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Business - Unit 3 > setting marketing objectives - Keywords > Flashcards

setting marketing objectives - Keywords Flashcards

1
Q

marketing

A

anticipating and satisfying customer’s wants in a way that delights the consumer and also meets the needs of the organisation

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2
Q

marketing objectives

A

the goals of the marketing function in an organisation

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3
Q

sales volume

A

measures the number of items sold or produced

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4
Q

sales value

A

measures the financial worth of the items sold

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5
Q

market size

A

the volume of sales of a product or value of sales of a product

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6
Q

market growth

A

the percentage change in sales of a generic product or service, over a period of time

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7
Q

sales growth

A

the percentage change in sales for a specific business or product over a period of time

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8
Q

market share

A

the percentage or proportion of the total sales of a product or service achieved by a firm or a specific brand of a product

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9
Q

brand

A

a name, slogan, symbol, design or sign linked to a particular product or service in order to differentiate it from its competitors

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10
Q

brand loyalty

A

measure of the degree of attachment that a consumer has for a particular brand or product. High brand loyalty for one product will reduce the likelihood of a consumer switching to another brand

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11
Q

market research

A

the systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process

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12
Q

primary market research

A

collection or commissioning of information, gathered first hand for the specific purpose of the initial user

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13
Q

secondary market research

A

information that has already been collected for a different purpose

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14
Q

qualitative market research

A

collection of information about the market based on subjective factors such as opinions and reasons

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15
Q

quantitative market research

A

collection of information about the market based on numbers

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16
Q

market mapping

A

a technique that analyses markets by looking at the features that distinguish different products or firms

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17
Q

sampling

A

gathering data from a group of respondents whose views or behaviour should be representative of the target market as a whole

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18
Q

confidence internal (margin of error)

A

the plus or minus figure to show the accuracy of statistical results arising from sampling

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19
Q

correlation

A

a statistical technique used to establish the strength of the relationship between two sets of values

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20
Q

causal link

A

a link between two sets of information or types of behaviour

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21
Q

extrapolation

A

using previous patterns of numerical data in order to predict values in the future

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22
Q

price elasticity of demand

A

the degree to which the quantity demanded of a good or service is affected by a change in price

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23
Q

income elasticity of demand

A

the degree to which the quantity demanded of a good or service is affected by a change in consumer income

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24
Q

market segmentation

A

the classification of customers or potential customers into groups or sub-groups (market segments), each of which responds differently to different products or marketing approaches

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25
Q

niche marketing

A

targeting a product or service at a small segment of a larger market

26
Q

mass marketing

A

aiming a product at all (or most) of the market

27
Q

market positioning

A

where your product or brand stands in relation to the products or brands of other businesses

28
Q

competitive advantage

A

a benefit that allows a business to gain and retain more customers than its competitors

29
Q

marketing mix

A

those elements of a business’s approach to marketing that enable it to satisfy and delight its customers

30
Q

product

A

the good or service provided by the business for it customers

31
Q

price

A

the sum of money paid by the customer for a unit of a product

32
Q

promotion

A

the process of communicating with customers or potential customers. Promotion can also describe communication with other interested groups, such as shareholders and suppilers

33
Q

place

A

the location at which the purchase of a product is made and the the means of distributing the product to the consumer

34
Q

people

A

this is anyone who represents the firm and comes into contact with the firm’s customers`

35
Q

process

A

the system involved in ensuring that an efficient service is provided to prospective and actual customers

36
Q

physical environment

A

the nature and appeal of the physical evidence a customer will observe during a transaction

37
Q

industrial (or business to business) marketing

A

where a firms sells its product to another business

38
Q

consumer marketing

A

where a firm targets individual consumers with its product

39
Q

consumer product

A

products that are purchased in order to directly satisfy the needs and wants of consumers

40
Q

convenience products

A

products that are purchased frequently and with minimum thought and effort by consumers

41
Q

shopping products

A

products that consumers want to be readily accessible, but which involve thought and planning before purchase

42
Q

speciality products

A

products whose purchase is planned by consumers, who will seek out these products for purchase

43
Q

Boston matrix

A

a tool of product portfolio analysis that classifies products according tot he market share of the product and the rate of growth of the market in which the product is sold.

44
Q

Product portfolio

A

the range of products or brands provided by a business

45
Q

product life cycle

A

the stages that a product passes through during its lifetime - development, introduction, growth, maturity and decline

46
Q

extension strategies

A

methods used to lengthen the life cycle of a product by preventing or delaying it from reaching the decline stage of the product life cycle

47
Q

product development

A

when a firm creates a new or improved good or service, for release into an existing market

48
Q

penetration pricing

A

a strategy in which low prices are set to break into a market or to achieve a sudden increase in market share

49
Q

price skimming

A

a strategy in which a high price is set to yield a high profit margin

50
Q

price war

A

this occurs when rival companies undercut each other’s price cuts in order to increase sales volume by keeping existing customers and attracting new customers. this strategy leads to reduced profit margins

51
Q

branding

A

the process of differentiating a product from its competitors through the name, sign ,symbol, design or slogan linked to that product

52
Q

advertising

A

the process of communicating with customers or potential customers through specific media

53
Q

promotion

A

process of communicating with customers or potential customers
communication with other interested groups such as shareholders and suppilers

54
Q

distribution channels

A

channels or routes through which a product passes in moving from the manufacturer (producer) tot he consumer

55
Q

multi-channel distribution

A

this exists when firms use more than one type of distribution channel

56
Q

people

A

staff or representatives of a company who will directly or indirectly come into contact with customers. they will influence the quality of service provided to the customer

57
Q

process

A

the procedures or flow of activities by which a service is delivered to the customer

58
Q

physical environment/ physical evidence

A

tangible features of the service that can enhance customers’ experience

59
Q

digital marketing

A

the anticipating and satisfying of customer wants through the use of different forms of technology. Digital marketing includes social media marketing, the use of search engine marketing , digital displays and marketing through other forms of digital media

60
Q

E-commerce

A

the buying and selling of goods and services through the use of electronic media

Business - Unit 3 (1 decks)

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