easy (convenient) to reach. It relies on the ease of reach because of the convenient availability of volunteers

41
Q

Focus groups

A

Involve forming small discussion groups to gain insight into the attitudes and behaviour of respondents. The group is typically made up of participants who share a similar customer profile

42
Q

Government publications

A

A type of secondary market research, referring to official documents and publications released by government entities and agencies

43
Q

Interviews

A

A type of primary research that involve discussions between an interviewer and interviewees to investigate their personal circumstances, preferences and opinions

44
Q

Market analysis

A

A form of secondary market research that reveals the characteristics, trends and outlook for a particular product or industry, such as market size, market share and market growth rate

45
Q

Market research

A

Refers to marketing activities designed to discover the opinions, beliefs and preferences of potential and existing customers

46
Q

Media articles

A

A type of secondary market research referring to the documents (articles) in print or online media. They are written by skilled journalists and authors

47
Q

Observations

A

Are a method of primary research that involves watching how people behave or respond in different situations

48
Q

Online secondary market research

A

Refers to sources available on the internet for research purposes. These include media articles, government publications, academic journals and market analyses available on the Internet

49
Q

Population

A

In marketing terms, refers to all potential customers of a particular market

50
Q

Primary market research

A

Involves gathering new data for a specific purpose, using methods such as surveys, interviews, focus groups and observations

51
Q

Qualitative market research

A

Involves getting non-numerical responses from research participants in order to understand their behaviour, attitudes and opinions

52
Q

Quantitative market research

A

About collecting and using factual and measurable information rather than people’s perceptions and opinions

53
Q

Quota sampling

A

Involves using a certain number of people (knows as the quota) from different market segments for primary market research purposes

54
Q

Random sampling

A

Gives everyone in the population an equal chance of being selected for the sample

55
Q

Sample

A

A selected group or proportion of the population used for primary market research purposes

56
Q

Sampling

A

A primary research technique that selects a sample of the population from a particular market for research purposes

57
Q

Sampling errors

A

Cause by mistakes made in the sample design, such as an unrepresentative sample being used or the sample size being too small

58
Q

Secondary market research

A

Involves the collection of second-hand data and information that already exists, previously gathered by others, such as media articles and government publications

59
Q

Survey

A

A document that contains a series of questions used to collect data for a specific purpose. Surveys are the most common method of primary research

60
Q

Brand awareness

A

Measures the extent to which people recognise a particular brand

61
Q

Brand loyalty

A

Occurs when customers buy the same brand of a product repeatedly over time

62
Q

Brand switching

A

Occurs when consumers turn to alternative brands mainly because the original brand has lost some of its former appeal

63
Q

Brand value

A

Refers to the premium that customers are willing to pay for a brand name over and above the value of the product itself

64
Q

Branding

A

Refers to the practice of using an exclusive name, symbol or design to identify a specific product or organisation

65
Q

Consumer goods

A

Products bought for personal consumption, such as furniture, computers and fresh flowers

Business Management (7 decks)

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