Marketing Terms Test Flashcards
Market Size
The volume of sales of a product or the value of sales of a product by all organisations in the market
Business ethics
Refers to whether a business decision is perceived as morally right or wrong
Sales value
Measures the financial worth of the items sold
Relationship marketing
Is an approach to marketing in which a company seeks to build long-term relationships with its customers by providing consistent satisfaction. It focuses on customer retention rather than one off sales
Sales volume/quantity
Measures the number of items sold or produced
Marketing objectives
The goals of the marketing function in an organisation
Corporate objectives
Targets for company as a whole usually after boardroom discussion
Competition and market authority
The renamed competition commission set up in 2014 to intervene when necessary to protect customers from anti competitive business practices
Market share
The percentage of total sales in the market held by one brand or company
Short termist
Taking decisions on the basis of short-term needs rather than long-term benefit
Brand
A name sign simple design or slogan that links to a particular product or service in order to differentiate it from its competitors
Repositioning
We can get the product branding and image to shift the proposition to a slightly different place in the market sector e.g. towards younger more affluent adults
Market growth
Is that percentage change in the total sales in the market over a given period
Sales growth
The percentage change in sales (volume or value) for a specific business over a period of time eg sales growth of Brompton Bicycles
Internal factors
On marketing objectivists and decisions refer to factors with in the business such as employees and operational resources
