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Business Theme 1 > Key Terms > Flashcards

Key Terms Flashcards

1
Q

Brand

A

A symbol, logo or design that is recognisable and distinguishes a product from competitors

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2
Q

Competition

A

The rivalry among sellers trying to achieve goals such as increasing profits, market share and sales volume

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3
Q

Competitive market

A

When there are many rivals selling similar products

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4
Q

Competitor

A

A rival business operating in the same market offering similar goods or services

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5
Q

Direct competition

A

Businesses produce similar products that appeal to the same group of customers

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6
Q

Dynamic market

A

A market that is subject to rapid/continuous change

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7
Q

Indirect competition

A

Different businesses make or sell products that are not in direct competition but compete for the same customer experience

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8
Q

Innovation

A

The creation, development and implementation of a new product, process or service

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9
Q

Market

A

Where buyers and sellers interact

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10
Q

Market growth

A

An increase in demand/sales for a particular product/service

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11
Q

Market share

A

The % of the total market a business has in terms of volume or value

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12
Q

Market size

A

The total amount of sales/customers in a market measure by value/volume

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13
Q

Mass market

A

A large un segmented market where mass appeal products are on sale

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14
Q

Niche market

A

It is a smaller segment of a larger market where consumers have specific needs and wants

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15
Q

Online retailing

A

Selling goods and services on the internet

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16
Q

Product innovation

A

The development/creation of products not previously available

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17
Q

Sales volume

A

The quantity of a good or service sold within a period of time. Calculation: Sales revenue/Selling price

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18
Q

Uncertainty

A

The inability to predict future event and outcomes. It is caused by unexpected often external factors outside the business’s control, even though sometimes these can be predictable.

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19
Q

Biased questions

A

Where the questions do not produce findings that give a true reflection of the views of the target audience on the product or service

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20
Q

Consumer behaviour

A

How consumers make decisions about how they choose and use products or services

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21
Q

Databases

A

An organised collection of data stored electronically with instant access, searching and sorting facilities

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22
Q

Face-to-face survey

A

A research method used where the interviewer communicates directly with the respondent using a questionnaire

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23
Q

Focus group

A

A group of people who participate in a discussion as part of market research to give feedback about a product or service

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24
Q

Government data

A

Government publications that a business can use such as the census of the population

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25
Q

Interview bias

A

Where the opinion of the interviewer interferes with the judgements of the interviewee

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26
Q

Market orientation

A

When a business’s products/services are based around the needs and wants of the customer

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27
Q

Market reports

A

A document that contains information, state, research and facts on a chosen field

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28
Q

Market research

A

Gathering, presenting and analysing information about products/customers

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29
Q

Market segmentation

A

Dividing a whole market into particular customer groups that have similar characteristics

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30
Q

Market segments

A

An identifiable group of individuals/a part of the market where consumers share one or more characteristic or need

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31
Q

Observations

A

Where market researchers watch the behaviour of customers

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32
Q

Primary market research

A

Obtaining data first hand by the business to match the specific needs of the business

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33
Q

Product orientation

A

When a business prioritises a products design quality or performance rather than meeting customer preferences to guide production and marketing decisions

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34
Q

Qualitative research

A

Market research collected relating to the opinions and beliefs of consumers. Data not presented numerically.

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35
Q

Quantitative research

A

Numerical information gathered and can be presented and analysed using graphs, charts, tables etc

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36
Q

Respondent bias

A

When respondents respond inaccurately to a question for some reason

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37
Q

Sample

A

A small group of people who must represent a proportion of a total market when carrying out market research

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38
Q

Secondary market research

A

Data collected by another business or organisation but used by the business in question

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39
Q

Segmentation

A

Dividing the market into groups of people with similar attributes or common characteristics

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40
Q

Social networking

A

A platform such as Facebook, X and YouTube which can be used to market a businesses products/services

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41
Q

Survey

A

A method of (primary) research used to collect information

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42
Q

Test marketing

A

Trialling the product in a small area or to a limited number of users to assess the suitability of a product

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43
Q

Trade publications

A

Specialist magazines that look at current trends in the business world

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44
Q

Added value

A

The increase in value that a business creates when producing a product/service. The difference between the price the customer pays and the total cost of inputs needed to create a product.

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45
Q

Competitive advantage

A

A feature of a business and/or its products that enable it to compete effectively with rival producers/products

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46
Q

Differentiation

A

Making products or services different or distinct from competing products/creating a USP

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47
Q

Market mapping

A

A form of market positioning. It is the use of a 2-dimensional diagram that plots products or services in a market using two key variables. It is used to spot a gap in the market.

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48
Q

Market positioning

A

An effort to influence consumer perception of a brand or product, relative to the perception of competing brands or products

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49
Q

Product differentiation

A

The act of distinguishing a product/service from competitors to make it more attractive to a particular target market

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50
Q

Complementary goods

A

Products consumed/used together, so they are purchased together E.g. printer and printer ink

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51
Q

Consumer income

A

The money earned/received from work/investments

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52
Q

Demand

A

The quantity of goods/services that a consumer is willing to buy at a given price and at a given time

53
Q

Demographics

A

The structure of the population such as age, gender and geographical distribution

54
Q

External shocks

A

Factors beyond the control of a business

55
Q

Seasonality

A

When demand rises or falls at particular times of the year according to seasonal factors

56
Q

Substitutes

A

Goods that can be bought as an alternative to others, but perform the same function E.g. petrol car and electric car

57
Q

Government subsidies

A

A payment given to producers, usually to encourage production of a certain good

58
Q

Indirect taxes

A

Taxes imposed by the government on spending e.g. VAT and Excise duties. Responsibility for payment lies with the business.

59
Q

Supply

A

The amount that producers are willing/able to produce at a given price/over a given period of time

60
Q

Equilibrium price

A

The price where supply and demand are equal. Also known as market clearing price.

61
Q

Non price factors

A

Factors other than price e.g. Change in consumer incomes, advertising and seasonality

62
Q

Shortage in markets

A

Where demand exceeds supply

63
Q

Surplus in markets

A

Where supply exceeds demand

64
Q

Luxury

A

Goods that consumers like to buy if they can afford them e.g. air travel and fashion items

65
Q

Necessity

A

Basic goods that consumers need to buy e.g. food, electricity and water

66
Q

Price elastic

A

Quantity demand is responsive to a change in price

67
Q

Price elasticity of demand (PED)

A

Measures the responsiveness of quantity demanded to a change in price. Always negative due to laws of demand.

68
Q

Price Inelastic

A

Quantity demanded for the product is less responsive proportionately to a change in price

69
Q

Income elasticity of demand (YED)

A

Measures the responsiveness of changes in quantity demanded to changes in consumer income

70
Q

Inferior good

A

When incomes increase there is a decrease in quantity demanded e.g. budget goods

71
Q

Marketing mix

A

A plan for using the right blend of product, price, promotion, and place in order to maximise sales

72
Q

Social trends

A

Changing patterns in consumer behaviour reflected in changing demands e.g. increased use of social media/being environmentally friendly

73
Q

Aesthetics

A

Relates to the appearance of a product

74
Q

Cost (design mix)

A

When the business focusses on being economically viable, therefore they aim to minimise costs

75
Q

Design for recylcling

A

Producing products using materials that have been discarded as waste and recycled

76
Q

Design for reuse

A

When a product is designed to allow for disassembly at the end of its life and the re-use of the materials

77
Q

Design for waste minimisation

A

Reducing the quantity of resources that are discarded in the production process

78
Q

Design mix

A

The combination of elements, (function, aesthetics, cost) that a business considers when creating a product

79
Q

Ethical sourcing

A

When a business buys materials that are produced with fair working conditions/pay and minimum impact on the environment

80
Q

Function

A

Relates to the quality and reliability of a product

81
Q

Re Branding

A

A marketing strategy in which a new name, term, symbol, design or combination is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, and/or competitors

82
Q

Resource depletion

A

The using up of natural resources

83
Q

Advertising

A

A paid form of communication, used by a business to raise customer awareness of its products, services and brands, to persuade purchases to be made

84
Q

Customer loyalty

A

Customers favouring a business over competitors when making a purchase/favour it over competitors in the same market

85
Q

Digital communications

A

The electronic transfer of data

86
Q

Direct marketing

A

Where a business mails out leaflets or letters to households

87
Q

Emotional branding

A

The creation of brands that may appeal to customers’ emotional nature, rather than their logical side

88
Q

Manufacture/corporate branding

A

Brands created by the producers of goods and services e.g. Kellogg’s cornflakes (bear the producers name)

89
Q

Own brand

A

Products that are manufactured for wholesalers or retailers by other businesses e.g. Tesco Beans

90
Q

Personal selling

A

Direct communication between a salesperson and the customer

91
Q

Premium price

A

Charging a higher price than competitors because of customer loyalty that has been built up over a period of time

92
Q

Product branding/Generic branding

A

Products that only contain the name of the product category rather than the company or product name e.g. Carrots

93
Q

Promotion

A

A way of making customers aware of the brand/business and persuading them to buy products e.g advertising/discounts

94
Q

Public relations

A

An organisation’s attempt to communicate with interested parties, usually through unpaid media such as press conferences

95
Q

Sales promotions

A

Methods of promoting products in the short term to boost sales

96
Q

Social media

A

Websites and applications that enable users to participate in social networking

97
Q

Sponsorship

A

A form of promotion in which funds are provided for a sporting, cultural, or social event in return for prominent display of the business’s brand name or image

98
Q

USP (unique selling point)

A

A feature that differentiates a product from its competitors

99
Q

Viral marketing

A

Encouraging customers to share information/adverts through existing social media platforms e.g. Facebook

100
Q

Competitive pricing

A

When a business sets a price similar to competitors selling similar/rival products

101
Q

Cost plus pricing

A

A cost-based method for setting the prices of goods and services and is calculated by adding a mark-up percentage to the cost of the product

102
Q

Penetration pricing

A

Setting a low price initially and accepting limited short-term profits/losses in order to build market share before switching to a more profitable and higher price

103
Q

Predatory pricing

A

Setting a low-price forcing rivals out of the market. This is illegal in the UK but difficult to prove.

104
Q

Price comparison websites

A

A website that compares the price of a particular product or service in different stores or from different businesses

105
Q

Price skimming

A

Setting a high price at the launch of a product, to gain the money back from R&D and to take advantage of those wanting to be the first people to purchase

106
Q

Pricing strategy

A

The approach a business takes to setting the price of its product/service e.g. penetration, price skimming, cost plus, competitive, predatory, psychological

107
Q

Psychological pricing

A

Tactics that are designed to appeal to a customer’s emotional response to prices

108
Q

Channels of distribution

A

Methods used by businesses to get their products from manufacture to consumer. They can include intermediaries such as wholesalers and retailers.

109
Q

Distribution

A

Getting products to the right place for customers and at the right time

110
Q

Distribution channels

A

The methods by which a product gets from the manufacturer to the consumer

111
Q

Distribution strategy

A

A plan to get a product or service to the customer

112
Q

Four stage distribution channel

A

Manufacturer/producer to wholesaler to retailer, then consumer. Examples include groceries and confectionery.

113
Q

Online distribution/E-commerce

A

The use of electronic systems to sell goods and services

114
Q

Place

A

Where the product can be purchased and is also the process of making a product or service available to the consumer

115
Q

Product

A

A tangible item offered for sale

116
Q

Service

A

The non-physical, intangible parts of our economy, as opposed to goods, which we can touch

117
Q

Three stage distribution channel

A

Manufacturer/producer to retailer, then consumer. Examples include electrical goods and cars.

118
Q

Two stage distribution channel

A

A direct marketing approach with no intermediary levels e.g. Manufacturer/producer to consumer

119
Q

Boston matrix

A

A method used to analyse the product portfolio of a business that contains stars, Cash cows, question marks and dogs

120
Q

Business to business (B2B)

A

When a business promotes the sale of products/services to other businesses for use in their operations

121
Q

Business to customer (B2C)

A

Where a company targets to sell its products to individual customers

122
Q

Consumer loyalty

A

A preference for a product or brand based on experience and/or an emotional attachment, which inclines buyers to repeat purchases and away from rivals

123
Q

Extension strategy

A

A method used to lengthen the life/sales of a product/service

124
Q

Marketing objective

A

A goal the business aims to achieve through its marketing activities

125
Q

Marketing strategy

A

The methods used/plan/way chosen to achieve marketing objectives

126
Q

Portfolio analysis

A

When business considers each of its products in the context of its market position

127
Q

Product life cycle

A

The stages that a product goes through from introduction to decline

128
Q

Product portfolio

A

The collection/range/ list of items/products produced/sold/offered by a business

Business Theme 1 (6 decks)

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