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4 Marketing Flashcards

1
Q

Ch33. 273. Market research

A

Collection, presentation and analysis of information relating to the marketing and consumption of goods and services

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2
Q
  1. Untapped
A

Supply, market or talent that is available but has not yet been exploited

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3
Q
  1. Primary or field research
A

Gathering of ‘new’ information that does not already exist

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4
Q
  1. Consumer panels
A

Groups of customers are asked for feedback about products over a set period

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5
Q
  1. Secondary or desk research
A

Collection of data that already exists

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6
Q
  1. Qualitative data
A

Information about attitudes, beliefs and intentions, usually written in words

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7
Q
  1. Quantitative data
A

Information that can be quantified, that is, expressed in numbers

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8
Q
  1. Sample
A

Small group of people, which must represent a proportion of a total market when carrying out market research

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9
Q

Ch34. 283. Market

A

Set of arrangements that allows buyers and sellers to communicate and trade in goods and services

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10
Q
  1. Marketing
A

Indentifying customer needs and satisfying them profitably

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11
Q
  1. Product orientated
A

Where a business focuses on the design and manufacture of the product itself rather than the needs of customers

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12
Q
  1. Market orientated
A

Where a business focuses on the needs of customers when developing products

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13
Q
  1. Market share
A

Proportion of sales in a total market that a business or product enjoys

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14
Q
  1. Market analysis
A

Quantitative and qualitative assessment of a market

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15
Q
  1. Mass markets
A

Very large markets in which products with mass appeal are marketed

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16
Q
  1. Niche market
A

Smaller market, usually within a large market or industry

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17
Q

Ch35. 293. Market segments

A

Part of a whole market where a particular customer group has similar characteristics

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18
Q
  1. Socio-economic group
A

Division of people according to social class based on employment status

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19
Q

Ch36.299. Marketing mix

A

Elements of a firm’s marketing that are designed to meet the needs of customers (often called the 4Ps, they include product, price, promotion and place)

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20
Q
  1. Product life cycle
A

Level of sales at the different stages through which a product passes over time

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21
Q
  1. Skimming or creaming
A

Setting a high price initially and then lowering it later

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22
Q
  1. Penetration pricing
A

Setting a low price to start with in order to get established in the market; price may be raised once established

23
Q
  1. Extension strategies
A

Methods used to lengthen the life of a product

24
Q
  1. Product portfolio
A

(Product mix) range of products a business is currently marketing

25
304. Boston matrix
2*2 matrix that describes products according to the market share they enjoy and whether the market has any potential for growth
26
Ch37. 307. Early adopters
Consumers who are keen to buy new products as soon as they are launched
27
308. Cost-plus or cost-based pricing
Adding a percentage (the mark-up) to the costs of producing a product to get the price
28
308. Mark-up
Percentage added to costs that makes a profit for a business when setting the price
29
308. Penetration pricing
Setting a low price to start with in order to get established in the market; price may be raised once established
30
309. Competition-based pricing
Pricing strategies based on the prices charged by rivals
31
309. Destroyer or predatory pricing
Setting a low price until rivals have gone out of business
32
309. Skimming or creaming
Setting a high price initially and then lowering it later
33
310. Patents
Legal documents giving a person of company the right to make or sell a new invention, product, or method of doing something and stating that no other person or company is allowed to do this
34
310. Loss leader
Product sold below cost to draw in customers
35
Ch38. 314. Distribution channel
Route taken by a product from the producer to the customer
36
314. Intermediary
Person or organisation that helps to arrange agreements or business deals between other people or organisations
37
314. Wholesalers
Persons or businesses that buy goods from manufacturers and sell them in smaller quantities to retailers
38
314. Retailers
Businesses that buy goods from manufacturers and wholesalers and sell them in smaller quantities to customers
39
314. Bulk breaking
Dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers
40
316. E-commerce or e-tailing
Use of electronic systems to sell goods and services
41
316. Business to customers (B2C)
Selling of goods by businesses to customers
42
317. Direct selling
Where businesses sell their products directly to customers
43
318. Agent or broker
Intermediary that brings together buyers and sellers
44
Ch39. 323. Above-the-line promotion
Placing adverts using the media
45
323. Below-the-line promotion
Any promotion that does not involve using the media
46
323. Merchandising
The way in which goods are arranged and placed in a store
47
323. Coupons
Printed piece of paper given to customers by the seller of a product, allowing the customer to pay less than usual for the product when they next buy it, or to get a free gift
48
323. Direct mail
Advertisements that are sent to people in the post, often people who have been chosen because they might be interested in the product
49
323. Advertising
Communication between a business and its customers where messages are placed in the media to encourage the purchase of products
50
327. Public relations
Attempt by a business to communicate with interested parties
51
328. Virtual advertising
Direct marketing technique in which a company persuades internet users to forward its publicity material on emails or via social media (usually by including jokes, games, video clips, etc)
52
328. Exposure
Advertising and publicity that is used to sell a product or service
53
330. Product positioning
Way that people think about a product in relation to the compan’s other products and to competing products, or the way that the company would like them to think about it
54
330. Subscription pricing
Amount of money you pay regularly to receive a newspaper, magazine, or broadcasting or telephone service

Business (7 decks)

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