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Business Definitions > Section 3 Marketing > Flashcards

Section 3 Marketing Flashcards

1
Q

MARKETING

A

Identifying customer wants and satisfying them profitably

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2
Q

CUSTOMER

A

A person, business or other organization which buys goods or services from a business

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3
Q

CUSTOMER LOYALTY

A

When existing customers continually buy products from the same business

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4
Q

CUSTOMER RELATIONSHIPS

A

Communicating with customers to encourage them to become loyal to the business and its products

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5
Q

MARKET SHARE

A

The percentage of total market sales held by one brand or business

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6
Q

CONSUMER

A

A person who buys goods or services for personal use - not to re-sell

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7
Q

MASS MARKET

A

This is where there is a very large number of sales of a product

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8
Q

NICHE MARKET

A

A small usually specialized segment of a much larger market

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9
Q

MARKET SEGMENT

A

An identifiable sub-group of a whole market in which consumers have similar characteristics or preferences

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10
Q

MARKET RESEARCH

A

The process of gathering, analyzing, and interpreting information about a market

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11
Q

PRODUCT-ORIENTATED BUSINESS

A

A business is whose main focus of activity is on the product itself

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12
Q

MARKET-ORIENTATED BUSINESS

A

A business is one which carries out market research to find out consumer wants before a product is developed and produced

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13
Q

MARKETING BUDGET

A

A financial plan for the marketing of a product or product range for some specified period of time

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14
Q

PRIMARY RESEARCH

A

The collection and collation of original data via direct contact with potential or existing customers

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15
Q

SECONDARY RESEARCH

A

Uses information that has already been collected and is available for use by others

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16
Q

QUESTIONNAIRE

A

A set of questions to be answered as a means of collecting data for market research

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17
Q

ONLINE SURVEYS

A

Requires the target sample to answer a series of questions over the internet

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18
Q

INTERVIEWS

A

Asking individuals a series of questions, often face-to-face, or over the phone

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19
Q

FOCUS GROUP

A

A group of people who are representative of the target market

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20
Q

SAMPLE

A

The group of people who are selected at random as a source of information for market research

21
Q

RANDOM SAMPLE

A

When people are selected at random as a source of information for market research

22
Q

QUOTA SAMPLE

A

When people are selected on the basis of certain characteristics (such as age, gender, or income) for market research

23
Q

MARKETING MIX

A

A term used to describe all the activities which go into marketing a product or service. These activities are often summarized as the four Ps - product, price, place, and promotion

24
Q

USP (UNIQUE SELLING POINT)

A

The special feature of a product that differentiates it from the products of competitors

25
Q

BRAND NAME

A

The unique name of a product that distinguishes it from other brands

26
Q

BRAND LOYALTY

A

When consumers keep buying the same brand again and again instead of choosing a competitor’s brand

27
Q

BRAND IMAGE

A

An image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors’ brands

28
Q

PACKAGING

A

The physical container or wrapping for a product. It is also used for promotion and selling appeal

29
Q

PRODUCT LIFE CYCLE

A

Describes the stages a product will pass through from its introduction, through its growth until it is mature, and then finally its decline

30
Q

EXTENSION STRATEGY

A

A way of keeping a product at the maturity stage of the life cycle and extending the cycle

31
Q

COST-PLUS PRICING

A

The cost of manufacturing the product plus a profit mark-up

32
Q

COMPETITIVE PRICING

A

When the product is priced in line with competitors’ prices to try to capture more of the market

33
Q

PENETRATION PRICING

A

When the price is set lower than the competitors’ prices in order to be able to enter a new market

34
Q

PRICE SKIMMING

A

Where a high price is set for a new product on the market

35
Q

PROMOTIONAL PRICING

A

When a product is sold at a very low price for a short period of time

36
Q

DYNAMIC PRICING

A

When businesses change product prices, usually when selling online, depending on the level of demand

37
Q

DISTRIBUTION CHANNEL

A

The means by which a product is passed from the place of production to the customer

38
Q

AGENT

A

An independent person or business that is appointed to deal with the sales and distribution of a product or range of products

39
Q

PROMOTION

A

Where marketing activities aim to raise customer awareness of a product or brand, generating sales and helping to create brand loyalty

40
Q

ADVERTISING

A

A payment towards communication with potential customers about a product to encouraging them to buy it

41
Q

INFORMATIVE ADVERTISING

A

Where the emphasis of advertising or sales promotion is to give full information about the product

42
Q

PERSUASIVE ADVERTISING

A

Advertising or promotion which is trying to persuade the consumer that they really need the product and should buy it

43
Q

TARGET AUDIENCE

A

People who are potential buyers of a product or service

44
Q

SALES PROMOTIONS

A

Incentives such as special offers or special deals aimed at consumers to achieve short-term increase in sales

45
Q

SOCIAL MEDIA MARKETING

A

A form of internet marketing that involves creating and sharing content on social media networks in order to achieve marketing and branding goals

46
Q

VIRAL MARKETING

A

When consumers are encouraged to share information online about the products of a business

47
Q

E-COMMERCE

A

The online buying and selling of goods and services using computer systems linked to the internet and apps on mobile cellphones

48
Q

MARKETING STRATEGY

A

A plan to combine the right combination of the four elements of the marketing mix for a product or service to achieve particular marketing objectives

Business Definitions (3 decks)

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