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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

Define marketing

A

Marketing is the process of identifying, anticipating and satisfying the needs of customers in a mutually beneficial exchange process.

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2
Q

What is a marketing objective?

A

A marketing objective is a marketing target for the
business, setting out what it wants to achieve and when.

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3
Q

What is a marketing strategy?

A

A marketing strategy is a marketing plan to achieve the marketing objective

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4
Q

What is business-to-consumer marketing (B2C)

A

Business-to-consumer marketing (B2C) occurs when one
business is marketing its products to the final consumers.

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5
Q

What is business-to-business marketing (B2B)?

A

Business-to-business marketing (B2B) occurs when one business is marketing its products to other businesses. The market size is the total number of items sold (this is measuring volume) or the total value of sales.

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6
Q

Define market growth

A

Market growth measures the rate at which the market as a whole is growing over a given time period.

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7
Q

Define unique selling point (USP)

A

A unique selling point (USP) is something about your product which is perceived by your customers as unique.

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8
Q

Define niche marketing

A

Niche marketing occurs when a business focuses on a
particular (usually small) segment of the market.

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9
Q

What is a market segment?

A

A market segment exists when there is a group of clearly identifiable customer needs and wants.

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10
Q

What is mass marketing?

A

Mass marketing occurs when a business targets the majority of the market.

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11
Q

What are consumer products?

A

Consumer products,which are items bought by the final
user.

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12
Q

What are industrial products?

A

Theseareproductswhichare bought by businesses to use in their production process to produce the consumer goods.

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13
Q

What is geographic segmentation?

A

Thistypeofsegmentation
focuses on aspects of consumers such as the location of customers or the climate in different regions. Cars sold to Africa, for example, will have to withstand high levels of heat; cars sold to Scandinavia will need to cope with the cold.

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14
Q

What is demographic segmentation?

A

Thistypeofsegmentation focuses on aspects of consumers such as age, gender, income, occupation, marital status and stage in the family life cycle. In the toys market, for example, the type of toys 3 year-olds will play with is very different from those wanted by 13 year-olds.

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15
Q

What is psychological segmentation?

A

Thistypeofsegmentation focuses on aspects of consumers such as personality, lifestyle, values, social class and attitudes. Are you someone who likes belonging to a group? Are you someone who is very ambitious?

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16
Q

What is customer-relationship marketing (CRM)?

A

CRM involves gathering and analyzing data about customers to understand their behaviors and take appropriate actions to move them towards a purchase

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17
Q

What is customer retention?

A

Customer retention measures the proportion of customers who continue to buy from the business over a period of time

18
Q

What is market research?

A

Market research is the process of gathering, analysing and producing data relevant to the marketing process.

19
Q

What is primary market research?

A

Primary market research gathers data for the first time for a specific purpose.

20
Q

What is a focus group?

A

A focus group is a small number of people gathered together to talk about a particular issue in open discussion.

21
Q

What is secondary market research?

A

Secondary market research uses data that already exists

22
Q

What is a sample?

A

A sample is a group of people selected to represent the
population as a whole.

23
Q

What does “the reliability of the market research” mean?

A

The reliability of market research refers to the extent to which the same results would be received if the research was conducted again.

24
Q

What is the marketing mix?

A

The marketing mix is the combination of elements that influence a customer’s decision on whether or not to buy a product.

25
Q

What is product differentiation?

A

Product differentiation occurs when the benefits of your product are perceived as clearly different from competitors’ products.

26
Q

What is product portfolio analysis?

A

Product portfolio analysis occurs when a business examines the position of all of its products in terms of their relative market share and market growth.

27
Q

What is the product life cycle?

A

The product life cycle shows the stages of a product over its lifetime.

28
Q

What is an extension strategy?

A

An extension strategy occurs when marketing activities are changed to prevent sales from falling.

29
Q

What is the Boston Matrix?

A

The Boston Matrix is a method of product portfolio analysis that examines the products of a business in terms of their market share and the market growth.

30
Q

What is competitive pricing?

A

Competitive pricing is when companies set their prices at
the same level as, or slightly below, their rivals.

31
Q

What is penetration pricing?

A

Penetration pricing is a pricing strategy aimed at gaining market share via a low entry price.

32
Q

What price skimming?

A

Price skimming occurs when a high initial price is set for a product and this is reduced over time.

33
Q

What is price discrimination?

A

Price discrimination occurs when different prices are charged for the same product.

34
Q

What is dynamic pricing?

A

Dynamic pricing occurs when different prices are changed
at different times to reflect demand conditions.

35
Q

What is cost-based pricing?

A

Cost-based pricing occurs when a business considers the costs of an item and adds on an amount or a percentage to ensure it makes a profit.

36
Q

What is psychological pricing?

A

Psychological pricing takes account of the psychological effect of a price on customers

37
Q

What is the promotional mix?

A

The promotional mix refers to the combination of ways in which the business communicates about its products.

38
Q

What is digital promotion?

A

Digital promotion involves promoting a brand, product or service on digital channels such as search engines, social media, email and mobile apps.

39
Q

What is the click through rate

A

The click-through rate (CTR) measures the number of visits to a website as a percentage of the number
of impressions of a digital advert.

40
Q

What is the marketing expenditure budget?

A

The marketing expenditure budget is the amount of money a business allocates to spend on marketing activities such as promotion.

41
Q

What is the distribution channel?

A

The distribution channel describes how the ownership of a product moves from the producer to the customer.

42
Q

What is distribution outlet?

A

The distribution outlet is where the product is actually sold; for example, the shop

Business (6 decks)

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