Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Management - Unit 2 Exam > AOS 2 - Marketing a business > Flashcards

AOS 2 - Marketing a business Flashcards

1
Q

What is marketing?

A

The action or business of promoting and selling products or services, including market research and advertising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a customer base?

A

Is a group of people who keep buying your proud or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a business objective?

A

Is a goal that the organisation wants
- Profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Operating factors

A

Immediate external factors impacting a business which a business has some control over

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Macro factors

A

Social, global, legal, technological and economic conditions that a business has no control over

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Brand identity

A

Values a business seeks to display to its customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Owners & managers

A
  • Have a responsibility to implement marketing strategies
  • Need to establish a customer profile first
  • Marketing needs to be aimed at a target market
  • Can use a marketing expert if they don’t have the skills
  • Need to enforce new strategies in business
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Employees

A
  • Play an essential role as they mainly interact with customers
  • Might need the training to implement marketing strategies
  • Customer service is a large part of marketing as it can increase the customer base and improve brand identity
  • They are the face of the business
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Corporate Culture

A
  • These are the shared values and beliefs of everyone in a business
  • CC should be in-line w/ customer needs
  • Positive CC will improve brand image and through word of mouth, this will spread to customers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Market research process

A
  1. Define the problem
  2. Collect the required data
  3. Analyse and interpret the data
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Methods used to collect primary data

A
  • Survey
  • Observation
  • Experimentation
  • Focus gap
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Methods used to collect secondary data

A
  • Company records
  • Internet search
  • Government agencies
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Market segmentation

A

The process of dividing a market into different groups of consumers that share similar characteristics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Target market

A

Specific group of customers which a business aims its marketing effort towards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Customer behaviour

A

Actions of those who purchase goods and services for consumption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Customer trends

A

Developed patterns in customers’ behaviours, attitudes and values

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

7P’s of marketing - part 1 + definitions

A
  • Product
    Good or service that is offered to customers to satisfy needs or wants
  • Price
    Amount of money the customer pays for the good or service
  • People
    Individuals that influence a customer’s view of the business and its products
18
Q

7P’s of marketing - part 2 + definitions

A
  • Physical evidence
    The environment in which the business and customer interact
  • Process
    Procedures set in place throughout an entire customer purchase
  • Place
    How a business distributes its product to customers
  • Promotion
    Marketing communication is used by a business to inform, promote and remind the target market of its product
19
Q

Product life cycle

A

Series of stages that a product will pass through from the moment it is introduced to the market until the product becomes unpopular or replaced

20
Q

Introduction

A

Sales and market share are low and the business is focusing on improving awareness and market share

21
Q

Growth

A

Sales growth is at a high and the business is facing increased levels of competition

22
Q

Maturity

A

The business faces high levels of competition, while sales growth begins to plateau

23
Q

Decline

A

The business experiences a firm decline in sales while its product becomes obsolete or outdated

24
Q

Customer relations

A

The way business’ create, build and maintain customer relationships

25
Q

Quality customer service

A

Business constantly going above and beyond expected performance to ensure customers are satisfied with their experience.

26
Q

Customer loyalty programs

A

Incentives that enable customers to gain extra benefits for constantly purchasing from a business

27
Q

Public relations

A

Communicating an intended message to the public to create or sustain a positive business image

28
Q

Internal publics include: (3)

A
  • Employees
  • Shareholders
  • Managers
29
Q

External publics include: (6)

A
  • Suppliers
  • Goverment
  • Action groups
  • News organisations
  • Competitors
  • Customers
30
Q

Proactive

A

Is taking action before a problem needs changing

31
Q

Reactive

A

Is taking action after a problem needs changing

32
Q

Planned public relations

A

Businesses’ constantly communicate intended messages to various publics

33
Q

Types of planned public relations strategies + Aims

A
  • Media release
    Inform the public of new business activities or a business change to gain media coverage
  • Publications
    Inform the public of changes, new products or upcoming events to encourage a positive reputation
  • Events
    To interact with the public to enhance customer perception and develop a strong relationship
  • Sponsorships
    Associate with a team, individual or group to build public awareness of their brand and products
  • Social media
    Inform the internal and external public of new business changes or activities to develop a positive image
34
Q

Crisis public relations

A

Business publicly responded to issues that can negatively affect its reputation

35
Q

Elements of a crisis communication plan

A
  • Who
  • What
  • When
36
Q

Who

A
  • Who are the publics that is affected by the crisis and require a response?
  • Who will the crisis communication team be composed of and led by?
37
Q

What

A
  • What information must be communicated to the public?
  • What other questions or information could be asked by the public?
  • What are the facts which are being referred to?
38
Q

When

A
  • When should a response be delivered to the public?
  • When should the public be updated on business activities?
39
Q

CSR issues

A
  • Materialism
  • Inappropriate advertising
  • Marketing of junk food
  • Level of truth in advertisement
  • Stereotypical gender roles
  • Sexualized messages
40
Q

Green marketing

A

Advertising a good or service by highlighting its environmental benefits

41
Q

Greenwashing

A

Falsely advertising products as environmentally friendly to persuade customers to purchase a good or service

Business Management - Unit 2 Exam (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions