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Business Theme 1 MARKETING > Key Terms > Flashcards

Key Terms Flashcards

1
Q

Mass market

A

Products or services which are targeted at the whole market e.g mars bar

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2
Q

Niche market

A

Products or services which are targeted towards a specific segment of a market e.g hotel chocolat

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3
Q

Dynamic market

A

A market that is constantly changing

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4
Q

Risk

A

A concept where there maybe a possible negative impact that may arise from a future event

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5
Q

Uncertainty

A

Exists when the outcome of a particular situation is impossible to predict

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6
Q

Economies of scale

A

Factors that cause costs per unit to fall when a firm operates at a higher level of production

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7
Q

Product differentiation

A

The extent to which consumers perceive your brand/ product as being different from others

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8
Q

USP

A

A consumer before that no rival can match, perhaps because it can be protected by a strong patent

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9
Q

Market research

A

Gathers information about consumers, competitors and distributors within a firms market. A way of identifying consumers buying habits and attitudes to current and future products

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10
Q

Market share

A

Proportion of total market sales that a firm has

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11
Q

Bias

A

A factor that causes research findings to be unrepresentative of the whole population

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12
Q

Product orientation

A

An inward looking approach focusing on innovation and R&D

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13
Q

Market orientation

A

An outward looking approach focusing on identifying consumer needs and wants and tailoring product development towards it

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14
Q

Primary research

A

Finding and collecting information first hand

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15
Q

Secondary research

A

Finding and collecting information which already exists

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16
Q

Qualitative data

A

Research that is focused on obtaining in depth details information. Can identify opinions and why consumers feel the way they do

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17
Q

Quantitative data

A

Research that is focused on obtaining numerical data

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18
Q

Sampling

A

Process of targeting a group of individuals that have been chosen from a larger group. The results may be representative of the target population

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19
Q

Market segmentation

A

Dividing a market up by customers’ characteristics of behaviours to a target a specific segment

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20
Q

Market positioning

A

How individual products or brands are seen in relation to the competition by the consumers

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21
Q

Market mapping

A

A grid plotting where each existing brand sits on scales based upon two important features of a market e.g. price

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22
Q

Competitive advantage

A

Advantages over competitors gained by offering consumers greater value

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23
Q

Added value

A

The value of the finished good or service over and above the cost of achieving it. This is achieved when the business increases the worth of its factor inputs by creating new output

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24
Q

Demand

A

Measures the level of interest customers have in buying a product

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25
Q

Complementary good

A

But in conjunction with each other such as eggs and bacon or cars and petrol

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26
Q

Inferior good

A

Goods which sales fall when people are better off, but rise when consumers are struggling financially

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27
Q

Luxury good

A

Goods which sales rise rapidly when people are better off but may fall during hard times

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28
Q

Normal good

A

Goods which sales move in line with changes in consumer incomes e.g. sales at dry cleaning outlets

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29
Q

Substitute product

A

Products or services in competition with each other -customers will substitute one for the other

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30
Q

Market equilibrium

A

The point where there is a balance between supply and demand, this makes the price stable

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31
Q

Supply

A

The quantity of a product that produces can deliver within a specific time period

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32
Q

Supply chain

A

The whole power from suppliers of raw materials to production and storage onto customer delivery

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33
Q

Commodity market

A

Undifferentiated products such as rice oil or gold. Every kilo is the same as every other kilo so traders can buy and get sell without needing to worry which kilo they are dealing with

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34
Q

Market price

A

The price of a commodity that has been established by the market -where supply equals demand

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35
Q

Price elasticity of demand

A

The measurement of the extent to which a product demand changes when its price is changed

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36
Q

Elastic/inelastic

A

A product with demand is highly priced sensitive/not very sensitive

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37
Q

External constraint

A

Something outside the front control that can prevent it achieving its objectives

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38
Q

Income elasticity of demand

A

The extent to which demand for a product changes when there is a change in consumers’ real incomes

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39
Q

Recession

A

Two or more quarters of negative economic growth

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40
Q

Marketing mix

A

The plan for getting the right plan of product, price, promotion and place

41
Q

Design mix

A

Factors that are considered when designing a product; aesthetics, function and economic manufacture

42
Q

Promotion

A

Part of the marketing mix that focuses on informing and persuading people to buy the product or service

43
Q

Brand

A

A product manufactured and sold or service distinctiveness even personality

44
Q

Umbrella brand

A

The use of a single brand name for the sale of two or more related products e.g Cadbury

45
Q

Corporate brand

A

A brand that represents the whole company as well as its products e.g Unilever

46
Q

Persuasive advertising

A

A form or promotion that aims to persuade a customer to buy a particular product

47
Q

Public relations

A

The professional maintenance of a favourable public image by a company or other organisation

48
Q

Price

A

The amount pain by the customer for a good or service

49
Q

Price war

A

A period of fierce competition in which traders cut prices to increase their share of the market

50
Q

Distribution

A

How to get the product to the right place for customers to make their purchases. Includes physical or online distribution availability and visibility

51
Q

Barrier to entry

A

Factors that make it hard for new firms to break into an existing market

52
Q

E commerce

A

Electronic commerce- carried out online

53
Q

M commerce

A

Selling via mobile phones and tablets

54
Q

Impulse purchasing

A

Buying in an unplanned way

55
Q

Long tail

A

The huge number of tiny businesses appealing to minority tastes that can find a profitable existence online because they can target the whole planet, not just the local area

56
Q

Intermediary

A

A middleman involved in the distribution channel e.g wholesaler

57
Q

Product life cycle

A

Theory that all products follow a similar pattern over time, of development, launch, growth, maturity and decline

58
Q

Extension strategy

A

Marketing activities used to prevent sales from declining

59
Q

Product portfolio

A

All products a business sell

60
Q

Product range

A

A set of variations made on a specific product made to appeal to different market segments e.g Diet Coke

61
Q

Boston matrix

A

A model which helps businesses analyse their portfolio of businesses and brands

62
Q

Portfolio analysis

A

Analysis of the market position of the firm’s existing products; it is used as a party of the marketing planning process

63
Q

B2C/ B2B

A

Business to customer
Business to business
(selling)

64
Q

Customer loyalty

A

The likelihood of previous customers repeat purchasing from the same business due to preferred practices

65
Q

Homogeneous good

A

No point of differentiation and therefore each one is the same as every other (making competition focus on price)

66
Q

Staff turnover

A

The number of staff leaving a company as a percentage of the number employed

67
Q

Outsourcing

A

Taking a task traditionally run by your own staff and putting it out to tender, with the lowest bid winning the contract

68
Q

Zero hour contract

A

Employment contacts that agree employee duties and hourly pay rates, yet offer no guarantee of any work (therefore income) in any specific week

69
Q

Flexible workforce

A

The creation of a multi skilled and flexible workforce that can quickly adapt to meet a firms changing requirements

70
Q

Trade unions

A

An organisation that represents interests of staff at the workplace

71
Q

Collective bargaining

A

Negotiation of wages and other conditions of employment by an organised body of employees

72
Q

Individual bargaining

A

Negotiations between individual employees and the employer. This is usually regarding contract of employments and the terms and conditions

73
Q

Core workers

A

Employees who are essential to the operations of a business. Generally permanent employees

74
Q

Peripheral workers

A

Employees who are not seen as essential and generally are temporary

75
Q

Subcontracting

A

Where another business is used to perform or supply certain aspects of a firms operations

76
Q

Hot desk

A

An approach that provides a temporary desk for home workers to use when they come to the main office; no possessions may be left at these desks

77
Q

Recruitment

A

Filling job vacancies by defining the job, attracting suitable candidates and selecting those best suited to fill it

78
Q

Training

A

Work related education, where employees learn new skills or develop skills, they already posses

79
Q

Shortlist

A

A list of selected candidates from which a final choice is made

80
Q

Head hunter

A

A person who identifies and approaches suitable candidates employed elsewhere to fill business positions

81
Q

Organisational design

A

Creating the formal hierarchy that establishes who is answerable to whom throughout the organisation

82
Q

Hierarchy

A

A systems in which people within an organisation are arranged based upon their importance

83
Q

Organisational structure

A

The roles, hierarchy and responsibilities displayed in a visual diagram

84
Q

Delayering

A

Removing a management later from the organisational structure

85
Q

Level of hierarchy

A

The number of layers within a business

86
Q

Line manager

A

A manager responsible for meeting specific business targets and responsible for specific staff

87
Q

Delegation

A

The process of passing down responsibility to a subordinate

88
Q

Span of control

A

The number of staff who are answerable directly to a manager

89
Q

Centralisation

A

All decision making and responsibility is made from the central headquarters by those high up within the hierarchy

90
Q

Decentralisation

A

Transfer of decision making and responsibility away from central headquarters to local divisions

91
Q

Motivation

A

Inspiring the will to work within’ employees

92
Q

Division of labour

A

Subdividing a task into several activities, enabling workers to specialise and therefore become efficient completing what may be small, repetitive task

93
Q

Quality circles

A

Discussion groups in which staff discuss an operational problem with a view to recommending a solution to management

94
Q

Flexitime

A

Giving staff flexibility over their arrival and leaving times as long as the right number of hours/ work is completed

95
Q

Empowerment

A

Authority or power given to an employee to motivate them- increased responsibility

96
Q

Leadership

A

Inspiring staff to achieve demanding goals

97
Q

Management

A

Responsible for putting ideas or policies into action, whilst controlling staff

98
Q

Charismatic leadership

A

Leaders who can connect with an audience and who can get others to buy into their ideas

99
Q

Hubris

A

Overweening arrogance leading to excessive self confidence and therefore blindness to the risks being taken

Business Theme 1 MARKETING (11 decks)

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