THEME 1 DEFINITIONS

Question 1

MARKETING

Answer 1

• RANGE ACTIVITIES

- TRY TO CREATE DEMAND AMONGST CONSUMERS

Question 2

MARKET

Answer 2

• BUYERS AND SELLER

- MEET TO EXHCNAGE GOODS/SERVICE

Question 3

MARKET SEGMENT

Answer 3

• SUBSECTION OF LARGER MARKET

- CONSUMERS = SIMILAR NEEDS/WANTS

Question 4

NICHE MARKET

Answer 4

-SMALL SECTION OF LARGER MARKET

Question 5

MARKET RESEARCH

Answer 5

PRIMARY:
-NEW, PARTICULAR PURPOSE

SECONDARY:
-PRE EXISTING, GATHERED FOR ANOTHER PURPOSE

Question 6

PRODUCT ORIENTATION

Answer 6

• DECISIONS CONSIDER INTERNAL FACTORS
• FOCUS ON OWN KEY STRENGTHS
• FAIL TO ADAPT TO WANTS

Question 7

MARKET ORIENTATION

Answer 7

• CONSUMERS VIEWS AT HEART OF DECISION

- MARKETING SUCCESS

Question 8

MARKET SEGMENTATION

Answer 8

• USEFUL WAYS TO SPLIT MARKET
• DIFFERENT GROUPS
• SIMILAR CHARACTERISTIC/NEEDS

Question 9

MARKET POSITIONING

Answer 9

• DECIDING IMAGE TO CREATE FOR PRODUCT

- RELATIVE TO RIVALS

Question 10

PRODUCT DIFFERENTIATION

Answer 10

• PRODUCT DIFFERENT TO RIVALS

- MINDS OF CONSUMERS

Question 11

ADDED VALUE

Answer 11

• DIFFERENCE COST OF BOUGHT IN GOODS/SERVICE

- VS SELLING PRICE

Question 12

DEMAND

Answer 12

-LEVEL OF INTEREST FROM CUSTOMERS FOR PRODUCT

Question 13

MARKETING MIX

Answer 13

4 MAJOR MARKETING DECISIONS WHEN BUILDING PLAN/STRATEGY

• PRODUCT
• PLACE
• PRICE
• PROMOTION

Question 14

ECONOMIC MANUFACTURE

Answer 14

• EASE AND ECONOMY

- WITH WHICH ITEM CAN BE MADE ON SCALE NEEDED

Question 15

PROMOTION

Answer 15

• METHODS TO COMMUNICATE INFO

- PERSUADE CONSUMER TO PURCHASE

Question 16

PUBLIC RELATIONS

Answer 16

• ATTEMPT TO CREATE PUBLICITY

- REPORTED AS NEWS (LAUNCH PARTY)

Question 17

BRAND

Answer 17

• RECOGNISABLE NAME OR LLGO

- DIFFERENTIATES

Question 18

USP

Answer 18

• PARTICULAR FEATURE

- NO RIVALS PROVIDE

Question 19

DISTRIBUTION CHANNEL

Answer 19

• ROUTE PRODUCT TAKES

- PRODUCER TO CONSUMER

Question 20

INTERMEDIARIES

Answer 20

• BUSINESSES BETWEEN

- E.G. RETAILERS

Question 21

PRODUCT LIFE CYCLE

Answer 21

• PATTERN OF SALES OVER TIME

- PRODUCT TEND TO FOLLOW

Question 22

EXTENSION STRATEGY

Answer 22

• MEDIUM-LONG TERM PLAN

- EXTENDING LIFE CYCLE OF PRODUCT

Question 23

MARKETING STRATEGY

Answer 23

-DESCRIBE GENERAL APPROACH TO MARKETING

Question 24

INTRAPRENEURSHIP

Answer 24

-ENCOURAGEMENT OF ENTREPRENEURIAL BEHAVIOUR WITHIN LARGER BUSINESS

Question 25

PROFIT SATISFICING

Answer 25

• BLENDING A DESIRE FOR PROFIT WITH OTHER FACTORS

- E.G REPUTATION, WORK LIFE BALANCE

Question 26

OBJECTIVE

Answer 26

SPECIFIC TARGET SET BY BUSINESS

Question 27

STRATEGY

Answer 27

PLAN DEVISED BY BUSINESS TO ACHIEVE OBJS

Question 28

LIABILITY

Answer 28

EXTENT TO OWNERS OF BUSINESS REPAY DEBTS

INCURRED IN RUNNING OF BUSINESS

Question 29

UNLIMITED LIABILITY

Answer 29

• OWNER TAKE RESPONSIBILITY FOR COVERING DEBTS

- BUSINESS BUST = OWNER FORCED TO SELL OWN PERSONAL ASSETS TO REPAY LENDERS/SUPPLIERS/EMPLOYEES

Question 30

LIMITED LIABILITY

Answer 30

• FORM OF LEGAL PROTECTION

- BUSINESS OWNERS ONLY LOSE MONYE INVESTED

Question 31

FRANCHISE

Answer 31

• LICENSE TO USE ANOTHER BUSINESS NAME, MODEL

- IN RETURN FOR PAYMENT

Question 32

FRANCHISOR

Answer 32

• BUSINESS SELLS RIGHT TO USE NAME/LOGO

- TO OTHER BUSINESSES/ENTREPRENEURS

Question 33

FRANCHISEE

Answer 33

• ENTREPRENEUR/COMPANY BUYS LICENSE
• USE ANOTHER BUSINESS NAME/MODEL
• IN RETURN FOR PAYMENT

Question 34

OPPORTUNITY COST

Answer 34

• VALUE OF NEXT BEST OPTION

- FORGONE WHEN BUSINESS DECISION MADE

Question 35

DEMAND

Answer 35

no of consumers willing and able to purchase a good or service at a given price

Question 36

SUPPLY

Answer 36

no of goods/services producers are willing and able to supply at any given price over period of time