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A Level Business > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing

A

The management task that links the business to the customer by identifying and meeting the needs of customers profitably – it does this by getting the right product at the right price to the right place at the right time.

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2
Q

Marketing objectives

A

The goals set for the marketing department to help the business achieve its overall objectives.

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3
Q

Marketing strategy

A

Long-term plan established for achieving marketing objectives.

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4
Q

Market orientation

A

An outward-looking approach basing product decisions on consumer demand, as established by market research.

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5
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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6
Q

Asset-led marketing

A

An approach to marketing that bases strategy on the firm’s existing strengths and assets instead on purely on what the customer wants.

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7
Q

Societal marketing

A

This approach considers not only the demands of the customers but also the effects on all members of the public (society) involved in some way when firms meet these demands.

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8
Q

Demand

A

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

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9
Q

Supply

A

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

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10
Q

Equilibrium price

A

The market price that equates supply and demand for a product.

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11
Q

Market size

A

The total level of sales of all producers within a market.

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12
Q

Market growth

A

The percentage change in the total size of a market (volume or value) over a period of time.

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13
Q

Market share

A

The percentage of sales in the total market sold by one business.

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14
Q

Direct competitor

A

Businesses that provide the same or very similar goods or services.

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15
Q

USP – unique selling point (or proposition)

A

The special feature of a product that differentiates it from competitors’ products.

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16
Q

Product differentiation

A

Making a product distinctive so that it stands out from competitors’ products in consumers’ perception.

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17
Q

Niche marketing

A

Identifying and exploiting a small segment of a larger market by developing products to suit it.

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18
Q

Mass marketing

A

Selling the same products to the whole market with no attempt to target groups within it.

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19
Q

Market segment

A

A sub-group of a whole market in which consumers have similar characteristics.

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20
Q

Market segmentation

A

Identifying different segments within a market and targeting different products or services.

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21
Q

Consumer profile

A

A quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class.

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22
Q

Market research

A

This is the process of collecting, recording and analyzing 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 a firm’s needs.

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24
Q

Secondary research

A

Collection of data from second-hand sources.

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25
Q

Qualitative research

A

Research into the in-depth motivations behind consumer buying behavior or opinions.

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26
Q

Quantitative research

A

Research that leads to numerical results that can be statistically analyzed.

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27
Q

Focus groups

A

A group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging.

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28
Q

Sample

A

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

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29
Q

Random sampling

A

Every member of the target population has an equal chance of being selected.

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30
Q

Systematic sampling

A

Every nth item in the target population is selected.

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31
Q

Stratified sampling

A

This draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum.

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32
Q

Quota sampling

A

When the population has been stratified and the interviewer selects an appropriate number of respondents from each stratum.

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33
Q

Cluster sampling

A

Using one or a number of specific groups to draw samples from and not selecting from the whole population, e.g. using one town or region.

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34
Q

Open questions

A

Those that invite a wide-ranging or imaginative response – the results will be difficult to collate and present numerically.

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35
Q

Closed questions

A

Questions to which a limited number of pre-set answers are offered.

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36
Q

Arithmetic mean

A

Calculated by totaling all the results and dividing by the number of results.

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37
Q

Mode

A

The value that occurs most frequently in a set of data.

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38
Q

Median

A

The value of the middle item when data has been ordered or ranked. It divides the data into two equal parts.

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39
Q

Range

A

The difference between the highest and the lowest value.

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40
Q

Inter-quartile range

A

The range of the middle 50% of the data.

41
Q

Marketing mix

A

The four key decisions that must be taken in effective marketing of a product.

42
Q

Customer relationship management (CRM)

A

Using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained.

43
Q

Brand

A

An identifying symbol, name, image or trademark that distinguishes a product from its competitors.

44
Q

Intangible attributes of a product

A

Subjective opinions of customers about a product that cannot be measured or compared easily.

45
Q

Tangible attributes of a product

A

Measurable features of a product that can be easily compared with other products.

46
Q

Product

A

The end result of the production process sold on the market to satisfy a customer need.

47
Q

Product positioning

A

The customer perception of a product or service as compared to its competitors.

48
Q

Product portfolio analysis

A

Analyzing the range of existing products of a business to help allocate resources effectively between them.

49
Q

Product life cycle

A

The pattern of sales recorded by a product from its launch to withdrawal from the market and is one of the main forms of product portfolio analysis.

50
Q

Consumer durable

A

Manufactured product that can be reused and is expected to have a reasonably long life, such as a car or washing machine.

51
Q

Extension strategies

A

These are marketing plans to extend the maturity stage of the product before a brand new one is needed.

52
Q

Price elasticity of demand

A

Measures the responsiveness of demand following a change in price.

53
Q

Mark-up pricing

A

Adding a fixed mark-up for profit to the unit price of a product.

54
Q

Target pricing

A

Setting a price that will give a required rate of return at a certain level of output/sales.

55
Q

Full-cost pricing

A

Setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and then adding a fixed profit margin.

56
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.

57
Q

Competition-based pricing

A

A firm will base its price upon the price set but its competitors.

58
Q

Dynamic pricing

A

Offering goods at a price that changes according to the level of demand and the customer’s ability to pay.

59
Q

Penetration pricing

A

Setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales.

60
Q

Market skimming

A

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

61
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.

62
Q

Promotion mix

A

The combination of promotional techniques that a firm uses to sell a product.

63
Q

Above-the-line promotion

A

A form of promotion that is undertaken by a business by paying for communication with consumers.

64
Q

Advertising

A

Paid-for communication with consumers to inform and persuade, e.g. TV and cinema advertising.

65
Q

Below-the-line promotion

A

Promotion that is not directly paid-for means of communication, but based on short-term incentives to purchase.

66
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.

67
Q

Personal selling

A

A member of the sales staff communicates with one consumer with the aim of selling the product and establishing a long-term relationship between company and consumer.

68
Q

Sponsorship

A

Payment by a company to the organizers of an event or team/individuals so that the company name becomes associated with the event/team/individual.

69
Q

Public relations

A

The deliberate use of free publicity provided by newspapers, TV and other media to communicate with and achieve understanding by the public.

70
Q

Branding

A

The strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about a product.

71
Q

Channel of distribution

A

This refers to the chain of intermediaries a product passes through from producer to final consumer.

72
Q

Internet (online) marketing

A

Refers to advertising and marketing activities that use the internet, email and mobile communications to encourage direct sales via electronic commerce.

73
Q

E-commerce

A

The buying and selling of goods and services by businesses and consumers through an electronic medium.

74
Q

Viral marketing

A

The use of social media sites or text messages to increase brand awareness or sell products.

75
Q

Integrated marketing mix

A

The key marketing decisions complement each other and work together to give customers a consistent message about the product.

76
Q

Marketing plan

A

A detailed, fully researched written report on marketing objectives and the marketing strategy to be used to achieve them.

77
Q

Income elasticity of demand

A

Measures the responsiveness of demand for a product following a change in consumer incomes.

78
Q

Promotional elasticity of demand

A

Measures the responsiveness of demand for a product following a change in the amount spent on promoting it.

79
Q

Cross elasticity of demand

A

Measures the responsiveness of demand for a product following a change in the price of another product.

80
Q

New product development (NPD)

A

The design, creation and marketing of new goods and services.

81
Q

Test marketing

A

The launch of the product on a small-scale market to test consumers’ reactions to it.

82
Q

Research and development

A

The scientific research and technical development of new products and processes.

83
Q

Sales forecasting

A

Predicting future sales levels and sales trends.

84
Q

Sales-force composite

A

A method of sales forecasting that adds together all of the individual predictions of future sales of all of the sales representatives working for a business.

85
Q

Delphi method

A

A long-range qualitative forecasting method that obtains forecasts from a panel of experts.

86
Q

Jury of experts

A

Uses the specialists within a business to make forecasts for the future.

87
Q

The trend

A

The underlying movement in a time series.

88
Q

Seasonal fluctuations

A

The regular and repeated variations that occur in sales data within a period of 12 months.

89
Q

Cyclic fluctuations

A

These variations occur over periods of time of much more than a year and are due to the business cycle.

90
Q

Random fluctuations

A

These can occur at anytime and will cause unusual and unpredictable sales figures - examples include exceptionally poor weather or negative public image following a high-profile product failure.

91
Q

Globalisation

A

The growing trend towards worldwide markets in products, capital and labour, unrestricted by barriers.

92
Q

Multinational companies

A

Businesses that have operations in more than one country.

93
Q

Free international trade

A

International trade that is allowed to take place without restrictions such as ‘protectionist’ tariffs and quotas.

94
Q

Tariff

A

Tax imposed on an imported product.

95
Q

Quota

A

A physical limit placed on the quantity of imports of certain products.

96
Q

International marketing

A

Selling products in markets other than the original domestic market.

97
Q

BRICS

A

The acronym for five rapidly developing economies with great market opportunities - Brazil, Russia, India, China and South Africa.

98
Q

Pan-global marketing

A

Adopting a standardised product across the globe as if the entire world were a single market - selling the same goods in the same way everywhere.

99
Q

Global localisation

A

Adapting the marketing mix, including differentiated products, to meet national and regional tastes and cultures.

A Level Business (6 decks)

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