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Business > Chapters 33-39 > Flashcards

Chapters 33-39 Flashcards

1
Q

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

Untapped

A

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

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3
Q

Primary or field research

A

Gathering of ‘new’ information that does not already exist

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4
Q

Consumer panels

A

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

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5
Q

Secondary or desk research

A

Collection of data that already exists

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6
Q

Qualitative data

A

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

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7
Q

Quantitative data

A

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

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8
Q

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

Market

A

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

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10
Q

Marketing

A

Identifying customer needs and satisfying them profitably

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11
Q

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

Market orientated

A

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

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13
Q

Market segments

A

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

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14
Q

Socio-economic groups

A

Division of people according to social class based on employment status

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15
Q

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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16
Q

Product life cycle

A

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

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17
Q

Skimming or creaming

A

Setting a high price initially and then lowering it later

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18
Q

Penetration pricing

A

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

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19
Q

Extension strategies

A

Methods used to lengthen the life of a product

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20
Q

Product portfolio

A

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

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21
Q

Boston matrix

A

2x2 matrix that describes products according to the market share they enjoy and whether the market has any potential for growth

22
Q

Cost-plus or cost-based pricing

A

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

23
Q

Mark-up

A

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

24
Q

Competition-based pricing

A

Pricing strategies based on the prices charged by rivals

25
Q

Destroyer or predatory pricing

A

Setting a low price until rivals have gone out of business

26
Q

Patents

A

Legal documents giving a person or 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

27
Q

Loss leader

A

Product sold below cost to draw in customers

28
Q

Market Analysis

A

Quantitative and qualitative assessment of a market

29
Q

Market share

A

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

30
Q

Mass markets

A

Very large markets in which products with mass appeal are marketed

31
Q

Niche market

A

Smaller market, usually within a large market or industry

32
Q

Distribution channel

A

Route taken by a product from the producer to the customer

33
Q

Intermediary

A

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

34
Q

Wholesalers

A

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

35
Q

Retailers

A

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

36
Q

Bulk breaking

A

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

37
Q

E-commerce or e-tailing

A

Use of electronic systems to sell goods and services

38
Q

Business to consumers (B2C)

A

Selling of goods by businesses to consumers

39
Q

Direct selling

A

Where businesses sell their products directly to consumers

40
Q

Agent or broker

A

Intermediary that brings together buyers and sellers

41
Q

Early adopters

A

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

42
Q

Above-the-line promotion

A

Placing adverts using the media

43
Q

Below-the-line promotion

A

Any promotion that does not involve using the media

44
Q

Merchandising

A

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

45
Q

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

46
Q

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

47
Q

Advertising

A

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

48
Q

Public relations

A

Attempt by a business to communicate with interested parties

49
Q

Viral advertising

A

Direct marketing technique in which a company persuades Internet users to forward its publicity material in emails or via social media (usually by including jokes, games, video clips, etc.)

50
Q

Exposure

A

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

51
Q

Product positioning

A

Way that people think about a product in relation to the company’s other products and to competing products, or the way that the company would like them to think about it

52
Q

Subscription pricing

A

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

Business (8 decks)

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