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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
Secondary Research
The collection of second-hand information from the market
23
Qualitative Research
The collection, analysis and interpretation of data about consumer opinions, attitudes or beliefs
24
Quantitative Research
The collection, analysis and interpretation of numerical data Data that can be measured
25
Sample
A group of people selected to represent the population or target market under research
26
Sampling
The process of selecting an appropriate sample
27
Marketing Mix
The key elements of a marketing strategy that ensure the successful marketing of a product
28
Price
What consumers pay to acquire a product
28
Product
Any good or service offered to the market with the aim of satisfying customer needs or wants
29
Promotion
Ways of convincing consumers why they need a product and why they should buy it
29
Place
Concerns where the product will be sold and how it will be delivered to the market
30
People
The human capital in terms of skills, attitudes and abilities necessary in the production of goods or the provision of services
31
Processes
The procedures and policies on how an organisation's product is provided and delivered
32
Product Life Cycle
The course a product passes through From its development to its decline in the market
32
Physical Evidence
The tangible or visible touch points that are observable to customers in a business
33
Price Skimming
Setting a high price when introducing a new product to the market
34
Promotional Pricing
Temporarily reducing the price of a good or service to attract customers
35
Penetration Pricing
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
Extension Strategies
Plans by firms to stop sales from falling by lengthening the product’s life cycle
36
Branding
The process of distinguishing one firm’s product from another
36
Boston Consulting Group Matrix (BCG)
An analysis method of a firm’s product portfolio regarding its market share and market growth
37
Brand
A name, symbol, sign or design that differentiates a firm’s product from those of its competitors
38
Brand Awareness
The ability of consumers to recognise the existence and availability of a firm’s good or service
39
Brand Loyalty
When consumers become committed to a firm’s brand and are willing to make repeat purchases over tim
39
Predatory Pricing
When a firm deliberately sets a very low price on its good or service Aim of driving competitors out of the market
39
Brand Value
How much a brand is worth in terms of its reputation, potential income, and market value
40
Cost-Plus Pricing
Adding a mark-up to the average cost of producing a product
41
Loss Leader
Charging a low price for a product, usually below its average cost, to attract consumers to buy other higher-priced products
42
Premium Pricing
Where a firm sets a high price for a high-quality product
43
Dynamic Pricing (HL)
Where firms charge different prices for their products depending on which customers are buying them or when consumers are buying them
44
Competitive Pricing (HL)
Where a firm sets the price of its product relative to the competitors’ prices
45
Contribution Pricing (HL)
The calculation of the variable cost of production of a firm's product, after which the product’s price is set
46
Price Elasticity of Demand (HL)
A measurement of how the quantity demanded of a good is affected by changes in its price
47
Price Discrimination (HL)
Charging different prices to different groups of consumers for the same product Form of dynamic pricing
48
Above-the-Line Promotion
A paid form of communication that uses independent mass-media to promote a firm’s products
49
Through-the-Line Promotion
A form of promotion that combines above-the-line and below-the-line promotion strategies
49
Below-the-Line Promotion
A form of communication that gives a business direct control over its promotional activities Not reliant on the use of independent media
50
Social Media Marketing
A marketing approach that uses social networking websites to market a firm’s products
51
Channel of Distribution
The path taken by a product from the producer or manufacturer to the final consumer
52
International Marketing (HL)
The marketing of goods and services across national boundaries
53
Globalization (HL)
The increasing worldwide competition leading to a rise in international marketing
54
E-Commerce (HL)
Trading over the internet
55
Piggybacking (HL)
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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