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IB Business Management Definitions > Unit 4: Marketing > Flashcards

Unit 4: Marketing Flashcards

1
Q

Marketing

A

The management process of getting the right product to the right customer
At the right price, place and time

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2
Q

Product Orientation

A

A business approach that focuses on making the product first before attempting to sell it

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3
Q

Market Orientation

A

A business approach of first establishing customer demand through market research before producing and selling a product

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4
Q

Market Size

A

The total sales of all firms in a market

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5
Q

Market Growth

A

The percentage change in the total market size over a period of time

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6
Q

Market Share (HL)

A

The percentage of one firm’s share of the total sales in the market

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7
Q

Market Leader (HL)

A

A firm with the largest market share in a given market

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8
Q

Marketing Planning

A

The process of formulating marketing objectives and devising appropriate marketing strategies to meet those objectives

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9
Q

Market Segment

A

A sub-group of consumers with similar characteristics in a given market

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10
Q

Market Segmentation

A

The process of dividing the market into distinct groups of consumers so as to meet their desired needs and wants

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11
Q

Target Market

A

A group of consumers with common needs or wants that a business decides to serve or sell to

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12
Q

Targeting

A

The process of marketing to a specific market segment

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13
Q

Mass Market

A

A large or broad market that ignores specific market segments

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14
Q

Consumer Profile

A

The characteristics of consumers of a particular product in different markets based on their gender, age and income levels, etc.

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14
Q

Niche Market

A

A narrow, smaller or more specific market segment

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15
Q

Time Series Analysis (HL)

A

A quantitative sales forecasting method that predicts future sales data from past sales data

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15
Q

Sales Forecasting (HL)

A

The process of predicting the future sales of a firm

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16
Q

Product Position/Perception Map

A

A visual representation of how consumers perceive a product in relation to other competing products

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17
Q

Unique Selling Proposition

A

A product’s feature that differentiates it from other competing products in the market

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18
Q

Moving Average (HL)

A

Sales forecasting method that identifies and emphasises the direction of a trend

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19
Q

Extrapolation (HL)

A

An extension of a trend line to predict future sales

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20
Q

Market Research

A

The process of collecting, analysing and reporting data related to a particular market

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21
Q

Variation (HL)

A

Difference between actual sales and trend values

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22
Q

Primary Research

A

The collection of first-hand information from the market

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22
Q

Secondary Research

A

The collection of second-hand information from the market

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23
Q

Qualitative Research

A

The collection, analysis and interpretation of data about consumer opinions, attitudes or beliefs

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24
Q

Quantitative Research

A

The collection, analysis and interpretation of numerical data
Data that can be measured

25
Q

Sample

A

A group of people selected to represent the population or target market under research

26
Q

Sampling

A

The process of selecting an appropriate sample

27
Q

Marketing Mix

A

The key elements of a marketing strategy that ensure the successful marketing of a product

28
Q

Price

A

What consumers pay to acquire a product

28
Q

Product

A

Any good or service offered to the market with the aim of satisfying customer needs or wants

29
Q

Promotion

A

Ways of convincing consumers why they need a product and why they should buy it

29
Q

Place

A

Concerns where the product will be sold and how it will be delivered to the market

30
Q

People

A

The human capital in terms of skills, attitudes and abilities necessary in the production of goods or the provision of services

31
Q

Processes

A

The procedures and policies on how an organisation’s product is provided and delivered

32
Q

Product Life Cycle

A

The course a product passes through
From its development to its decline in the market

32
Q

Physical Evidence

A

The tangible or visible touch points that are observable to customers in a business

33
Q

Price Skimming

A

Setting a high price when introducing a new product to the market

34
Q

Promotional Pricing

A

Temporarily reducing the price of a good or service to attract customers

35
Q

Penetration Pricing

A

Setting a low initial price for a product with the aim of attracting a large number of customers quickly and gaining a high market share

35
Q

Extension Strategies

A

Plans by firms to stop sales from falling by lengthening the product’s life cycle

36
Q

Branding

A

The process of distinguishing one firm’s product from another

36
Q

Boston Consulting Group Matrix (BCG)

A

An analysis method of a firm’s product portfolio regarding its market share and market growth

37
Q

Brand

A

A name, symbol, sign or design that differentiates a firm’s product from those of its competitors

38
Q

Brand Awareness

A

The ability of consumers to recognise the existence and availability of a firm’s good or service

39
Q

Brand Loyalty

A

When consumers become committed to a firm’s brand and are willing to make repeat purchases over tim

39
Q

Predatory Pricing

A

When a firm deliberately sets a very low price on its good or service
Aim of driving competitors out of the market

39
Q

Brand Value

A

How much a brand is worth in terms of its reputation, potential income, and market value

40
Q

Cost-Plus Pricing

A

Adding a mark-up to the average cost of producing a product

41
Q

Loss Leader

A

Charging a low price for a product, usually below its average cost, to attract consumers to buy other higher-priced products

42
Q

Premium Pricing

A

Where a firm sets a high price for a high-quality product

43
Q

Dynamic Pricing (HL)

A

Where firms charge different prices for their products depending on which customers are buying them or when consumers are buying them

44
Q

Competitive Pricing (HL)

A

Where a firm sets the price of its product relative to the competitors’ prices

45
Q

Contribution Pricing (HL)

A

The calculation of the variable cost of production of a firm’s product, after which the product’s price is set

46
Q

Price Elasticity of Demand (HL)

A

A measurement of how the quantity demanded of a good is affected by changes in its price

47
Q

Price Discrimination (HL)

A

Charging different prices to different groups of consumers for the same product
Form of dynamic pricing

48
Q

Above-the-Line Promotion

A

A paid form of communication that uses independent mass-media to promote a firm’s products

49
Q

Through-the-Line Promotion

A

A form of promotion that combines above-the-line and below-the-line promotion strategies

49
Q

Below-the-Line Promotion

A

A form of communication that gives a business direct control over its promotional activities
Not reliant on the use of independent media

50
Q

Social Media Marketing

A

A marketing approach that uses social networking websites to market a firm’s products

51
Q

Channel of Distribution

A

The path taken by a product from the producer or manufacturer to the final consumer

52
Q

International Marketing (HL)

A

The marketing of goods and services across national boundaries

53
Q

Globalization (HL)

A

The increasing worldwide competition leading to a rise in international marketing

54
Q

E-Commerce (HL)

A

Trading over the internet

55
Q

Piggybacking (HL)

A

The use of the existing distribution channels of one domestic business by another home country business trying to sell a new product overseas

IB Business Management Definitions (6 decks)

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