Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

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

setting marketing objectives - Keywords Flashcards

(60 cards)

Start Studying
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

marketing objectives

A

the goals of the marketing function in an organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

sales volume

A

measures the number of items sold or produced

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

sales value

A

measures the financial worth of the items sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

market size

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

market growth

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

sales growth

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

market research

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

primary market research

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

secondary market research

A

information that has already been collected for a different purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

qualitative market research

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

quantitative market research

A

collection of information about the market based on numbers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

market mapping

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

confidence internal (margin of error)

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

correlation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

causal link

A

a link between two sets of information or types of behaviour

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

extrapolation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
niche marketing
targeting a product or service at a small segment of a larger market
26
mass marketing
aiming a product at all (or most) of the market
27
market positioning
where your product or brand stands in relation to the products or brands of other businesses
28
competitive advantage
a benefit that allows a business to gain and retain more customers than its competitors
29
marketing mix
those elements of a business's approach to marketing that enable it to satisfy and delight its customers
30
product
the good or service provided by the business for it customers
31
price
the sum of money paid by the customer for a unit of a product
32
promotion
the process of communicating with customers or potential customers. Promotion can also describe communication with other interested groups, such as shareholders and suppilers
33
place
the location at which the purchase of a product is made and the the means of distributing the product to the consumer
34
people
this is anyone who represents the firm and comes into contact with the firm's customers`
35
process
the system involved in ensuring that an efficient service is provided to prospective and actual customers
36
physical environment
the nature and appeal of the physical evidence a customer will observe during a transaction
37
industrial (or business to business) marketing
where a firms sells its product to another business
38
consumer marketing
where a firm targets individual consumers with its product
39
consumer product
products that are purchased in order to directly satisfy the needs and wants of consumers
40
convenience products
products that are purchased frequently and with minimum thought and effort by consumers
41
shopping products
products that consumers want to be readily accessible, but which involve thought and planning before purchase
42
speciality products
products whose purchase is planned by consumers, who will seek out these products for purchase
43
Boston matrix
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
Product portfolio
the range of products or brands provided by a business
45
product life cycle
the stages that a product passes through during its lifetime - development, introduction, growth, maturity and decline
46
extension strategies
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
product development
when a firm creates a new or improved good or service, for release into an existing market
48
penetration pricing
a strategy in which low prices are set to break into a market or to achieve a sudden increase in market share
49
price skimming
a strategy in which a high price is set to yield a high profit margin
50
price war
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
branding
the process of differentiating a product from its competitors through the name, sign ,symbol, design or slogan linked to that product
52
advertising
the process of communicating with customers or potential customers through specific media
53
promotion
process of communicating with customers or potential customers communication with other interested groups such as shareholders and suppilers
54
distribution channels
channels or routes through which a product passes in moving from the manufacturer (producer) tot he consumer
55
multi-channel distribution
this exists when firms use more than one type of distribution channel
56
people
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
process
the procedures or flow of activities by which a service is delivered to the customer
58
physical environment/ physical evidence
tangible features of the service that can enhance customers' experience
59
digital marketing
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
E-commerce
the buying and selling of goods and services through the use of electronic media

Business - Unit 3 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions