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Tim > Hggg > Flashcards

Hggg Flashcards

1
Q

Brand

A

A name, logo, symbol or Sign that recognizes the maker of the product

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2
Q

Brand extension

A

Using an established brand name for a new (or other) product this is sometimes called stretching the brand to another product e.g apple using the brand they use on their phones on their cars

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3
Q

Brand personality

A

The characteristics of a brand

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4
Q

Brand value

A

The monetary value of a brand

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5
Q

Buisness to business

A

Businesses selling to other businesses

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6
Q

Businesses to customer

A

Businesses selling to customers for personal consumption

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7
Q

Capital goods

A

Goods used to make another profit

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8
Q

Consumer goods

A

Products purchased for personal consumption.

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9
Q

Corporate objectives

A

The aims of the business

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10
Q

Customers

A

Individuals and businesses who purchase product

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11
Q

Data mining

A

Computers are used to analyze large volumes of information in an attempt to solve marketing problems, aid fore casting and generate useful marketing data

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12
Q

Extension strategy

A

How to increase the life of a product by making slight changes ex:Sony introduce a slim version of their Playstation

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13
Q

E business

A

Business operations like stock control are linked by technology

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14
Q

Elasticity of demand

A

How much demand increases ( or falls) as a result of change in price

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15
Q

Market growth

A

How much the market is worth each year is it growing or declining

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16
Q

Marketing

A

The processes involved in making a profit thr9ugh developing promoting and selling products and services

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17
Q

Marketing mix

A

Product price place promotion strategies

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18
Q

Marketing model

A

Focuses on meeting needs and building relationships with customers. Sales come from this loyalty

19
Q

Marketing plan

A

The activities required to achieve the corporate objectives

20
Q

Market oriented

A

A business focuses on the needs and wants of the customer

21
Q

Market share

A

Shows the popularity of a product or service

22
Q

Penetration pricing

A

Charging a lower price than competitors or the actual value of the product to quickly generate a large number of sales to gain market share

23
Q

Premium pricing

A

Asking a high price for a desirable luxury product

24
Q

Product life cycle

A

The life stages a product goes through
Introduction
Growth
Maturity
Decline

25
Q

Product mix

A

The variety of products offered by an organization eg Samsung sells a range of mobile phones

26
Q

Product oriented

A

This is strategy that focuses on products sometimes at the cost of other things

27
Q

Qualitative data

A

Data collected on views and opinions

28
Q

Quantitative data

A

The collection of numerical data

29
Q

Sales model

A

Selling the product in order to increase revenue. Bonuses and commission are often given to staff to motivate them

30
Q

Secondary data

A

Data that exists elsewhere

31
Q

Situational analysis

A

Assessing how a firm’s situation is affected by trends and development
Pestle

32
Q

Skimming pricing

A

Charming a high price for a new product

33
Q

SWOT analysis

A

Strengths weaknesses opportunities and threats

34
Q

Viral marketing

A

Encouraging people to tell others about your product. The popular way of doing this is through social media

35
Q

PED

A

Price elasticity demand

36
Q

PED formula

A

%change in quantity demanded/ % change in price

37
Q

PESH

A

Use for 8 mark
Problem evidence solution help

38
Q

Ethical factors

A

Respect, honesty, accountability, good communications and responsibility

39
Q

Ecommerce

A

The buying or selling of goods or services using the internet and the transfer of money and data to execute these transactions

40
Q

cost plus pricing

A

Calculate how much the product cost to make then add on a percentage profit

41
Q

Mark up pricing

A

Calculate how much the product cost to make add on a percentage mark up

42
Q

Competitive pricing

A

Check the price that competitors charge, ask about the same. This is used by supermarkets and mass market clothes shops

43
Q

Price taking

A

Check the going price and ask exactly the same. This is used for identical products that customers can compare Such as eggs or tomatoes On market stalls

44
Q

Skimming

A

Oscar high price at the start To take advantage of the “novelty” value. This is often used for high tech products

Tim (3 decks)

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