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HSC Business Task 1 > Relevant definitions > Flashcards

Relevant definitions Flashcards

1
Q

Define Resource Market

A

Resource Market consists of those individuals or groups that are engaged in all forms of primary production, including mining, agriculture, forestry and fishing

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2
Q

Define Industrial Market

A

Industrial Market includes industries and businesses that purchase products to use in the production of other products or in their daily operations

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3
Q

Define Intermediate Market

A

Intermediate Market consists of wholesalers and retailers who purchase finished products and resell them to make a profit

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4
Q

Define Consumer Market

A

Consumer Market is a market that consists of individuals — that is, members of a household who plan to use or consume the products they buy

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5
Q

Define Mass Market

A

Mass Markets is where the seller mass-produces, mass-distributes and mass-promotes one product to all buyers

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6
Q

Define Niche Market

A

Niche Market is a narrowly selected target market segment

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7
Q

Define Profit Maximisation

A

Profit Maximisation occurs when there is maximum difference between total revenue coming into the business and total costs being paid out

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8
Q

Define Customer Orientation

A

Customer Orientation is the process of collecting information from customers and basing marketing decisions and practices on customers’ wants and interests

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9
Q

Define psychological factors

A

Psychological Factors are any within an individual that affects their buying behaviour

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10
Q

Define sociocultural factors

A

Sociocultural Factors are forces exerted by other people and groups that affect an individual’s buying behaviour

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11
Q

Define economic factors

A

Economic Factors are one affected by the wellbeing of the economy

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12
Q

Define government factors

A

Competition & Consumer Act 2010 (Cth)
Sales of Goods Act 1923 (NSW)
Fair Trading Act 1987 (NSW)

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13
Q

Define customer choice

A

Customer choice is the decisions and actions of customers when they search, evaluate, select, and purchase goods or services

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14
Q

Define perception

A

Perception is the process through which people select, organise and interpret information to create meaning

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15
Q

Define motive

A

Motives is the reason that makes an individual do something

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16
Q

Define attitude

A

Attitude is a person’s overall feeling about an object or activity

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17
Q

Define personality

A

Personality is the collection of all the behaviours and characteristics that make up an individual

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18
Q

Define self-image

A

Self-image is how a person views themselves

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19
Q

Define learning

A

Learning is the changes in an individual’s behaviour caused by information and experiences

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20
Q

Define brand loyalty

A

Brand Loyalty is a favourable attitude towards a single brand, resulting in repeat sales over time

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21
Q

Define social class

A

Social Class is an individual’s relative rank in society, based on education, income or occupation

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22
Q

Define (Sub)culture

A

(Sub)culture is all the learned values, belief, behaviours, and traditions shared by a society

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23
Q

Define family and roles

A

Family and roles – Individuals occupy different roles within the family and groups within the wider community.

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24
Q

Define reference/peer group

A

Reference/ peer group is a group of people with whom a person closely identifies, adopting their attitudes, values, and beliefs

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25
Q

Define puffery

A

Puffery are the exaggerated claims used for promotional purposes, that no reasonable person would take as factual

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26
Q

Define cartel

A

Cartel is when at least two businesses that normally would be in competition with each other agree to act together

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27
Q

Define exclusive dealing

A

Exclusive dealing is when one person or business trades with another and then imposes restrictions on them

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28
Q

Define anti-competitive agreements

A

Anti-competitive Agreements are contracts or arrangements containing provisions that substantially lessen competition in a market

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29
Q

Define resale price maintanence

A

Resale Price Maintenance is when a supplier forcefully sets the price at which retailers will sell the products they supply them

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30
Q

Define sugging

A

Sugging is the act of ‘selling under the guise of a survey’; a sales technique disguised as market research

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31
Q

Define primary data

A

Primary data is the facts and figures collected from original sources for the purpose of the specific research problem

32
Q

Define internal data

A

Internal data is the information that has already been collected from inside the business

33
Q

Define marketing objectives

A

Market Objectives are realistic and measurable goals to be achieved through the marketing plan

34
Q

Define market share

A

Market Share is the business’s share of the total industry sales for a particular product

35
Q

Define product mix

A

Product Mix is the total range of products offered by a business

36
Q

Define customer service

A

Customer Service is how well a business meets and exceeds the expectations of customers in all aspects of its operations

37
Q

Define mass market

A

Mass market is a market that seeks a large range of customers

38
Q

Define market segmentation

A

Market Segmentation occurs when the total market is subdivided into groups of people who share one or more common characteristics

39
Q

Define niche market

A

Niche market is a narrowly selected target market segment

40
Q

Define demographic segmentation

A

Demographic Segmentation is the process of dividing the total market according to particular features of a population, including the size of the population, age, sex, income, cultural background and family size

41
Q

Define geographic segmentation

A

Geographic Segmentation is the process of dividing the total market according to geographic locations

42
Q

Define psychographic segmentation

A

Psychographic Segmentation is the process of dividing the total market according to personality characteristics, motives, opinions, socioeconomic group and lifestyles

43
Q

Define behavioural segmentation

A

Behavioural Segmentation is the process of dividing the total market according to the customers’ relationship to the product

44
Q

Define product/service differentiation

A

Product/service Differentiation is the process of developing and promoting differences between the business’s products or services and those of its competitors

45
Q

Define total product concept

A

Total Product Concept is the tangible and intangible benefits (attributes) a product possesses

46
Q

Define manufacturer’s brand

A

Manufacturer’s Brand is a brand owned by a manufacturer

47
Q

Define generic brand

A

Generic Brands are products with no brand name at all

48
Q

Define brandmark logo

A

Brandmark Logo is a solitary graphic that is not expressed in words. In other words, it is a pictorial mark with no text

49
Q

Define wordmark logo

A

Wordmark Logo is where the logo is literally the name of the business

50
Q

Define lettermark logo

A

Lettermark Logo is a typography-based logo that’s comprised of a few letters, usually a
company’s initials, to represent the brand

51
Q

Define trademark

A

Trademark signifies that the brand name or symbol is registered and the business has exclusive right of use

52
Q

Define price leader

A

A price leader is a major business in an industry whose pricing decisions heavily influence the pricing decisions of its competitors

52
Q

Define bundle pricing

A

Bundle Pricing is where customers gain a ‘package’ of goods and services in addition to the tangible good they purchased

53
Q

Define price skimming

A

Price Skimming is when a business charges the highest possible price for the product during the introduction stage of its life cycle

54
Q

Define price penetration

A

Price Penetration is when a business charges the lowest price possible for a product or service so as to achieve a large market share

55
Q

Define loss leader

A

Loss Leader is when the business sells a product at or below cost price

56
Q

Define price points

A

Price Points (or price lining) is when products are sold at only certain predetermined prices

57
Q

Define prestige pricing

A

Prestige Pricing is a pricing strategy where a high price is charged to give the product an aura of quality and status

58
Q

Define public relations

A

Public Relations (PR) are activities aimed at creating and maintaining favourable relations between a business and its customers

59
Q

Define channel

A

Channel is any method used for carrying a message

60
Q

Define noise

A

Noise is any interference or distraction that affects any or all stages in the communication process

61
Q

Define opinion leader

A

An opinion leader is a person who influences others

62
Q

Define word of mouth

A

Word-of-mouth communication is when people influence each other during conversations

63
Q

Define product/service positioning

A

The technique in which marketers try to create an image or identity for a product compared with the
image of competing products

64
Q

Define physical distribution

A

Physical Distribution is all those activities concerned with the efficient movement of the products from the producer to the customer

65
Q

Define inventory control

A

Inventory Control is a system that maintains quantities and varieties of products appropriate for the target market

66
Q

Define intensive distribution

A

Intensive distribution. This occurs when the business wishes to saturate the market with its product. Customers can shop at local outlets and be able to purchase the product. Many convenience goods, such as milk, lollies, and newspapers, are distributed this way

67
Q

Define selective distribution

A

Selective distribution. This involves using only a moderate proportion of all possible outlets. Clothing, furniture and electrical appliances are often distributed using this method. The customer is prepared to travel and seek out a specific retail outlet that stocks a certain brand

68
Q

Define exclusive distribution

A

Exclusive distribution. This is the use of only one retail outlet for a product in a large geographic area. This method of distribution is commonly used for exclusive, expensive products

69
Q

Define standardised global marketing approach

A

Standardised approach is a global marketing strategy that assumes the way the product is used and the needs it satisfies are the same the world over

70
Q

Define customised global marketing approach

A

Customised approach is a global marketing
strategy that assumes the way the product is used and the needs it satisfies are different between
countries

71
Q

Define global pricing

A

Global pricing is how businesses coordinate their pricing policy across different countries

72
Q

Define customised global pricing

A

Customised pricing occurs whenever consumers in different countries are charged different prices for the same product

73
Q

Define tariff

A

Tariff is a tax on an imported product

74
Q

Define market-customised global pricing

A

Market-customised pricing prices that are set according to local market conditions

75
Q

Define standardised global pricing

A

Standardised global pricing is the practice of charging customers the same price for a product anywhere in the world

76
Q

Define marketing concept

A

Marketing Concept is a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals

HSC Business Task 1 (6 decks)

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