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AS Level Business Studies > Module 3 > Flashcards

Module 3 Flashcards

1
Q

What is Marketing

A

The anticipating and satisfying customers wants and needs.

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2
Q

What is marketing objectives

A

The goals of the marketing function in an organisation

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3
Q

What is Sales volume

A

Measures the number of units sold or produced

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4
Q

What is Sales value

A

Measures the financial worth of the items sold

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5
Q

What is Market size

A

The volume of sales of a product or the value of sales of a product

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6
Q

What is Market growth

A

The percentage change in sales of a generic product or service over a period of time

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7
Q

What is Sales growth

A

The percentage change in sales for a specific business.

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8
Q

What is Market share

A

The percentage or proportion of the total sales of a product or service.

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9
Q

What is Brand

A

A name, sign, symbol, design or slogan linked to a particular product or service in order to differentiate it from its competitors

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10
Q

What is Brand loyality

A

A measure of the degree of attachment that a consumer has for a particular brand of product.

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11
Q

What is Market research

A

The systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process

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12
Q

What is Primary research

A

Collection or commission of information gathered first-hand for the specific purpose of initial user

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13
Q

What is Secondary research

A

Information that has already been collected for a different purpose

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14
Q

What is Qualitative market research

A

Collection of information about the market based on subjective factors such as opinions and reasons

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15
Q

What is Quantitative market research

A

Collection of information about the market based on numbers

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16
Q

What is Market mapping

A

A technique that analyses markets by looking at the features that distinguish different products or firms.

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17
Q

What is Sampling

A

Gathering data from a group of respondents whose views and representatives of the target market as a whole

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18
Q

What is confidence interval

A

The plus or minus figure used to show the accuracy of statistical resulting arising from sampling

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19
Q

What is Correlation

A

A statistical technique used to establish the strength of the relationship between two sets of values

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20
Q

What is Casual link

A

A link between two sets of information or types of behavior

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21
Q

What is Extrapolation

A

Using previous patterns of numerical data in order to predict values in the future

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22
Q

What is Price elasticity of demand

A

The degree to which the quantity demanded of a good or service is affected by a change in price

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23
Q

What is Income elasticity of demand

A

The degree to which the quantity demanded of a good or service is affected by a change in consumer income

24
Q

What is Market segmentation

A

The classification of customers or potential customers into groups or sub-groups, each of which responds differently to different products or marketing approaches

25
Q

5 examples of demographic factors

A

classifying customers by their, age, gender, marital status, family size, family life cycle

26
Q

What does ACORN stand for and when is it used

A

A Classification Of Residential Neighborhoods. It is used in geographic segmentation and also include region, country

27
Q

3 examples of Income segments

A

classifying customers by family income, occupation and social class

28
Q

What is Behavioral segments

A

These are based on customers attitudes to a particular product

29
Q

What is Market targeting

A

Deciding on the consumers to whom you intend to sell your products or brand

30
Q

What is Niche marketing

A

Targeting a product or service at a small segment of a larger market

31
Q

What is Mass marketing

A

Aiming a product at all (or most) of the market

32
Q

What is Marketing position

A

Where your product or brand stands in relation to the products or brands of other businesses

33
Q

What is Competitive advantage

A

A benefit that allows a business to gain and retain more customers than its competitors

34
Q

What is Marketing mix

A

Those elements of a business’s approach to marketing that enables it to satisfy and delight its customers

35
Q

What is Product

A

The good or service provided by the customer by the business for its customers

36
Q

What is Price

A

The sum of money paid by the customer for a unit of a product

37
Q

What is Promotion

A

In the context of marketing, promotion is the process of communicating with customers or potential customers.

38
Q

What is Place

A

The location at which the purchase of a product is made and the means of distributing the product to the consumer

39
Q

What is People

A

In context of marketing mix this is anyone who represents the firm and comes into contact with the firm’s customers

40
Q

What is Process

A

The system involved in ensuring that an efficient service provided to prospective and actual customers

41
Q

What is Physical environment

A

The nature and appeal of the physical evidence a customer will observe during a transaction

42
Q

What is Industrial marketing (B2B)

A

Where a firm sells its product to another business

43
Q

What is Consumer marketing

A

Where a firm targets individual consumers with its product

44
Q

What is Consumer products

A

Products that are purchased in order to directly satisfy the needs and wants of consumers

45
Q

What is Convenience products

A

Products that are purchased frequently and with minimum thought and effort by consumers

46
Q

What is Shopping products

A

Products that consumers want to be readily accessible but which involve thought and planning

47
Q

What is Specialty products

A

Products whose purchase is planning by consumers who will seek out the products for purchase

48
Q

What is Product portfolio

A

The range of products or brands provided by a business

49
Q

What are the 5 stages of a product life cycle

A

Development, introduction, growth, maturity, decline

50
Q

What is Product development

A

When a firm creates a new or improved goods or service for release into an existing market

51
Q

What is Pentation pricing

A

A strategy in which low prices are set to break into a market or to achieve a sudden increase in market share

52
Q

What is Price skimming

A

A strategy in which a high price is set to yield a high profit margin

53
Q

What is Dynamic pricing

A

An approach which uses a flexible system of pricing based on market factors

54
Q

What is Price war

A

This occurs when rival companies undercut each other’s price cuts in order to increase sales volume

55
Q

What is Branding

A

The process of differentiating a product from its competitors through the name, sign, design, symbol or slogan

56
Q

4 benefits of good branding

A

Increase demand, Increase price, Reduced competition, Protection against down turns

57
Q

What is Distribution channels

A

Channels or routes through which a product passes in moving from the manufacturer to the consumer

AS Level Business Studies (7 decks)

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