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Business Theme 1 A&B > Key Term Definitions > Flashcards

Key Term Definitions Flashcards

1
Q

What is a niche market?

A

A business that targets a small specific segment of a market

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2
Q

What is a Mass market?

A

A business that focuses on the majority / big segment of the market

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3
Q

What is market share?

A

The percentage of the market owned by each competitor

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4
Q

What is Market Growth?

A

The amount by how much the market has increased or decreased over a period of time

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5
Q

What is a Market?

A

Platforms where buyers and sellers come together to determine prices and allocate scarce resources

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6
Q

What is a Brand?

A

A name, sign, symbol, design or slogan linked to a particular product or service in order to differentiate from competition.

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7
Q

What is innovation?

A

the development of a new idea which leads to the production of a new product or service which can be sold

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8
Q

What is meant by Sales Volume?

A

the quantity of goods or services sold within a specific period e.g price x quantity sold

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9
Q

What is a competitor?

A

any business that sells the same or similar products or services

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10
Q

What is competition?

A

When two or more organisations act independently to aim and supply a product at the same target market

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11
Q

What is direct competition?

A

Competitors who produce the same type of goods as their rivals and try to best them on price and quantity availability

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12
Q

What is indirect competition?

A

Competitors who offer goods that can be used as a substitute

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13
Q

What is a competitive market?

A

when there are many producers competing to provide consumers with the goods and services needed

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14
Q

What is uncertainty?

A

Unexpected events that occur that can have a dramatic effect on the performance of markets / industries

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15
Q

What is market orientation?

A

A market that prioritises the customer

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16
Q

What is market research?

A

The process of gathering and interpreting data about costumers and competitors within a firms target market to help businesses reduce risk and make decisions

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17
Q

What is a focus group?

A

A group interview - where people are asked questions or given scenarios. and asked for their opinions about a product or service.

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18
Q

What is Government data?

A

Information collected, produced, or paid for by the government that is made available to the public for free

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19
Q

What are market reports?

A

A wide range of data available, (specific to an industry) which can help you build up a picture of general trends and your customers’ buying habits.

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20
Q

What are market segments?

A

A way of dividing target markets into groups of identifiable individuals categorised by common characteristics or needs.

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21
Q

What is Primary Market Research?

A

Original data gathered by the researcher

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22
Q

What is Secondary Market Research?

A

Research gathered based off data that already existed

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23
Q

What is Qualitative research?

A

Research that seeks to gather and explore feelings and thoughts about a product from consumers - e.g interviews, focus group discussions

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24
Q

What is Quantitative Research?

A

Research that involves gathering numerical data and measuring responses, displayed in charts / graphs as statistics and percentages

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25
Q

What is a sample?

A

smaller group of people from a larger population to collect data

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26
Q

What is segmentation?

A

The process of dividing a target market of identifiable people into different groups based on characteristics or needs / wants.

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27
Q

What is test marketing?

A

a method that aims to explore consumer response to a product or marketing campaign by making it available on a limited basis to test markets before a wider release.

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28
Q

What is added value?

A

The difference between the price that is charged to the customer and the cost required to create the product or service

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29
Q

What is a competitive advantage?

A

a way that businesses can make its products or services appear superior to the competition to the target market

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30
Q

What is differentiation?

A

The process to distinguish a product or service from other similar ones available in the market

31
Q

What is market mapping?

A

The process of visually organising information by plotting a graph to understand competitors behaviour and identify gaps within a market.

32
Q

What is market positioning?

A

marketing strategy that helps a business establish a unique identity for its product or brand in the minds of consumers.

33
Q

What is a product?

A

an item offered for sale by a company

34
Q

What are complementary goods?

A

products or services that are used together or add value to each other.

35
Q

What is consumer income?

A

The amount of money consumers make

36
Q

What is demand?

A

The quantity of a good that consumers are willing and able to purchase at various prices during a period of time

37
Q

What is meant by demographics?

A

statistics that describe the characteristics of a population, and are used to understand customers and target markets

38
Q

What are external shocks?

A

unexpected events that originate outside of a country’s economy and can have a significant impact on it.

39
Q

What is seasonality?

A

predictable changes that occur over a one-year period in a business or economy based on the seasons including calendar or commercial seasons.

40
Q

What are substitutes

A

goods that can be used in place of another product to serve the same purpose

41
Q

What is a Government?

A

the group of people with the authority to govern a country or state; a particular ministry in office.

42
Q

What are subsidies?

A

when a government provide financial assistance to its companies to produce or export goods at artificially low prices.

43
Q

What are indirect taxes

A

a tax that the government imposes on producers, but is passed on to the consumer as part of the price of a good or service

44
Q

What is supply?

A

The amount of units of a product that producers and firms are willing to sell at a given price

45
Q

What is the equilibrium price?

A

where the supply and demand curve cross

46
Q

What are non price factors?

A

ways that businesses can compete with each other without lowering prices, e.g design mix

47
Q

What are the shortages in the market?

A

when the quantity demanded is greater than the quantity supplied at the market price.

48
Q

What is surplus in markets?

A

when the supply of a product or service is greater than the demand:

49
Q

What are luxury goods?

A

Goods that are expensive and high-quality

50
Q

What is a Necessity?

A

Products that are needed and not usually a want.

51
Q

What is meant by price elastic?

A

A product in which the price can change dramatically if the supply or demand goes up / down.

52
Q

What is price elasticity of demand (PED)?

A

PED measures the extent to which a quantity of a product demanded is affected by a change in price

% change in quantity demanded / % change in price

53
Q

What is price inelastic?

A

A product in which the price does not change by much even if supply or demand go up or down

54
Q

What is income elasticity of demand? (YED)

A

Measures how a quantity of a product demanded is affected by a change in price

% change in quantity demanded / % change in income

55
Q

What is an inferior good?

A

a product that when demand decreases when a consumer’s income increases.

56
Q

What is the marketing mix?

A

The set of actions, or tactics that a company uses to promote its brand or product (or service) in the market

57
Q

What are social trends?

A

changes in attitudes, behaviours and lifestyles of people

58
Q

What are aesthetics?

A

Part of the product design mix, the product’s visual and sensory appeal, including its form, shape, colour, and texture.

59
Q

What is cost (design mix)?

A

how cost-effective the product will be to manufacture, eg the product should be made and sold profitably

60
Q

What is design for recycling?

A

A process that involves designing products and plastic packaging with the ultimate goal of becoming recycled materials.4

61
Q

What is design for reuse?

A

Designing a product that can be re used

62
Q

What is design for waste minimisation?

A

Designing a product whereby the production process doesn’t use many raw materials.

63
Q

What is the design mix?

A

the combination of various design elements that are used to create a product or service (double check book)
- Aesthetics, function,

64
Q

What is ethical sourcing?

A

products and services from each point in a business’s supply chain are obtained in an ethical way

65
Q

What is function?

A

How the product works / the purpose of a product

66
Q

What is re branding?

A

the process of changing the corporate image of an organisation. It is a market strategy of giving a new name, symbol, or change in design for an already-established brand.

67
Q

What is resource depletion?

A

the reduction or exhaustion of natural resources due to overconsumption, excessive extraction, or unsustainable use

68
Q

What is advertising?

A

it involves a business paying to have their product or service promoted in a public space

69
Q

What is customer loyalty?

A

an ongoing emotional relationship between you and your customer, manifesting itself by how willing a customer is to engage with and repeatedly purchase from you versus your competitors

70
Q

What are digital communications?

A

involves sending and receiving such information electronically

71
Q

What is direct marketing?

A

selling products by dealing directly with consumers rather than through intermediaries

72
Q

What is emotional branding?

A

a strategy where companies build strong emotional connections with their customers by appealing to their values, beliefs, and emotions

73
Q

What is personal selling?

A

where businesses use people (the “sales force”) to sell the product after meeting face-to-face with the customer

Business Theme 1 A&B (2 decks)

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