Definitions Flashcards

1
Q

What does DAGMAR stand for?

A

Defining advertising goals for a measured advertising response

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2
Q

4 steps of AIDA

A

Attention, interest, desire, action

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3
Q

What does ATR stand for?

A

Awareness, trial, repurchase

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4
Q

4 stages of the product life cycle

A

Introduction, growth, maturity, decline

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5
Q

4 types of leadership style

A

Autocratic, democratic, Laissez-faire, paternalistic

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6
Q

What does SWOT stand for?

A

Strength, Weakness, Opportunities, Threats

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7
Q

What makes up the extended marketing mix?

A

Place, price, product, promotion, people, process, physical evidence

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8
Q

What is a SCORE analysis?

A
S-  size and sector
C-  competition 
O-  ownership
R-  resources
E-  external environment 

(Used to help to analyse a business)

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9
Q

External influences on marketing

A

PESTELE

Political, economic, social, technological, ethical, legal, environmental

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10
Q

The business/trade cycle

A

Boom, recession, depression, recovery

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11
Q

What is TSA?

A

Time series analysis

A forecasting technique used to predict future sales

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12
Q

Fiscal policy changes…

A

Fiscal policy changes government spending and taxation

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13
Q

Monetary policy changes…

A

Monetary policy changes interest and credit available

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14
Q

Expansionary government policy

A

Increased government spending and credit available

Decreased interest rates and taxation

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15
Q

Contractionary government policy

A

Increased interest rates and taxation

Decreased government spending and credit available

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16
Q

What is innovation?

A

When a new idea is brought to market

17
Q

What are the four sections to the Boston matrix?

A

Star - (high market share, high market growth)
Cash cow - (high market share, low market growth)
Question mark/problem child - (low market share, high market growth)
Dog - (low market share, low market growth)

18
Q

What are the three types of trade bloc?

A

A free trade area
A customs union
A common market

19
Q

What are the factors involved in logistics/supply chain managemen?

A

Warehousing
Info systems
Transport
Customer perceptions/requirements

20
Q

What is market size?

A

The number of individuals who are potential buyers or sellers of a product or service in a market

21
Q

What is market growth?

A

This is the percentage increase/decrease in demand for a product or service

22
Q

What is a cooperative?

A

A business that is owned and run by its members (employees and customers). Profits are shared between members rather than being distributed to shares

23
Q

What is hot money?

A

Flow of money from county to country, which is chasing the highest rate of interest it can possibly get

24
Q

What is a monopoly?

A

When a business holds more than 25% of the market share

25
What are the seven principles of accounting?
``` Consistency Going concern Matching (accruals) Materiality Objectivity Prudence (conservatism) Realisation ```
26
What is 'below the line' promotion?
Where the business can directly contact the potential consumer (E.g. Sales promotion, packaging, direct marketing, digital marketing, telesales, personal selling, email, trade fairs, merchandising)
27
What is 'above the line' promotion?
Uses of media where there is no direct contact with the potential consumer. The business will have no control over the media involved (E.g. Radio, television, cinema, sponsorship, newspapers)
28
What is added value?
The difference between the the actual price charged for a product and the actual costs of the components and assembly of the product
29
What is product orientation?
When a business concentrates its activities on improving the quality or efficiency of the product
30
What are the three aspects of value analysis?
Function Cost Aesthetics
31
What is market segmentation?
Dividing a market of potential customers into groups
32
What are the different types of market segmentation?
``` Age Geography Gender Social class Residence Religion or ethnic grouping ```