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Business > 4 Marketing > Flashcards

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
Q
  1. Boston matrix
A

2*2 matrix that describes products according to the market share they enjoy and whether the market has any potential for growth

26
Q

Ch37. 307. Early adopters

A

Consumers who are keen to buy new products as soon as they are launched

27
Q
  1. Cost-plus or cost-based pricing
A

Adding a percentage (the mark-up) to the costs of producing a product to get the price

28
Q
  1. Mark-up
A

Percentage added to costs that makes a profit for a business when setting the price

29
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

30
Q
  1. Competition-based pricing
A

Pricing strategies based on the prices charged by rivals

31
Q
  1. Destroyer or predatory pricing
A

Setting a low price until rivals have gone out of business

32
Q
  1. Skimming or creaming
A

Setting a high price initially and then lowering it later

33
Q
  1. Patents
A

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
Q
  1. Loss leader
A

Product sold below cost to draw in customers

35
Q

Ch38. 314. Distribution channel

A

Route taken by a product from the producer to the customer

36
Q
  1. Intermediary
A

Person or organisation that helps to arrange agreements or business deals between other people or organisations

37
Q
  1. Wholesalers
A

Persons or businesses that buy goods from manufacturers and sell them in smaller quantities to retailers

38
Q
  1. Retailers
A

Businesses that buy goods from manufacturers and wholesalers and sell them in smaller quantities to customers

39
Q
  1. Bulk breaking
A

Dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers

40
Q
  1. E-commerce or e-tailing
A

Use of electronic systems to sell goods and services

41
Q
  1. Business to customers (B2C)
A

Selling of goods by businesses to customers

42
Q
  1. Direct selling
A

Where businesses sell their products directly to customers

43
Q
  1. Agent or broker
A

Intermediary that brings together buyers and sellers

44
Q

Ch39. 323. Above-the-line promotion

A

Placing adverts using the media

45
Q
  1. Below-the-line promotion
A

Any promotion that does not involve using the media

46
Q
  1. Merchandising
A

The way in which goods are arranged and placed in a store

47
Q
  1. Coupons
A

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
Q
  1. Direct mail
A

Advertisements that are sent to people in the post, often people who have been chosen because they might be interested in the product

49
Q
  1. Advertising
A

Communication between a business and its customers where messages are placed in the media to encourage the purchase of products

50
Q
  1. Public relations
A

Attempt by a business to communicate with interested parties

51
Q
  1. Virtual advertising
A

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
Q
  1. Exposure
A

Advertising and publicity that is used to sell a product or service

53
Q
  1. Product positioning
A

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
Q
  1. Subscription pricing
A

Amount of money you pay regularly to receive a newspaper, magazine, or broadcasting or telephone service

Business (7 decks)

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