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Business AS Level Definitions CIE > Section 3 > Flashcards

Section 3 Flashcards

1
Q

Marketing

A

Management task that links the business to the customer, identifying and meeting the needs of the customers profitably

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2
Q

Marketing objectives

A

Goals for marketing department to help the business achieve its overall objectives

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3
Q

Marketing strategy

A

Long-term plan established for achieving marketing objectives

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4
Q

Market orientation

A

An outward looking approach basing product decisions on customer demands, as established by market research

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5
Q

Product orientation

A

An inward looking approach that focuses on making products that can be made or have been made for a long time and then trying to sell them

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6
Q

Asset led marketing

A

Approach to Marketing the basis strategy on the firms existing strengths and assets instead of purely on what the customer wants

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7
Q

Societal marketing

A

This approach considers not only the demand of customers but the effects on all members of society involved in some ways when the firm meets these demands

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8
Q

Demand

A

Quantity of a product that consumers are willing And able to buy at a given price in a time period

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9
Q

Supply

A

Quantity of a product that firms are prepared to supply at a given price in a time period

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10
Q

Equilibrium price

A

The market price that equal supply and demand for a product

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11
Q

Market size

A

Total level of sales of all producers in a market

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12
Q

Market growth

A

The percentage change in the total size of a market over a period of time

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13
Q

Market share

A

Percentage change of sales in the total market sold by one business

Firms sales in a period
Total market sales in a period. X100

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14
Q

Direct competitor

A

Business that provides the same or very similar goods or service

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15
Q

Unique selling point – USP

A

Special feature of a product that differentiated from competitors products

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16
Q

Product differentiation

A

 Making a product distinctive so that it stands out from competitors product in a consumers perception

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17
Q

Niche marketing

A

Identifying and exploiting a small segment of a large market or developing products to suit it

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18
Q

Mass marketing

A

Selling the same product to the whole market with no attempt to target groups within it

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19
Q

Market segment

A

A segment of a whole market in which consumers have similar characteristics

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20
Q

Market segmentation

A

Identifying different segments with in the market and targeting different products or services to them

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21
Q

Consumer profile

A

Qualified picture of consumers of a firms products, surely proportions of age groups, income levels, location, gender, social class

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22
Q

Market research

A

Process of collecting, recording, analysing data about consumers, competitors and the market

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23
Q

Primary research

A

Collecting First hand data that is directly related to references

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24
Q

Secondary research

A

Collection of data from secondhand sources

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25
Q

Qualitative research

A

Research into the in-depth motivation behind consumers Buying, behaviour/opinions

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26
Q

Quantitative research

A

Research that leads to numerical results that can be statistically analysed

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27
Q

Focus group

A

A group of people who ask about their attitude towards a product, service, advertisement, style of packaging

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28
Q

Sample

A

Group of people taking part in a market research survey selected to be representative of the overall target market

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29
Q

Random sampling

A

Every member of the total population has an equal chance of being selected

30
Q

Systemic sampling

A

Every nth item in the target population is selected

31
Q

Stratified sampling

A

Draws a sample From a specific subgroup what is segment of the population; uses random sampling to select appropriate number from each stratum

32
Q

Quota sampling

A

When population has been stratified and the interviewer select an appropriate number of respondents

33
Q

Cluster sampling

A

Using one number of a specific group to draw samples from not the whole population

34
Q

Open Question

A

Invite a wide range of imaginative responses

35
Q

Closed question

A

A limited number of preset answers are offered

36
Q

Marketing mix

A

Four key decisions that must be taken in the effective marketing of a product

37
Q

Customer relationship management

A

Using marketing Activities to establish a successful customer relations, So that existing customer loyalty can be maintained

38
Q

Brand

A

And identifying symbol, name, image, trademark what distinguishes a product from its competitors

39
Q

Intangible attributes of a product

A

Subjective opinions of customers about a product that cannot be measured or compared easily

40
Q

Tangible attributes of a product

A

Measurable features of a product that can easily be compared with other products

41
Q

Product

A

End result of the production process sold on the market to satisfy customer needs

42
Q

Product positioning

A

Customers perception of a product/service as compared to its competitors

43
Q

Product portfolio analysis

A

Analysing the range of existing products of a business to help allocate resources effectively between them

44
Q

Product life cycle

A

Pattern of sales recorded by a product from launch to withdraw from the market -Main form of product portfolio analysis

45
Q

Customer durable

A

Manufacture products that can be reused and is expected to have a reasonably long life

46
Q

Extension strategy

A

Marketing plans to extend the maturity stage of the product before a brand-new one Is needed

47
Q

Price elasticity of demand – PED

A

Measures the responsiveness of demand following a change in price

0 = perfectly inelastic: same amount is demanded no matter price change
1–0 = inelastic: percentage change in demand is less than percentage change in price
Unitary = unit elasticity: percentage change in demand equals percentage change in price
One – infinity = elastic demand: percentage change in demand is more than percentage change in price

48
Q

Markup pricing

A

How do you fixed mark up for profit to the unit price of a product

49
Q

Target pricing

A

Setting a new price that will give a required rate of return at a certain level of output/sales

50
Q

Full cost pricing

A

Setting a price by calculating a unit cost for the product then adding a fixed profit margin

51
Q

Contribution cost pricing

A

Setting price based on the variable cost of making a product in order to contribute towards fix costs and profits

52
Q

Competition based pricing

A

Basing its price upon the process by its competitors

53
Q

Dynamic pricing

A

Offering good at a certain price the changes according to the level of demand and customers ability to pay

54
Q

Penetration pricing

A

Setting relatively low price often supported by strong promotion in order to achieve higher volume sales

55
Q

Market skimming

A

Setting a high price for new products in firms - have a unique or highly differentiated product with low price elasticity of demand

56
Q

Promotion

A

Use of advertising, sales promotion, personal selling, direct mail, et cetera inform consumers and persuade them to buy

57
Q

Promotion mix

A

Combination of promotional techniques that a firm uses to sell a product

58
Q

Above the line marketing

A

Form of promotion that is undertaken by a business By paying for communication with the consumers

59
Q

Advertising

A

Paid for communication with consumers to inform and persuade

60
Q

Below the line promotion

A

Promotion that is not directly paid for means of communication, but based on short-term incentives to purchase

61
Q

Sales promotion

A

Incentives such a special offers/deals directed at consumers or retailers to achieve short-term sales and increase repeat purchases by consumers

62
Q

Personal selling

A

A member of sales staff communicates with one consumer with the aim of selling the product and establishing a long-term relationship between company and consumer

63
Q

Sponsorship

A

Payment by a company to the organisers of an event/team/individuals so that company name becomes associated with event/team/individual

64
Q

Public relation

A

Delivered use of free publicity provided by newspapers TV and other media to communicate with and achieve understanding by the public

65
Q

Branding

A

Strategy of differentiating products from those of competitors by creating an identifiable image into expectations about a product

66
Q

Marketing/promotion budget

A

Financial amount allocated by a business for spending on marketing/promotion during a certain time period

67
Q

Channel of distribution

A

Chain of intermediaries a product passes through from producer to final consumer

68
Q

Online marketing

A

Advertising/marketing activities that use the Internet email and mobile communications to encourage direct sales via electronic commerce

69
Q

E commerce

A

Find selling of goods/services by businesses and consumers through an electronic medium

70
Q

Viral marketing

A

Use of social media sites or text messages to increase brand awareness/selling products

71
Q

 Integration marketing mix

A

Key marketing decisions compliment each other and work together to give consumers a consistent message about the product

72
Q

Nonprice competition

A

Firms use fierce and competitive promotional campaigns to establish brand identity and dominance

Business AS Level Definitions CIE (5 decks)

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