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Business Marketing Key Terms > Terms > Flashcards

Terms Flashcards

1
Q

Advertising

A

Paid for communication with consumers using visual or printed media
Aim to inform and persuade consumers to buy a product

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2
Q

Barriers to trade

A

Usually tax, quota or bans a country places on the other’s good to prevent or increase costs of their entrance

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3
Q

Below the line promotion

A

Doesn’t use paid for communication but instead incentives to encourage consumers to buy

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4
Q

Brand

A

Image, symbol or name that distinguishes a product from competitiors’

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5
Q

Brand image

A

General impression of a product by consumers

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6
Q

Business environment

A

Internal and external factors that influence a business’s operations

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7
Q

Channels of distribution

A

How a product gets from the producer to the final consumer

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8
Q

Competitive pricing

A

Set the price similar to competitors’ products which have alrdy established in the market

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9
Q

Consumer

A

Final user of a product

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10
Q

Consumer market

A

Market of goods and services bought by the final consumer

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11
Q

Cost plus pricing

A

Set price by adding a fixed amount to the cost of making the product

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12
Q

Customer

A

Individual / business that buys a good / service from a business

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13
Q

Customer base

A

Grp of customers a business sells its products to

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14
Q

Demand

A

Quantity of goods / services consumers are willing and able to buy

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15
Q

Demographic segmentation

A

Divide consumers in the market by factors like age, ethic backgrounds, gender…

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16
Q

Direct mail

A

Known as mailshots
Printed materials that are sent directly to the address

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17
Q

Direct selling

A

Product is sold directly from the producer to the final consumer without middlemen

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18
Q

Domestic market

A

Market for goods / services in the business’s own country

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19
Q

E-commerce

A

Use of the internet / other technologies by a business to sell / market goods / services to customers

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20
Q

Extension strategy

A

Marketing activities to extend the maturity stage of a product

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21
Q

4Ps

A

Right product at the right price with the right promotion at the right place

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22
Q

Free trade

A

No barriers exist to prevent trade with different countries

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23
Q

Geographical segmentation

A

Divide consumers in the market by geographical areas

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24
Q

Industrial market

A

Consumer market
Markets of goods and services bought by the final consumer

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25
Q

Informative advertising

A

Emphasis of advertising is to give full information of a product

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26
Q

Joint venture

A

Agreement between 2 or more businesses to work on a project tgt

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27
Q

Legal controls

A

Laws that control business activities

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28
Q

Loss-leader pricing

A

Set the price of a small no. of products below cost to attract customers into the outlet and hope they’ll buy products that are priced to earn profit

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29
Q

Market

A

All customers who’re interested in a product have the financial resource to do so

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30
Q

Marketing budget

A

Amount of $ made available by a business for its marketing activities during a particular period of time

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31
Q

Marketing mix

A

4 marketing decisions needed for efficient product marketing

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32
Q

Marketing strategy

A

Plan to achieve marketing objectives using a given level of technology

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33
Q

Market oriented

A

Products are developed based on consumer demands identified by market research

34
Q

Marketing Research

A

Process of collecting, recording and analysing data about consumers, competitors and market for a product

35
Q

Market segment

A

Part of the whole market in which consumers have specific characteristics

36
Q

Market segmentation

A

Divide the whole market into segments by consumer characteristics and targeting different products to each segment

37
Q

Market skimming

A

Setting a high price for a new product that’s very different from others in the market

38
Q

Mass marketing

A

Selling the same product to the whole market

39
Q

Middlemen

A

Intermediaries in channels of distribution

40
Q

Niche market

A

Develop a product for a small market segment

41
Q

Penetration pricing

A

Set a low price to attract customers to buy a new products

42
Q

Personal selling

A

Sale staff communicates directly to the customer to achieve a sale and form long term relationship between the firm and the customer

43
Q

Persuasive advertising

A

Advertising trying to persuade consumers that they rly need the product and should buy it

44
Q

Price

A

Amount paid by the customer to supplier when buying a good / service

45
Q

Price elasticity of demand

A

Measure by how much the demand for a product changes when price changes

46
Q

Price inelastic demand

A

% change in demand is smaller than % change in price

47
Q

Price leadership

A

Smaller firms set price based on the industry’s dominant firm

48
Q

Primary research

A

Collection of 1st hand data for the firm’s specific needs

49
Q

Product

A

Goods / services produced to satisfy customers’ needs and wants

50
Q

Product life cycle

A

Pattern of sales of a product form its introduction to withdrawal

51
Q

Product oriented

A

Firm decides what to product then find buyers

52
Q

Product quality

A

Product meets customers’ needs and expectations

53
Q

Promotion

A

Marketing activity to communicate with customers and potential customers to inform and persuade them to buy a business’s products

54
Q

Qualitative research

A

Collection of information about consumers’ buying behaviours and product opinions

55
Q

Quantitative research

A

Collection of numerical data to be analysed by statistical techniques

56
Q

Quota sample

A

Certain number of people in each segment used for research

57
Q

Random sample

A

Everyone in the population has an equal chance of being selected for the sample

58
Q

Retailers

A

Shops and other outlets that sell goods / services to the final customer

59
Q

Revenue

A

Amount earned by a business from the sales of its products

60
Q

Sales promotion

A

Incentives to encourage short term increase / repeated purchase

61
Q

Sample

A

Group of people that represents target market for market research

62
Q

Secondary research

A

Collect data from 2nd hand resource

63
Q

Sponsorship

A

Payment by a business to have its name / product associated with an event

64
Q

Stratified sampling

A

Number of people in each segment represents the ratio of the total population

65
Q

Target market

A

Individuals / organisations a business identified to be its potential consumer / customer

66
Q

Unique selling point

A

Special feature of a product that sets it out from its competitors’

67
Q

Wholesalers

A

Business that buys in bulk and sells it to retailers

68
Q

Marketing

A

Identify customer wants and satisfy them profitably

69
Q

Customer loyalty

A

When existing customers continually buy products from the same business

70
Q

Customer relationships

A

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

71
Q

Market share

A

% of total market sales held by a brand / business

72
Q

Questionnaires

A

Set of questions to be answered to collect data for market research

73
Q

Online survey

A

Require target sample to answer questions over the internet

74
Q

Interview

A

Asking individuals questions, often f2f / on phone

75
Q

Focus group

A

Grp of people who represents the target market

76
Q

Packaging

A

Physical container / wrapper for a product
For promotion / selling appeal

77
Q

Promotional pricing

A

Product sold at a very low price for a short period of time

78
Q

Dynamic pricing

A

When business changes prices depending on the level of demand (esp. online)

79
Q

Agent

A

Indep person / bus appointed to deal with the sales and distribution of products

80
Q

Viral marketing

A

Consumers are encouraged to share info online about a business’s products

81
Q

Brand loyalty

A

When consumers keep buying the same brand instead of competitors

Business Marketing Key Terms (1 decks)

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