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Commerce > Definitions > Flashcards

Definitions Flashcards

1
Q

Fairtrade

A

An alternative method of international trade which promotes environmentalism, fair wages etc..

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2
Q

Market segmentation

A

When the total market is subdivided up into groups of people, which share common characteristics .

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3
Q

Ethical consumerism

A

Buying products that are not harmful to the environment, animals and society

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4
Q

Personal selling

A

Communication between a sales representative and a potential customer.

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5
Q

Product differentiation

A

When products are the same/ similar are made to appear different/ better when compared to its competitors

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6
Q

Product endorsement

A

When celebrities act as opinion leaders and show their support for a product.

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7
Q

Product placement

A

The inclusion of advertising in entertainment

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8
Q

Product positioning

A

The creation of a products image when compared to competing products

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9
Q

Promotion

A

Used to inform, persuade and remind consumers about its products

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10
Q

Publicity

A

A free news story about a business’ product

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11
Q

Sales promotion

A

Activities or materials used to direct inducements to customers.

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12
Q

Sponsorship

A

Promoting a product by associating it with a specific event

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13
Q

Niche market

A

A small segment of the total market

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14
Q

Shareholder

A

Owner of the company

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15
Q

Market research

A

Collecting and analysing information about customers and the business opportunities available

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16
Q

Owners equity

A

The value of this business to the owners

17
Q

Asserts

A

Items of value owned by the business

18
Q

Entrepreneur

A

Someone who takes on the risk of a business idea in hopes of making a profit

19
Q

Franchise

A

The rights from a manufacturer to distribute its products under its name

20
Q

Advertising

A

A paid, non personal message

21
Q

Primary target market

A

the market segment which most of the marketing resources are directed

21
Q

Secondary target market

A

A smaller and less important market segment

22
Q

Promotion mix

A

The various promotion strategies a business uses in its promotional campaign

23
Q

Niche market

A

A small segment of the total market

Commerce (3 decks)

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