Definitions Flashcards
What does DAGMAR stand for?
Defining advertising goals for a measured advertising response
4 steps of AIDA
Attention, interest, desire, action
What does ATR stand for?
Awareness, trial, repurchase
4 stages of the product life cycle
Introduction, growth, maturity, decline
4 types of leadership style
Autocratic, democratic, Laissez-faire, paternalistic
What does SWOT stand for?
Strength, Weakness, Opportunities, Threats
What makes up the extended marketing mix?
Place, price, product, promotion, people, process, physical evidence
What is a SCORE analysis?
S- size and sector C- competition O- ownership R- resources E- external environment
(Used to help to analyse a business)
External influences on marketing
PESTELE
Political, economic, social, technological, ethical, legal, environmental
The business/trade cycle
Boom, recession, depression, recovery
What is TSA?
Time series analysis
A forecasting technique used to predict future sales
Fiscal policy changes…
Fiscal policy changes government spending and taxation
Monetary policy changes…
Monetary policy changes interest and credit available
Expansionary government policy
Increased government spending and credit available
Decreased interest rates and taxation
Contractionary government policy
Increased interest rates and taxation
Decreased government spending and credit available
What is innovation?
When a new idea is brought to market
What are the four sections to the Boston matrix?
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)
What are the three types of trade bloc?
A free trade area
A customs union
A common market
What are the factors involved in logistics/supply chain managemen?
Warehousing
Info systems
Transport
Customer perceptions/requirements
What is market size?
The number of individuals who are potential buyers or sellers of a product or service in a market
What is market growth?
This is the percentage increase/decrease in demand for a product or service
What is a cooperative?
A business that is owned and run by its members (employees and customers). Profits are shared between members rather than being distributed to shares
What is hot money?
Flow of money from county to country, which is chasing the highest rate of interest it can possibly get
What is a monopoly?
When a business holds more than 25% of the market share
What are the seven principles of accounting?
Consistency Going concern Matching (accruals) Materiality Objectivity Prudence (conservatism) Realisation
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)
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)
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
What is product orientation?
When a business concentrates its activities on improving the quality or efficiency of the product
What are the three aspects of value analysis?
Function
Cost
Aesthetics
What is market segmentation?
Dividing a market of potential customers into groups
What are the different types of market segmentation?
Age Geography Gender Social class Residence Religion or ethnic grouping
