Marketing Flashcards

1
Q

Market

A

A set of arrangements which allows buyers and sellers to communicate and trade in goods and services

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2
Q

Market share

A

The proportion of sales in a total market that a business or product enjoys

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3
Q

Marketing

A

Identifying customer needs and satisfying them profitably

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4
Q

Marketing Mix

A

The key elements in a firm’s marketing strategy

Commonly known as the 4 P’s - Product, Price, Promotion and Place

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5
Q

Market orientation

A

Where a business focuses on the needs of customers when developing products

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6
Q

Marketing strategies

A

A set of plans designed to achieve marketing objectives

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7
Q

Product orientation

A

Where a business focuses on the design and manufacture of the the product itself rather than the needs of customers

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8
Q

Market segment

A

Part of a whole market where a particular customer group has similar characteristics

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9
Q

Socio-economic groups

A

Division of people according to social class based on employment status

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10
Q

Competition based pricing

A

Pricing strategies based on the prices charged by rivals

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11
Q

Cost plus or cost based pricing

A

Adding a percentage( the mark up) to the cost of producing a product to get the price

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12
Q

Destroyer or predatory pricing

A

Setting a low price until rivals have gone out of business

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13
Q

Loss leader

A

A product sold below cost to draw in customers

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14
Q

Market orientated pricing

A

Pricing strategies based upon the conditions of the market

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15
Q

Mark up

A

The percentage added to costs which makes a profit for a business when setting the price

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16
Q

Price elasticity of demand

A

Measures the responsiveness of demand to a change in price

17
Q

Price elastic demand

A

Where a price change will result in a significant change in demand

18
Q

Price inelastic demand

A

Where a price change will result in a much smaller change in demand

19
Q

Price Skimming

A

Setting a high price initially and the lowering it later

20
Q

Above the line promotion

A

Placing adverts using the media

21
Q

Advertising

A

Communication between a business and it’s customers where messages are placed in the media to encourage the purchase of products

22
Q

Below the line promotion

A

Any promotion that does not involve using the media

23
Q

Sponsorship

A

Making a financial contribution to an event in return for publicity

24
Q

Agent or broker

A

An intermediary that brings together buyers and sellers

25
Q

Direct selling

A

Where businesses sell their products directly to consumers

26
Q

Distribution channel

A

The route taken by a product from the producer to the costumer

27
Q

Retailer

A

A business which buys goods from manufacturers and wholesalers and sells them in small quantities to consumers

28
Q

Wholesaler

A

A business which buys goods from manufacturares and sells them in smaller quantities to retailers

29
Q

Boston Matrix

A

A 2 x 2 matrix which describes products according to the market share they enjoy and whether the market has any potential for growth

30
Q

Brand names

A

The name of a product which consumers see as being from those of rivals

31
Q

Extension strategies

A

Methods used to prolong the life of a product

32
Q

Product life cycle

A

The level of sales at the different stages through which a product passes over time

33
Q

Consumer panels

A

Groups of customers are asked for feedback about products over a set period

34
Q

Market research

A

The collection, presentation and analysis of information relating to marketing and consumption of goods and services

35
Q

Primary or field research

A

The gathering of new information that does not already exist

36
Q

Sample

A

A small group of people which must represent a proportion of a total market when carrying out market research

37
Q

Secondary or desk research

A

The collection of data that is already in existence.