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unit 4 marketing Flashcards

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1
Q

market share

A

the percentage of sales in the total market sold by one business

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2
Q

market orientation

A

an outward-looking approach basing product decisions on consumer demand, as established by market research

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3
Q

marketing

A

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

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4
Q

market size

A

the total level of sales of all producers within a market

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5
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 - and then trying to sell them

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6
Q

market share formula

A

(sales of a business in a time period/total market sales in a time period) x100

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7
Q

market leadership

A

when a business has the highest market share of all firms that operate in the market

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8
Q

market growth

A

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

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9
Q

annual market growth formula

A

((total market sales this year-total market sales last year)/total market sales last year ) x100

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10
Q

unique selling point

A

the special feature of a product or customer service that makes it different from those of competitors

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11
Q

target market

A

the segment of the market that a particular product is aimed at

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12
Q

market segment

A

a sub-group of a market made up of consumers with similar characteristics, tastes and preferences

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13
Q

market planning

A

the process of developing appropriate strategies and preparing marketing activities to meet marketing objectives

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14
Q

market segmentation

A

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

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15
Q

marketing mix

A

the key decisions that must be taken in the effective marketing of a product

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16
Q

consumer profile

A

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

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17
Q

production positioning

A

the process of designing the company’s products and image to occupy a distinct place in the perceptions of consumers in the target market

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18
Q

product position/perception map

A

a diagram that analyses consumer perceptions of competing brands in respect of two product characteristics

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19
Q

niche marketing

A

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

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20
Q

niche market

A

a small and specific part of a larger market

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21
Q

mass marketing

A

selling the same products to the whole market with no attempt to target groups within it

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22
Q

mass market

A

a market for products that are often standardised and sold in large quantities

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23
Q

boston consulting group matrix

A

a method of analysing the product portfolio of a business in terms of market share and market growth

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24
Q

market research

A

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

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25
primary research
the collection of first-hand data that is directly related to a firm's needs e.g surverys, observations, focus groups
26
secondary research
collection of data from second-hand sources e.g government publications, academic journals
27
survey
detailed study of a market or geographical area to gather data on attitudes, impressions, opinions and satisfaction levels of products or businesses, by asking a section of the population
28
open questions
invite a wide-ranging or imaginative response
29
closed questions
limited to a number of preset answers
30
focus groups
a group of people who are asked about their attitude towards a product, service, advertisement, or new style of packaging
31
observational technique
a qualitative method of collecting and analysing information obtained through directly or indirectly watching and observing others in business environments e.g watching consumers walk around a supermarket
32
qualitative research
research into the in-depth motivation behind consumer buying behaviour or opinions
33
quantitative research
research that leads to numerical results that can be presented and analysed
34
sample
group of people taking part in a market research survey selected to be representative of the whole target market
35
sampling error
mistakes in research caused by using a sample for data collection rather than the whole target population
36
quota sampling
gathering data from a number of people chosen out of a specific sub-group
37
random sampling
every member of the target population has an equal chance of being selected
38
convenience sampling
drawing a representative selection of people because of the ease of volunteering or selecting people because of their availability or easy access
39
quartiles
splitting an ordered set of results into 4 equal parts
40
standard deviation
measures the average dispersion of a set of data from its mean result
41
digital promotion
the use of the internet, mobile devices, social media, search engines and other channels to communicate with consumers to provide information about products and encourage the purchase of them
42
marketing mix
the key decisions that must be taken in the effective marketing of a product
43
coordinated marketing mix
key marketing decisions complement each other and work together to give customers a consistent message about the product
44
product
the end result of the production process sold on the market to satisfy a customer need
45
consumer durables
manufactured products that can be reused and are expected to have a reasonably long life e.g cars
46
product life cycle
pattern of sales recorded by a product from launch to withdrawal from the market
47
product portfolio
collection of all the products offered for sale by a business
48
extension strategies
marketing plans that extend the maturity stage of the product before a brand new one is needed
49
brand
an identifying symbol, name, image, or trademark that distinguishes a product from its competitors
50
brand awareness
the extent to which a brand is recognised by potential customers and is correctly associated with a particular product - can be expressed as a percentage of the target market
51
brand loyalty
the faithfulness of consumers to a particular brand as shown by their repeat purchases irrespective of the marketing pressure from competing brands
52
trademark
a distinctive name, symbol, motto or design that identifies a business or its products - can be legally registered and cannot be copied
53
brand development
measures the infiltration of a product's sale, usually per thousand population; if 100 people in 1000 buy a product it has a brand development of 10
54
brand value/equity
the premium that a brand has because customers are willing to pay more for it than they would for a non-branded generic product
55
cost-plus pricing
adding a fixed mark up to the unit cost of a product to cover overhead costs and for profit
56
mark up
the extra amount or percentage added to the cost of goods to give retail or selling price
57
penetration pricing
setting relatively low price often supported by strong promotion in order to achieve a high volume of sales
58
loss leader
product sold at a very low price to encourage consumers to buy other products
59
predatory pricing
deliberately undercutting competitors' prices in order to try to force them out of the market
60
premium pricing
setting a price above that of competitors with the aim of developing a superior image for the product
61
promotion
the use of advertising, digital promotions, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy
62
above the line promotion
a form of promotion that is undertaken by a business by paying for communication with consumers e.g advertising
63
below-the-line promotion
promotion that does not use directly paid-for means of communication but is based on targeting individual market segments or individual consumers with incentives to purchase e.g sales promotion
64
customer relationship management
the strategies and techniques a business uses to interact and communicate with customers
65
sales promotion
incentives such as special offers or special deals directed at consumers or retailers to achieve short-term sales increases and repeat purchases by consumers
66
through-the-line marketing
an integrated marketing strategy that combines elements of both above-the-line and below-the-line promotion
67
online marketing
advertising and marketing activities that use the internet, email, and mobile communications to encourage direct sales via electronic commerce
68
viral marketing
the use of social media sites or text messages to increase brand awareness or sell products
69
channel of distribution
the chain of intermediaries a product passes through from producer to final consumer
70

IB business (4 decks)

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