Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business management unit 2 > OUTLINE OUTCOME 2 > Flashcards

OUTLINE OUTCOME 2 Flashcards

1
Q

marketing and the internal environment aspects …. listed

A

owners and managers
employees
corporate culture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

marketing and the external (operating) environment factors … listed

A

customers
suppliers
competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

marketing and the external (operating) environment factors … listed

A

economic factors
technological factors
legal factors
social factors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

market research practices factors … listed

A

market research process
data collection techniques
data/analysis interpretation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

target market attributes factors … listed

A

market dimensions
market segmentation
selecting a target market
consumer trends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

the 7ps of marketing… listed

A

product
price
place
promotion
people
physical evidence
process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

the product life-cycle factors … listed

A

introduction
growth
maturity
decline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

marketing

A

process of implementing strategies to price, promote and distribute products to current and potential customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

customer base

A

group of consumers who continuously purchase goods and services from business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

business objectives

A

goals business intends to achieve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

the relationship between marketing, establishing customer base and business objectives … FACTORS listed

A
  • increasing sales
  • increasing market share
  • improving levels of customer satisfaction
  • increasing profit
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

internal environment

A

factors within business that business has control over

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

corporate culture

A

the shared values, ideals, beliefs and expectations of a business and their employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

economic factors

A

understanding current economic conditions allows business to create marketing strategies that attract/ retain customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

technological factors

A

both positive and negative impact on customer base and brand identity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

legal factors/regulations

A

rules/laws made by government, aswell as decisions made in court

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

social factors

A

social factors including societal beliefs, behaviours and trends, are constantly changing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

market research practices

A

determine whether good or service will be successful within market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

market research process

A

when completing market research, a series of steps are taken where businesses are able to gather a rang of info

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

market research process aspects … listed

A
  1. define the problem
  2. collect the required data
  3. analyse and interpret the data
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

data collection techniques

A

when conducting market research, businesses must consider what kinds of info they’ll need to collect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

data collection is broken down into … listed

A

primary data
secondary data
quantitative data
qualitative data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

primary data

A

info collected for the first time by business

24
Q

secondary data

A

info already collected for another purpose

25
Q

quantitative data

A

info measured by numbers

26
Q

qualitative data

A

info that is descriptive and non-numerical

27
Q

data analysis/interpretation

A

once data is collected, business must analyse/interpret their findings to draw meaningful conlcusions

28
Q

target market attributes

A

most markets are filled with a large number of consumers with differing needs and wants

29
Q

market dimensions

A

indication of total number of potential customers who could purchase product from business in particular market

30
Q

when considering marketing strategies, businesses should seek to consider whether their strategies are tailored to… listed

A

a niche market
a mass market

31
Q

niche market

A

small specialised market for particular product

32
Q

mass market

A

large market for goods and services produced on substantial scale for significant number of consumers

33
Q

market segmentation

A

process of dividing market into different groups of consumers that share similar characteristics

34
Q

market segmentation will involve business dividing different consumers into segments based on … listed

A

-demographic - age, gender,income
-geographic - city size, rural or urban, climate of location
-psychographic - lifestyle, personality, hobbies
-behavioural - regular or first time product users, purchasing frequency, reading behind purchase

35
Q

primary target market

A

business main target market, which’ll exhaust most of its marketing efforts onto

36
Q

secondary target market

A

smaller segment of market that’s the second most likely group of consumers to purchase goods or services

37
Q

consumer behaviour

A

actions of those who purchase goods/services for consumption

38
Q

consumer behaviours factors … listed

A

-cultural: nationality, ethnicity, religion
-personal: age, life stage, personality, wealth
-psychological: perception, attitudes, motives
-social: peer groups, family, friends, social class

39
Q

consumer trends

A

developed patterns in consumer behaviours, attitudes and values

40
Q

7p: product

A

good/service that’s offered to consumers to satisfy a need or want

41
Q

7p: price

A

amount that customer pays for good or service

42
Q

7p:place

A

how business distributes product to consumers

43
Q

distribution channels

A

chain of intermediary businesses which products travel through to reach consumer

44
Q

7p: promotion

A

marketing communications used by business to inform, promote and remind its target market about its products

45
Q

promotional strategies ….. listed

A

advertising
sales promotion
direct marketing
personal selling
public relations

46
Q

7p: people

A

individuals that influence customers perception of business and its products

includes:
owners and managers
employees
customers

47
Q

7p: physical evidence

A

environment in which business and customer interact

48
Q

visible elements that make up physical evince of business … listed

A

facilites
interior design
ambience
evidence of service being performed
digital world

49
Q

7p: process

A

procedure set in place through entire customer purchasing experience at business

50
Q

7p: process may involve … listed

A

finding out about product
choosing product over alternatives
purchasing product
retrieving product

51
Q

methods that improve customer purchasing experience … listed

A

info
purchasing options
efficient service
knowledgeable staff

52
Q

the product life cycle

A

series of stages that product passes through from the moment its introduced to market until it becomes obsolete/replaced

53
Q

1.introduction

A

product is introduced

54
Q

2.growth

A

customers have accepted product resulting in sales growth

55
Q

3.maturity

A

business reach peak level of product sales before they being to plateau

56
Q
  1. decline
A

business will experience steady decrease in sales as product becomes obsolete/outdated

Business management unit 2 (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions