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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

marketing objectives

A

the goals set for the marketing department to help the business achieve its overall (corporate) objectives

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2
Q

marketing

A

the management task of identifying and meeting the needs of customers profitably by getting the right price to the right place at the right time

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3
Q

corporate objectives

A

well - defined and realistic goals that are set for the whole company

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4
Q

marketing strategy

A

a plan of action giving details details of how a business intends to achieve its marketing objectives by creating competitive

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5
Q

equilibrium price

A

the price level at which demand is equal to supply

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6
Q

demand

A

the quantity of a product that consumers are willing and able to buy at a given price in a specific time period

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7
Q

supply

A

the quantity of a product that firms are prepared to supply at a given price in a specific time period

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8
Q

market segment

A

a subgroup of a whole market in which consumers have similar characteristics

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9
Q

industrial market

A

the selling of products by businesses to other businesses

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10
Q

consumer market

A

the selling of products by businesses to the final end user

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11
Q

customer orientation

A

an outward - looking approach that bases product decisions on consumer demand, as established by market research

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12
Q

product orientation

A

an inward - looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them

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13
Q

market size

A

the total value of sales of all producers within a market in a given time period

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14
Q

market growth

A

the percentage change in the total size of a market over a period of time

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15
Q

brand leader

A

the brand with the highest share of the market

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16
Q

consumer products

A

goods or services sold to end users

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17
Q

industrial products

A

goods or services sold to businesses

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18
Q

mass marketing

A

selling standardised products or ranges of products in the same way to the whole market

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19
Q

niche marketing

A

identifying and exploiting a small segment of a larger market by developing differentiated products to suit the segment

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20
Q

market segmentation

A

the identification of different groups of customers with common needs within a market and the marketing of different products or services to those customer groups

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21
Q

customer relationship marketing

A

using marketing activities to build and establish good customer relationships so that the loyalty of existing customers can be maintained

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22
Q

market research

A

the process of collecting, recording and analysing data about customers, competitors and the market

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23
Q

primary research

A

the collection of first - hand data that is directly related to the needs of the business

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24
Q

secondary research

A

the use of existing data that was originally collected for another purpose

25
Q

qualitative data

A

non - numerical data, which provides insight into the detailed motivations of consumers and helps to explain their buying behaviour or opinions

26
Q

quantitative data

A

numerical results from research that can be statistically analysed

27
Q

sampling

A

the process of selecting a group of respondents from a larger population

28
Q

sample

A

a group of people taking part in a market research survey selected to be representative of the overall target market

29
Q

sampling bias

A

when a sample is not a good representation of the whole population, because it is chosen in ways which give some people a greater chance of being selected

30
Q

coding

A

the process of labelling and organising qualitative data to identify the main themes and the links between them

31
Q

product

A

goods or services that are the end result of the production process and are sold on the market to satisfy customer needs

32
Q

goods

A

products which have a physical existence

33
Q

service

A

products which have no physical existence, but satisfy consumer needs in other ways

34
Q

intangible attributes

A

the subjective opinions of customers about a product , which cannot be measured or compared easily

35
Q

tangible attributes

A

the measurable features of a product, which can be easily compared with other products

36
Q

unique selling point

A

a special feature of a product that makes it different from competitors’ products

37
Q

product differentiation

A

the unique qualities of a product that lead to a difference between the product and competitors’ products

38
Q

product life cycle

A

the pattern of sales for a product from launch to withdrawal from the market

39
Q

consumer durable

A

a manufactured product that can be re - used and is expected to have a reasonably long life.

40
Q

extension strategy

A

a marketing plan to extend the maturity stage of the product before a completely new one is launched

41
Q

Boston Matrix

A

a method of analysing the product portfolio of a business in terms of market share and market growth

42
Q

mark - up pricing

A

adding a fixed mark - up for profit to the unit cost of buying in a product

43
Q

cost - plus pricing

A

setting a price by calculating a total unit cost for the product and then adding a fixed profit mark - up

44
Q

contribution - cost pricing

A

setting prices based on the variable costs of making a product, in order to make a contribution towards fixed costs and profit

45
Q

competitive pricing

A

making pricing decisions based on the price set by competitors

46
Q

price discrimination

A

charging different groups of consumer different prices for the same good or services

47
Q

dynamic pricing

A

offering a product at a price that changes according to the level of demand and the customer’s ability to pay

48
Q

penetration pricing

A

setting a relatively low price to achieve a high volume of sales

49
Q

market skimming

A

setting a high price for a new product when a firm has a unique or highly differentiated product with a low price elasticity of demand

50
Q

psychological pricing

A

setting a price at a level which matches consumers’ views about a product’s perceived value

51
Q

promotion

A

the use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy

52
Q

advertising

A

paid - for - communication to inform and persuade consumers, using media.

53
Q

direct promotion

A

a range of promotional activities aimed directly at target customers.

54
Q

sales promotion

A

incentives such as special offers or special deals directed at consumers or retailers to achieve short - term sales increase and repeat purchases by consumers

55
Q

digital promotion

A

the promotion of products using digital technologies, mainly on the internet but also including mobile phones.

56
Q

e - commerce

A

the buying and selling of goods and services by businesses and consumers through an electric medium

57
Q

channel of distribution

A

the chains of intermediaries a product passes through from producer to final consumer

58
Q

digital distribution

A

the delivery or distribution of digital media content

Business (6 decks)

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