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cambridge igcse business studies > marketing > Flashcards

marketing Flashcards

1
Q

customer base def

A

the group of customers a business sells its products to

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2
Q

market

A

all customers and consumers who are interested in buying a product and have the financial resources to do so

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3
Q

customer loyalty

A

keep customers to make repeat purchases

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4
Q

target market def

A

indiviuals or organisations identified by a business as the customers or consumers of their products

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5
Q

customer def

A

an individual or business that bys goods and services from a business

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6
Q

consumer def

A

the final user of a product

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7
Q

consumer markets def

A

markets for goods and services bought by the final consumer

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8
Q

industrial markets def

A

markets for goods and services bought by other businesses to use in their production process

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9
Q

business environment

A

the combination of internal and external factors that influence the operations of a business

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10
Q

why does demand change

A 
prices change
consumer income changes
population size and structure changes
tastes and fashion changes
advertising and promotional activities changes
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11
Q

free trade def

A

no barriers exist that might prevent trade between different countries

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12
Q

niche marketing def

A

developing producs for a small segment of the market

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13
Q

mass marketing def

A

selling the same product to the whole market

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14
Q

market segment def

A

a part of the whole market in which consumers have paticular characteristics

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15
Q

market segmentation def

A

dividing the whole market into segments by consumer characteristics and then targeting different products to each segment

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16
Q

geographic segmentation def

A

dividing consumers in the market by geographic area.

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17
Q

demographic segmentation def

A

dividing consumers in the market by factor such as age, gender, income, ethnic background and social class.

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18
Q

market research def

A

the process of collecting, recording and analysing data about the customers, competitors and market for a product.

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19
Q

unique selling point def

A

the special feature of a product that sets it apart from competitors products

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20
Q

market-orientated def

A

products are developed based on consumer demand as identified by market research

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21
Q

product orientated def

A

the firm decides what to produce and then tries to find buyers for the product.

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22
Q

primary research def

A

the collection of first hand data for the specific needs of the firm

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23
Q

secondary research def

A

the collection of data from second hand sources

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24
Q

commonly used second hand sources

A 
internet
government publications
newspapers and magazines
internal business records
local library
market research agencies
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25
Q

quantitative research

A

the collection of numerical data tha can be analaysed using statistical techniques

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26
Q

qualitative research

A

the collection of information about consumer buying behaviour and their opinions about products

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27
Q

what is a focus group

A

a group of consumers that are invited to discuss topics such as new products, packaging, brand names and advertisements

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28
Q

what is observation

A

when large firms secretly observe consumer behaviour (supermarkets)

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29
Q

what is a test market

A

limited quantity of a product is produced and sold in a carefully selected area of the market, which represents the entire market.

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30
Q

what are consumer surveys

A

interviews, postal surveys and online surveys to survey potential consumers.

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31
Q

sample def

A

a representative sample of the target market selected to take part in market research

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32
Q

how is qualitative research usually presented

A

ina writtenreport.

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33
Q

how is quantitative research usually presented

A

tables, charts, graphs and pictograms

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34
Q

marketing mix def

A

four marketing decisions needed for the effective marketing of the product.

35
Q

four p’s def

A

the right product at the right price with the right promotion at the right place.

36
Q

product def

A

the goods and services produced to satisfy a customer need or want

37
Q

brand def

A

a name, image or symbol that distinguishes a product from a competitior’s product

38
Q

brand image def

A

the general impresson of a product held by consumers

39
Q

product life cycle def

A

the pattern of sales of a product from introduction to its withdrawl from the market

40
Q

what are the four stages of the product life cycle

A

introduction
growth
maturity
decline

41
Q

which stage is most profitable in the product life cycle

A

maturity

42
Q

extension strategies def

A

marketing activities to extend the maturity stage of a product

43
Q

give some extensions strategies

A

finding new markets
finding new uses
adapting the product or packaging to improve its appeal to consumers
increased advertising and other promotional activities

44
Q

price def

A

the amount paid by the customer to the supplier when buying a good or service

45
Q

product quality

A

the product meets the needs and expectations of customers

46
Q

market skimming def

A

setting a high price for a new product thta is unique or very different from any other product on the market

47
Q

penetration pricing def

A

setting a low price to attract customers to buy a new product

48
Q

competitive pricing def

A

setting a price similar to that of competitors products which are already established in the market

49
Q

price leadership def

A

smaller firms set their price based on the price set by the dominant firm in the industry

50
Q

loss leader pricing def

A

setting the price of a small number of products at below cost to attract customers into the outlet in the hope that they will buy other products priced to earn profuit.

51
Q

cost plus pricing def

A

setting price by adding a fixed amount to the cost of making or buying the product

52
Q

demand def

A

quantity of goods and services consumers are willing and able to buy

53
Q

price elasticity of demand

A

measures by how much demand (sales) for product changes when there is a change in its price

54
Q

price inelastic demand def

A

the percentage change in demand (sales) is less than the percentage change in price

55
Q

price elasetic demand def

A

the percentage change demand is greater than the percentage change in price

56
Q

revenue def

A

the amount earned by a business from the sale of its products

57
Q

channels of distribution def

A

how a product gets from the producer to the final consumer

58
Q

wholesaler def

A

a busienss that buys products in bulk from producers and then sells them to retailers

59
Q

retailer def

A

shops and other outlets that sell goods and services to the final consumer.

60
Q

middlemen def

A

these are the intermediaries in the channels of distribution, for example, wholesalers and retailers

61
Q

direct selling

A

the product is sold directly to the final consumer without eh need for any middlemen

62
Q

how do you choose a channel of distribution

A

cost
nature of product
market

63
Q

promotion def

A

marketing activites used to communicate with customers to inform and persuade them to buy a business’s products

64
Q

advertising def

A

paid for communication with consumers which uses printed and visual media. the aim is to inform and persuade consumers to buy the product.

65
Q

informative advertising def

A

information about the prodyct is communicated to consumers to creat product awareness and attract their interest

66
Q

persuasive advertising def

A

communication with consumers aimed at getting them to buy a firm’s product rather than a competitor’s product

67
Q

below the line promotion def

A

promotion that is not paid for - communication but uses incentives to encourage consumers to buy

68
Q

sales promotion def

A

incentives used to encourage short term increases in sales or repeat purchases

69
Q

personal selling def

A

sales staff communicate directly with the consumer to achieve a sale and form a long term relationship between teh firm and the consumer

70
Q

direct mail def

A

aka mailshots, printed materials sent directly to the addresses of customers.

71
Q

sponsorship def

A

payment by a business to have its name or products associated with a particular event

72
Q

marketing budget def

A

the amount of money made available by a businesss for its marketing activities during a paticular period of time

73
Q

ecommerce def

A

the use of the internet and other technologies used by businesses to market and sell goods and services to customers

74
Q

threats of ecommerce to consumers

A

fraud
hacking
no personal service
returning items

75
Q

give some channels of distribution

A

producer to consumer

producer to retailer to consumer

producer to wholesaler to retailer to consumer

producer to agent to wholesaler to retailer to consumer

76
Q

marketing straetgy def

A

a plan to achieve the marketing objectives using a given level of resources

77
Q

legal controls def

A

laws that control the activity of businesses

78
Q

purpose of legal controls

A

protect consumers from faulty and dangerous goods
prevent businesses from using advertising to mislead consumers
protect consumers from being exploited in industries where there is little or no competition

79
Q

barriers to trade def

A

usually taxes, quotas or bans that one country places on the goods of other countries to prevent or increase the cost of them entering that country

80
Q

domestic market def

A

the market for goods and services in the business’s own country

81
Q

problems with entering new foregin markets

A 
differneces in language and culture
economic differences
social differences
different legal controls
lack of market knowledge
82
Q

how else would a business overcome probelems when entering foreign markets

A

franchising
licensing
joint bentures

83
Q

joint venture def

A

an agreement betweent two or more businesses to work together on a project

cambridge igcse business studies (6 decks)

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