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Business studies AS Level Sabrina Belfi Section 3, 4 And 5 > Section 3 - Marketing > Flashcards

Section 3 - Marketing Flashcards

Definitions

1
Q

Marketing

A

A management task that links the business to the customer by identifying and meeting the needs of customers profitability - it does this by getting the right product at the right price to the right place at the right time

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2
Q

Marketing objectives

A

The goals set for the 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 demand, as established by market research

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5
Q

Product orientation

A

An inward looking approach that focuses on marketing 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

An approach to marketing that bases strategy on the firm’s existing strengths and assets instead of of Purely on what the customer wants

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7
Q

Societal marketing

A

This approach considers not only the demands of consumers but the effects on all members of the public involved in some way when firms meet these demands

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8
Q

Demand

A

The 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

The 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 equates supply and demand for a product

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11
Q

Market size

A

The total level of sales of all producers within a market

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12
Q

market growth

A

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

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13
Q

direct competitor

A

Businesses that provide the same or very similar goods or services

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14
Q

USP unique selling point (Proposition)

A

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

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15
Q

Market differentiation

A

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

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16
Q

Niche marketing

A

Identifying and exploiting a small segment of larger market by developing products to suit it

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17
Q

mass marketing

A

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

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18
Q

market segment

A

A subgroup of a home market in which consumers have similar characteristics

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19
Q

Market segmentation

A

Identifying different segments within a market and targeting different products or services to them

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20
Q

consumer profile

A

a quantified picture of consumers of a firms product showing, proportions of age groups, income levels, location, gender and social class

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21
Q

market research

A

This is a process of collecting recording and analysing data about customer, competitors and the market

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22
Q

primary research

A

The collection of first hand data that is directly related to a firms needs

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23
Q

Secondary research

A

Collection of data from second-hand sources

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24
Q

Qualitative research

A

Research into the in-depth motivations behind consumers buying behaviour and opinions

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25
Q

Quantitative research

A

Resets that leads to numerical results that can be statistically analysed

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26
Q

Focus group

A

A group people who are asked about the attitude towards a product, service, advertisement or new style Packaging

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27
Q

Sample

A

The group of people taking part in the market research survey selected to representative of the overall target market

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28
Q

Random sampling

A

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

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29
Q

Systematic sampling

A

Every nth item in the target population is selected

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30
Q

Market share

A

The percentage of sales in the total market sold by one business. This is calculated by the following formula:

(Firms sale in time period/total market sales in time period times)×100

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31
Q

Stratfield sampling

A

This draws a sample from a specified subgroup or segments of the population and uses random sampling to select an appropriate number for each Stratum

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32
Q

Quota sampling

A

When the population has been stratified and the interviewer selects appropriate number of respondents from each stratum

33
Q

Cluster sampling

A

Using one or a number of specific group suit or samples from a non selecting from and not selecting from the whole population

34
Q

Open question

A

Those that invite a wide-ranging or imaginative response - the result will be difficult to collate and present numerically

35
Q

Closed questions

A

Questions to which and limited number of preset answers is offered

36
Q

Mode

A

The value that occurs most frequently in a set of data

37
Q

Arithmetic mean

A

Calculated by Totaling all the results and dividing by the number of results

38
Q

Median

A

The value of the middle item when data has been ordered and ranked. It divides the data to show two equal parts

39
Q

Range

A

The difference between the highest and lowest value

40
Q

Inter-quartile range

A

The range of the middle 50% of the data

41
Q

marketing mix

A

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

42
Q

Customer relationship management (CRM)

A

Using marketing activities to establish successful customer relationships to the existing customers loyalty can be maintained

43
Q

brand

A

An identifying symbol, name, image or trademark that distinguishes a product from its competitors

44
Q

Intangible attributes of a product

A

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

45
Q

Tangible attributes of a product

A

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

46
Q

Product

A

The end result of a production process sold on the market to satisfy customers needs

47
Q

product positioning

A

The customers perception of the product or service as compared to its competitors

48
Q

Product portfolio analysis

A

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

49
Q

Product portfolio analysis

A

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

50
Q

product life cycle

A

The pattern of sales recorded by product from lunch to withdraw from the market and is one of the main forms of product portfolio analyst

51
Q

customer durable

A

Manufactured product that can be reused and a is expected to have a reasonably long life such as, a car or a washing machine

52
Q

Extension strategies

A

These are marketing plans to extend the maturity stage of product before a brand new one is needed

53
Q

Price elasticity of demand

A

Measures the responsiveness of the demand following a change in price

54
Q

Markup pricing

A

Adding a fixed markup for profit to the unit price of a product

55
Q

Target pricing

A

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

56
Q

Full cost pricing

A

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

57
Q

Contribution cost pricing

A

Setting prices is based on a variable cost of making a product in order to make contribution towards fixed cost and profit

58
Q

Competition based pricing

A

A thermal base it’s price upon the price set by its competitors

59
Q

Dynamic pricing

A

Offering goods at a price that changes according to the level of demand and the customers ability to pay

60
Q

Penetration pricing

A

Set in a relatively low price orphan supported by strong promotion in order to achieve a high volume of sales

61
Q

Market skimming

A

Setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity of demand

62
Q

Promotion

A

The use of advertising, sale promotions, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy

63
Q

promotion mix

A

The combination of promotional techniques that a firm uses to sell product

64
Q

Above-the-line cremation

A

A form of a nation that is undertaken by a business but paying for communication with consumers

65
Q

advertising

A

Pay for communication with consumers to inform and persuade edgy TV and cinema advertising

66
Q

advertising

A

Pay for communication with consumers to inform and persuade edgy TV and cinema advertising

67
Q

Below the line promotion

A

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

68
Q

Below the line promotion

A

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

69
Q

Sales promotion

A

Incentives such as special offers or special deals direct at consumers or italicized Chiefs for term sales increases and repeat purchases by consumers

70
Q

personal selling

A

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

71
Q

sponsorship

A

Payment by company to the organisers of an event or team so that company’s name becomes associated with the event team or individual

72
Q

public relations

A

The deliberate use of free publicity provided by newspapers TVs and other media to communicate with and achieve understanding by the public

73
Q

Branding

A

The Strategy of differentiating products from those of competitors by creating identifiable image and clear expectations about a product

74
Q

marketing or promotion budgeting

A

The financial amount made available by a business for spending on marketing when a certain period of time

75
Q

Channel of distribution

A

This refers to the chain of intermediaries a product passes through from producer to find a consumer

76
Q

internet marketing

A

Refers to advertising and marketing activities that use Internet email and mobile communications to encourage direct sales by electronic commerce

77
Q

E-commerce

A

The buying and selling of goods and services by businesses and consumers through electronic medium

78
Q

Viral marketing

A

The use of social media sites or text messages to increase brand awareness or sell products

79
Q

Integrated marketing mix

A

The key marketing decisions complement each other and work together to give customers a consistent message about the product

Business studies AS Level Sabrina Belfi Section 3, 4 And 5 (1 decks)

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