Theme 1-All Keyword Definitions Flashcards
Brand name?
A name, term, sign or symbol or any other feature that allows consumers to identify the goods and services and differentiate those from competitors.
E-commerce?
Conducting business transactions online.
Online retailing?
The purchase of goods online.
Market?
A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods.
Marketing?
A management process involved in identifying and satisfy consumers’ requirements.
Market share?
The proportion of total sales in a particular market for which businesses and brands are responsible. Calculated by value and expressed as a percentage.
Mass market?
A very large market in which products with mass appeal are targeted.
Niche market?
A smaller market which is usually within a large market.
Consumer panels?
When groups of customers are asked for feedback on a product for a period of time.
Database?
An organised collection of data stored electronically with instant access, searching and sorting facilities.
Focus groups?
Where a number of customers are invited to after a discussion about a product led by market researchers.
Market orientation?
An approach to business which places the needs of consumers at the centre of the decision making.
Market research?
The collection, presentation and analysis of information relating to the marketing of goods and services.
Market segment?
Part of a whole market where a particular customer group has similar characteristics.
Primary research?
The gathering of ‘new’ information which doesn’t already exist.
Product orientation?
An approach to business which places the emphasis upon the production process and the product itself.
Qualitative research?
The collection of data about attitudes, beliefs and intentions.
Quantitative research?
The collection of data that can be quantified.
Respondent?
A person who answers a question in a survey.
Sample?
A small group of people who must represent a proportion of a total market when carrying out market research.
Secondary research?
The collection of data that already exists.
Socio-economic groups?
Division of people according to social class.
Added value?
The extra features that may be offered by a business when selling a product, such as high quality customer service, which helps exceed their expectations.
Competitive advantage?
An advantage that enables a business to perform better than its rivals in the market.
Market maps?
Typically a 2-D diagram that shows two of the characteristics of a brand and those of rival brands in the market.
Market positioning?
The view consumers have about the quality, value for money and it’s image compared to competitors.
Product differentiation?
An attempt by a business to distinguish its product from those of its competitors.
Reposition?
Change the view consumers have about a product by altering some of its characteristics.
Unique selling point(USP) or proposition?
The feature of a product that clearly distinguishes from its competitors.
Complementary goods?
Goods that are purchased together because they are consumed together.
Demand?
The quantity of a product bought at a given price over a period of time.
Demand curve?
A line drawn on a graph that shows how much of a good will be bought at different prices.
Inferior goods?
Goods to which demand will fall if income rises or rise of income falls.
Normal goods?
Goods for which demand will rise if income falls or fall if income falls.
Substitute goods?
Goods that can be bought as an alternative to others, but perform the same function.
Subsidy?
A grant given to producers, usually to encourage the production of a certain good.
Supply?
The amount of a product that suppliers make available to the market at any given price in a period of time.
Supply curve?
A line drawn on a graph that shows how much of a good sellers are willing to supply at different prices.
Equilibrium price?
The price where demand and supply are equal.
Excess demand?
When demand is greater than supply at any given price and there are shortages in the market.
Excess supply?
When supply is greater than demand at a given price and there are unsold goods in the market?
Total revenue?
The amount of revenue generated from the sale of goods.
Price elastic demand?
A change in price results in a greater change in demand.
Price elasticity of demand?
The responsiveness of demand to a change in price.
Price inelastic demand?
A change in price results in a smaller change in demand.
Discretionary expenditure?
Non-essential spending or non-automatic spending.
Income elastic demand?
The % change in demand for a product is proportionately greater than the % change in income.
Income elasticity of demand?
The responsiveness to a change in income.
Income inelastic demand?
Where the % change in demand is less than the % change in income.
Consumer durables?
Goods that can be used repeatedly over a period of time.
Design mix?
The range of features that are important when designing a product.
Ergonomics?
The study of how people interact with the environment.
Ethical sourcing?
Using materials, components and services from suppliers that respect the environment and treat their workforce well.
Product design?
The process of creating a new product or service.
Recycling?
Making use of materials that have been discarded as waste.
Resource depletion?
Using up natural resources.
Waste minimisation?
Reducing the quantity of resources that are discarded in the natural process.
Above-the-line promotion?
Placing adverts using the media.
Advertising?
Communication between a business and its customers where images are placed in the media to encourage the purchase of products.
Below-the-line promotion?
Any promotion that doesn’t involve using the media.
Emotional branding?
The practice of using the emotions of a consumer to build a brand.
Generic brands?
Products that only contain the name of the product category rather than the product name.
Manufacturer brands?
Brands created by the producers of goods or services.
Marketing mix?
The elements of a business’s marketing that are designed to meet the needs of customers. The 4 elements are called the ‘4P’s’ - Product, price, place and promotion.
Merchandising?
A promotion specifically at the point of sale of a product.
Own-label brands/private brands?
Products that re manufactured for retailers by other businesses.
Point of sale?
Any point where a consumer buys a product.
Promotion?
An attempt to obtain and retain customers by drawing their attention to a certain product.
Public relations?
An organisation’s attempt to communicate with interested parties.
Sales promotions?
Methods of promoting products in the short term to boost sales.
Sponsorship?
Making a financial contribution to an event in return for publicity.
Viral marketing?
Any strategy that encourages people to pass on messages to others about a business electronically.
