THEME 1 DEFINITIONS Flashcards
MARKETING
- RANGE ACTIVITIES
- TRY TO CREATE DEMAND AMONGST CONSUMERS
MARKET
- BUYERS AND SELLER
- MEET TO EXHCNAGE GOODS/SERVICE
MARKET SEGMENT
- SUBSECTION OF LARGER MARKET
- CONSUMERS = SIMILAR NEEDS/WANTS
NICHE MARKET
-SMALL SECTION OF LARGER MARKET
MARKET RESEARCH
PRIMARY:
-NEW, PARTICULAR PURPOSE
SECONDARY:
-PRE EXISTING, GATHERED FOR ANOTHER PURPOSE
PRODUCT ORIENTATION
- DECISIONS CONSIDER INTERNAL FACTORS
- FOCUS ON OWN KEY STRENGTHS
- FAIL TO ADAPT TO WANTS
MARKET ORIENTATION
- CONSUMERS VIEWS AT HEART OF DECISION
- MARKETING SUCCESS
MARKET SEGMENTATION
- USEFUL WAYS TO SPLIT MARKET
- DIFFERENT GROUPS
- SIMILAR CHARACTERISTIC/NEEDS
MARKET POSITIONING
- DECIDING IMAGE TO CREATE FOR PRODUCT
- RELATIVE TO RIVALS
PRODUCT DIFFERENTIATION
- PRODUCT DIFFERENT TO RIVALS
- MINDS OF CONSUMERS
ADDED VALUE
- DIFFERENCE COST OF BOUGHT IN GOODS/SERVICE
- VS SELLING PRICE
DEMAND
-LEVEL OF INTEREST FROM CUSTOMERS FOR PRODUCT
MARKETING MIX
4 MAJOR MARKETING DECISIONS WHEN BUILDING PLAN/STRATEGY
- PRODUCT
- PLACE
- PRICE
- PROMOTION
ECONOMIC MANUFACTURE
- EASE AND ECONOMY
- WITH WHICH ITEM CAN BE MADE ON SCALE NEEDED
PROMOTION
- METHODS TO COMMUNICATE INFO
- PERSUADE CONSUMER TO PURCHASE
PUBLIC RELATIONS
- ATTEMPT TO CREATE PUBLICITY
- REPORTED AS NEWS (LAUNCH PARTY)
BRAND
- RECOGNISABLE NAME OR LLGO
- DIFFERENTIATES
USP
- PARTICULAR FEATURE
- NO RIVALS PROVIDE
DISTRIBUTION CHANNEL
- ROUTE PRODUCT TAKES
- PRODUCER TO CONSUMER
INTERMEDIARIES
- BUSINESSES BETWEEN
- E.G. RETAILERS
PRODUCT LIFE CYCLE
- PATTERN OF SALES OVER TIME
- PRODUCT TEND TO FOLLOW
EXTENSION STRATEGY
- MEDIUM-LONG TERM PLAN
- EXTENDING LIFE CYCLE OF PRODUCT
MARKETING STRATEGY
-DESCRIBE GENERAL APPROACH TO MARKETING
INTRAPRENEURSHIP
-ENCOURAGEMENT OF ENTREPRENEURIAL BEHAVIOUR WITHIN LARGER BUSINESS
PROFIT SATISFICING
- BLENDING A DESIRE FOR PROFIT WITH OTHER FACTORS
- E.G REPUTATION, WORK LIFE BALANCE
OBJECTIVE
SPECIFIC TARGET SET BY BUSINESS
STRATEGY
PLAN DEVISED BY BUSINESS TO ACHIEVE OBJS
LIABILITY
EXTENT TO OWNERS OF BUSINESS REPAY DEBTS
INCURRED IN RUNNING OF BUSINESS
UNLIMITED LIABILITY
- OWNER TAKE RESPONSIBILITY FOR COVERING DEBTS
- BUSINESS BUST = OWNER FORCED TO SELL OWN PERSONAL ASSETS TO REPAY LENDERS/SUPPLIERS/EMPLOYEES
LIMITED LIABILITY
- FORM OF LEGAL PROTECTION
- BUSINESS OWNERS ONLY LOSE MONYE INVESTED
FRANCHISE
- LICENSE TO USE ANOTHER BUSINESS NAME, MODEL
- IN RETURN FOR PAYMENT
FRANCHISOR
- BUSINESS SELLS RIGHT TO USE NAME/LOGO
- TO OTHER BUSINESSES/ENTREPRENEURS
FRANCHISEE
- ENTREPRENEUR/COMPANY BUYS LICENSE
- USE ANOTHER BUSINESS NAME/MODEL
- IN RETURN FOR PAYMENT
OPPORTUNITY COST
- VALUE OF NEXT BEST OPTION
- FORGONE WHEN BUSINESS DECISION MADE
DEMAND
no of consumers willing and able to purchase a good or service at a given price
SUPPLY
no of goods/services producers are willing and able to supply at any given price over period of time
