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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
Complementary good
But in conjunction with each other such as eggs and bacon or cars and petrol
26
Inferior good
Goods which sales fall when people are better off, but rise when consumers are struggling financially
27
Luxury good
Goods which sales rise rapidly when people are better off but may fall during hard times
28
Normal good
Goods which sales move in line with changes in consumer incomes e.g. sales at dry cleaning outlets
29
Substitute product
Products or services in competition with each other -customers will substitute one for the other
30
Market equilibrium
The point where there is a balance between supply and demand, this makes the price stable
31
Supply
The quantity of a product that produces can deliver within a specific time period
32
Supply chain
The whole power from suppliers of raw materials to production and storage onto customer delivery
33
Commodity market
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
34
Market price
The price of a commodity that has been established by the market -where supply equals demand
35
Price elasticity of demand
The measurement of the extent to which a product demand changes when its price is changed
36
Elastic/inelastic
A product with demand is highly priced sensitive/not very sensitive
37
External constraint
Something outside the front control that can prevent it achieving its objectives
38
Income elasticity of demand
The extent to which demand for a product changes when there is a change in consumers’ real incomes
39
Recession
Two or more quarters of negative economic growth
40
Marketing mix
The plan for getting the right plan of product, price, promotion and place
41
Design mix
Factors that are considered when designing a product; aesthetics, function and economic manufacture
42
Promotion
Part of the marketing mix that focuses on informing and persuading people to buy the product or service
43
Brand
A product manufactured and sold or service distinctiveness even personality
44
Umbrella brand
The use of a single brand name for the sale of two or more related products e.g Cadbury
45
Corporate brand
A brand that represents the whole company as well as its products e.g Unilever
46
Persuasive advertising
A form or promotion that aims to persuade a customer to buy a particular product
47
Public relations
The professional maintenance of a favourable public image by a company or other organisation
48
Price
The amount pain by the customer for a good or service
49
Price war
A period of fierce competition in which traders cut prices to increase their share of the market
50
Distribution
How to get the product to the right place for customers to make their purchases. Includes physical or online distribution availability and visibility
51
Barrier to entry
Factors that make it hard for new firms to break into an existing market
52
E commerce
Electronic commerce- carried out online
53
M commerce
Selling via mobile phones and tablets
54
Impulse purchasing
Buying in an unplanned way
55
Long tail
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
Intermediary
A middleman involved in the distribution channel e.g wholesaler
57
Product life cycle
Theory that all products follow a similar pattern over time, of development, launch, growth, maturity and decline
58
Extension strategy
Marketing activities used to prevent sales from declining
59
Product portfolio
All products a business sell
60
Product range
A set of variations made on a specific product made to appeal to different market segments e.g Diet Coke
61
Boston matrix
A model which helps businesses analyse their portfolio of businesses and brands
62
Portfolio analysis
Analysis of the market position of the firm’s existing products; it is used as a party of the marketing planning process
63
B2C/ B2B
Business to customer Business to business (selling)
64
Customer loyalty
The likelihood of previous customers repeat purchasing from the same business due to preferred practices
65
Homogeneous good
No point of differentiation and therefore each one is the same as every other (making competition focus on price)
66
Staff turnover
The number of staff leaving a company as a percentage of the number employed
67
Outsourcing
Taking a task traditionally run by your own staff and putting it out to tender, with the lowest bid winning the contract
68
Zero hour contract
Employment contacts that agree employee duties and hourly pay rates, yet offer no guarantee of any work (therefore income) in any specific week
69
Flexible workforce
The creation of a multi skilled and flexible workforce that can quickly adapt to meet a firms changing requirements
70
Trade unions
An organisation that represents interests of staff at the workplace
71
Collective bargaining
Negotiation of wages and other conditions of employment by an organised body of employees
72
Individual bargaining
Negotiations between individual employees and the employer. This is usually regarding contract of employments and the terms and conditions
73
Core workers
Employees who are essential to the operations of a business. Generally permanent employees
74
Peripheral workers
Employees who are not seen as essential and generally are temporary
75
Subcontracting
Where another business is used to perform or supply certain aspects of a firms operations
76
Hot desk
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
Recruitment
Filling job vacancies by defining the job, attracting suitable candidates and selecting those best suited to fill it
78
Training
Work related education, where employees learn new skills or develop skills, they already posses
79
Shortlist
A list of selected candidates from which a final choice is made
80
Head hunter
A person who identifies and approaches suitable candidates employed elsewhere to fill business positions
81
Organisational design
Creating the formal hierarchy that establishes who is answerable to whom throughout the organisation
82
Hierarchy
A systems in which people within an organisation are arranged based upon their importance
83
Organisational structure
The roles, hierarchy and responsibilities displayed in a visual diagram
84
Delayering
Removing a management later from the organisational structure
85
Level of hierarchy
The number of layers within a business
86
Line manager
A manager responsible for meeting specific business targets and responsible for specific staff
87
Delegation
The process of passing down responsibility to a subordinate
88
Span of control
The number of staff who are answerable directly to a manager
89
Centralisation
All decision making and responsibility is made from the central headquarters by those high up within the hierarchy
90
Decentralisation
Transfer of decision making and responsibility away from central headquarters to local divisions
91
Motivation
Inspiring the will to work within’ employees
92
Division of labour
Subdividing a task into several activities, enabling workers to specialise and therefore become efficient completing what may be small, repetitive task
93
Quality circles
Discussion groups in which staff discuss an operational problem with a view to recommending a solution to management
94
Flexitime
Giving staff flexibility over their arrival and leaving times as long as the right number of hours/ work is completed
95
Empowerment
Authority or power given to an employee to motivate them- increased responsibility
96
Leadership
Inspiring staff to achieve demanding goals
97
Management
Responsible for putting ideas or policies into action, whilst controlling staff
98
Charismatic leadership
Leaders who can connect with an audience and who can get others to buy into their ideas
99
Hubris
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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