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Business theme 1 > Theme 1 key terms > Flashcards

Theme 1 key terms Flashcards

1
Q

Marketing Mix

A

The plan for getting the right blend of product, price, promotion and place

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2
Q

Marketing objectives

A

The targets the marketing department must achieve, such as increasing sales by 15% within 12 months

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3
Q

Marketing Segmentation

A

Dividing up the market up by customers’ age, gender, income or areas that are underserved

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4
Q

Market stratergy

A

The medium to long term plan for meeting the marketing objectives, delivered though the marketing mix

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5
Q

Economies of scale

A

Factors that cause costs per unit to fall when the firm operates at higher levels of production

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6
Q

Franchise

A

A business that sells the rights to use its name and trading methods to local businesses

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7
Q

Mass Marketing

A

The attempt to create products or services that have universal appeal

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8
Q

Niche Marketing

A

Identifying a small segment of the market that does not have a product to fill the needs of customers demand

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9
Q

Generic brands

A

Brands that are so well know that customers say the the brand when they mean the product

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10
Q

Product differentiation

A

The extent to which consumers perceive your brand as being different from others

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11
Q

Bias

A

A factor that causes research to be unrepresentative of the whole population- for example, bubbly interviews or misleading survey questions

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12
Q

Primary research

A

Finding out information first hand

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13
Q

Secondary research

A

Finding out information that has already been gathered

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14
Q

Sample size

A

The number of people interviewed; this should be large enough to give confidence that findings are representative of the whole population

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15
Q

Market Map

A

A grid plotting where each existing brand sits on scales based on two important features of a market

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16
Q

Price elasticity

A

A measurement of the extent to which a products demand changes when its price is changed

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17
Q

Unique selling point (USP)

A

A consumer benefit that no rival can match, perhaps because it is protected by a strong patent

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18
Q

Complimentary goods

A

These are bought in conjunction with each other, such as eggs and bacon

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19
Q

Inferior Goods

A

Ones for which sales fall when people are better off but rise when consumers are struggling financially

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20
Q

Normal goods

A

Ones for which sales move in line with the changes in income

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21
Q

Luxury goods

A

Ones for which sales rise rapidly when people are better off but may fall rapidly in hard times

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22
Q

Seasonal Variation

A

Change in the value of a variable that is related to seasons

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23
Q

Substitutes

A

Products or services in competition with each other, so customers substitute one for the other e.g. dairy milk and galaxy

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24
Q

Market price

A

The price of a commodity that has been established by the market- that is where the supply equals demand

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25
Supply chain
The whole path from suppliers to raw materials though production and storage on to customer delivery
26
Supply curve
A line showing the quantity of goods firms want to supply at different price levels(the higher the price the more enthusiastic the supply)
27
Commodity markets
These cover undifferentiated products such as rice, oil and gold. the principle is that every kilo is the same as every other kilo so traders can buy and sell without needing to worry about which kilo they are dealing in
28
Demand curve
A line showing the demand for a product at different prices( the higher the price the lower the demand)
29
Market price
The price of a commodity that has been established by the market- that is where supply equals demand
30
External constraint
Something outside the firms control that can prevent it form achieving its objectives
31
Predatory pricing
Pricing low with the deliberate intention of driving a competitor out of business
32
Price elastic
A product with demand that is highly price sensitive, so price elasticity is above 1
33
Price inelastic
A product with demand that is not very price sensitive, so price elasticity is below 1
34
Negative income elasticity
A product for which sales fall when people are better off(but rise when people are worse off)
35
Positive income elasticity
A product for which sales rise when people are better off(but fall in recessions)
36
Recession
Two or more quarters of negative economic growth
37
Prototype
A test model of a plan and design, used to see if it functions properly, with durability, reliability and safety
38
Sustainability
Making something using materials that will still be around for future generations, perhaps you are planting a tree with everyone you fell
39
Capacity utilisation
This measures actual usage of your facilities as a percentage of the maximum possible
40
Coperate brand
A brand which represents the whole company as well as its products
41
Crowdfunding
Obtaining external finance from many individuals, small investments usually though web-based appeal
42
Loss leader
Pricing a product below in order to attract further profitable business
43
Pricey elasticity
Measurement of the extent of which a products demand changes when its price is changed
44
Price sensitive
When demand for a product reacts sharply to a price change
45
Pricing tactics
Short-term pricing responses to opportunities or threats
46
Barrier to entry
Factors that make it hard for new firms to break into an existing market
47
E-commerce
Literally electronic commerce- carried out online
48
Long tail
The huge number of tiny businesses appealing to minority tastes that can find profitable existence online because they can target the whole planet not just the local area
49
Opportunity cost
The cost of missing out on the next best alternative when making a decision
50
Wholesaler
The middleman between the producer and retailers, who breaks bulk down for container lorry loads into manageable parcels such as a case of twelve
51
Cash cow
A product that has a high share of a low growth market
52
Dog
A product that has a low share of a low growth market
53
Extension strategy
Marketing activities used to prevent sales from declining
54
Portfolio analysis
An analysis of the market position of the firms existing products, it is used as part of the marketing process
55
Problem child
A product that has a small share of a fast growing market
56
Rising star
A product that has a high share of a fast growing market
57
Homogenous goods
These have no points of differentiation and therefore each one is the same as every other(making competition focus on price)
58
Product differentiation
The extent to which consumers perceive your brand as being different from others
59
Labour turnover
The number of staff leaving a company as a percentage of the number of employed
60
Outsourcing
Taking the task traditionally run by your own staff and and putting it out to tender, with the lowest bid winning the contract
61
Redeployment
Retaining a staff member to give the skills required to take on new job role
62
Zero hour contract
Employment contracts that agree to employee duties and hourly pay rates, yet offer no guarantee of any work and therefore income in any specific week
63
Core workers
Employees who are essential to the operations of a business, supporting whatever makes it distinctive or unique. Such workers are likely to receive an attractive salaries and working conditions and enjoy high job security
64
Flexible approach
An approach to operations that implies a move away from mass production to batch production, the use of machinery that can be quickly reprogrammed to carry out a range of tasks and the creation of multi-skilled and flexible workforce that can quickly adapt to meet a firms changing requirements
65
Hot desk
An approach that provides a temporary desk for homeworkers to use when they come into the main office; they are not allowed to leave any of their own possessions there
66
Peripheral workers
Those workers who are not seen as being central to a firms operations. That may carry out necessary tasks, but may be required only on a temporary basis and can be easily replaced
67
Induction training
Familiarises newly appointed workers with key aspects of their jobs and their employer, such as health and safety policies, holiday entitlement and payment arrangements. The aim is to make employees fully productive as soon as possible
68
Off-the-job training
Where employees leave their normal place of work in order to receive instruction, either within the firm or by using an external organisation such as a college or a university
69
On-the-job training
Where employees acquire of develop skills without leaving the work place, perhaps by being guided through an activity by a more experienced member of staff

Business theme 1 (8 decks)

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