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IGCSE Business Studies 0450 > 3. Marketing > Flashcards

3. Marketing Flashcards

1
Q

Marketing

A

identifying customer wants and satisfying them profitably

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2
Q

Customer

A

a person, business or other organisation which buys goods or services from a business

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3
Q

Customer loyalty

A

when existing customers continually buy products from the same business

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4
Q

Customer relationship

A

communicating with customers to encourage them to become loyal to the business and its products

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5
Q

Market share

A

the percentage of total market sales held by one brand or business

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6
Q

Mass market

A

where there is a large number of sales of a product

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7
Q

Niche market

A

a small, usually specialised, segment of a much larger market

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8
Q

Market segment

A

an identifiable sub-group of a whole market in which consumers have similar characteristics or preferences

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9
Q

Market research

A

the process of gathering, analyzing and interpreting information about a market

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10
Q

Product-orientated business

A

one whose main focus of activity is on the product itself

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11
Q

Market-orientated business

A

carries out market research to find out consumer wants before a product is developed and produced

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12
Q

Marketing budget

A

a financial plan for the marketing of a product or product range for some specific period of time, specifies how much money is available to market the product or range, so that the Marketing department may know how much it may spend

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13
Q

Primary research

A

the collection and collation of original data via direct contact with potential or existing customers

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14
Q

Secondary research

A

uses information that has already been collected and is available for use by others

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15
Q

Questionnaire

A

set of questions to be answered as a means of collecting data for market research

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16
Q

Online survey

A

require the target sample to answer a series of questions over the internet

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17
Q

Interview

A

involve asking individuals a series of questions, often face-to-face or over the phone

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18
Q

Focus group

A

a group of people who are representative of the target market

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19
Q

Sample

A

the group of people who are selected to respond to a market research exercise, such as a questionnaire

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20
Q

Random sample

A

when people are selected at random as a source of information for market research

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21
Q

Quota sample

A

when people are selected on the basis of certain characteristics (such as age, gender or income) as a source of information for market research

22
Q

Marketing mix

A

a term which is used to describe all the activities which go into marketing a product or service. These activities are often summarized as the four Ps - product, price, place and promotion

23
Q

Unique Selling Point (USP)

A

the special feature of a product that differentiates it from the products of competitors

24
Q

Brand name

A

the unique name of a product that distinguishes it from other brands

25
Q

Brand loyalty

A

when consumers keep buying the same brand again and again instead of choosing a competitor’s brand

26
Q

Brand image

A

an image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors’ brands

27
Q

Packaging

A

the physical container or wrapping for a product. It is also used for promotion and selling appeal

28
Q

Product life cycle

A

describes the stages a product will pass through from its introduction, through its growth until it is mature, and then finally its decline

29
Q

Extension strategy

A

a way of keeping a product at the maturity stage of the life cycle and extending the cycle

30
Q

Cost-plus pricing

A

the cost of manufacturing the product plus a profit mark-up

31
Q

Competitive Pricing

A

when the product is priced in line with or just below competitors’ prices to try to capture more of the market

32
Q

Penetration pricing

A

when the price is set lower than the competitors’ prices in order to be able to enter a new market

33
Q

Price skimming

A

where a high price is set for a new product on the market

34
Q

Promotional pricing

A

when a product is sold at a very low price for a short period of time

35
Q

Dynamic pricing

A

when businesses change product prices, usually when selling online, depending on the level of demand

36
Q

Price elastic demand

A

where consumers are very sensitive to changes in price

37
Q

Price inelastic demand

A

where consumers are not sensitive to changes in price

38
Q

Distribution channel

A

the means by which a product is passed from the place of production to the consumer

39
Q

Agent

A

an independent person or business that is appointed to deal with the sales and distribution of a product or a range of products

40
Q

Promotion

A

where marketing activities aim to raise customer awareness, of a product or a brand, generating sales and helping to create brand loyalty

41
Q

Advertising

A

paying for communication with potential customers about a product to encourage them to buy it

42
Q

Informative advertising

A

where the emphasis of advertising or sales promotion is to give full information about the product

43
Q

Persuasive advertising

A

advertising or promotion which is trying to persuade the consumer that they really need the product and should buy it

44
Q

Target audience

A

people who are potential buyers of a product or a service

45
Q

Sales promotion

A

incentives such as special offers aimed at consumers to achieve short-term increase in sales

46
Q

Marketing budget

A

a financial plan for the marketing of a product or a product range for a specified period of time

47
Q

Social media marketing

A

a form of internet marketing that involves creating and sharing content on social media networks in order to achieve marketing and branding goals. It includes activities such as posting text and image updates, videos, and other content that achieves audience engagement as well as paid social media advertising

48
Q

Viral marketing

A

when consumers are encouraged to share information online about the products of a business

49
Q

E-commerce

A

the ‘online’ buying and selling of goods and services using computer systems linked to the internet and apps on mobile (cell) phones

50
Q

Marketing strategy

A

a plan to combine the right combination of the four elements of the marketing mix for a product or a service to achieve a particular marketing objective(s)

IGCSE Business Studies 0450 (6 decks)

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