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Theme 1 & 2 Business Studies > Theme 1 (Mr Hills) > Flashcards

Theme 1 (Mr Hills) Flashcards

1
Q

Definition of marketing objective

A

A marketing target or goal that an organisation hopes to achieve

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2
Q

Definition of marketing strategy

A

The medium to long term plan how to achieve marketing objectives

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3
Q

Definition of Mass marketing

A

The attempt to create products or services that have a universal appeal and aims all the products to the whole market

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4
Q

Definition of niche marketing

A

A specialised product or service that is designed to meet the the distinctive needs of customers

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5
Q

Definition of market

A

A place where buyers and sellers can meet to negotiate the exchange or transition of goods and services

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6
Q

Definition of economies of scale

A

Factors that cause cost per unit to fall when a firm operates at a higher level of production

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7
Q

Definition of primary research

A

Finding out information first hand

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8
Q

Definition of secondary research

A

Finding out information that has already been gathered

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9
Q

Definition of market segmentation

A

Breaking a market down into different customer types

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10
Q

Methods of primary research

A

Retailer research, observation and surveys

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11
Q

Methods of secondary research

A

Internet, trade press and government produced data

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12
Q

Definition of market orientation

A

Designing products based on customers wishes

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13
Q

Defintion of product orientation

A

When the business is focussed on selling its products to the market (not finding what people want)

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14
Q

Definition of price elasticity

A

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

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15
Q

Definition of price inelastic

A

The demand wont change significantly if price is changed

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16
Q

Defintion of price elastic

A

The demand will change if price is changed

17
Q

Definition of qualitative research

A

Small scale, in depth research into customer psychology

18
Q

Definition of quantitative research

A

Large scale research designed to provide statistically valid answers

19
Q

Definition of a dynamic market

A

A market which is subject to continual and rapid change

20
Q

Definition of added value

A

The difference between the price of the finished product and the cost of the inputs involved in making it

21
Q

Definition of demand

A

The quantity that customers are willing and able to buy at a given price in a given period of time

22
Q

Definition of supply

A

The quantity of a good or service that a producer is willing to supply onto the market at a given price in a given time period

23
Q

How is PED calculated

A

% change in quantity demanded / % change in price

24
Q

How is YED calculated

A

% change in quantity demanded / % change in income

25
Q

Definition of a brand

A

A product that is easily distinguished from other products so that it can be communicated and effectively marketed

26
Q

Definition of price skimming

A

Involves setting high initial price and then lowering it over time

27
Q

Definition of penetration pricing

A

Is offering a product at a low introductory price to help gain market share quickly

28
Q

Definition of competitive pricing

A

Setting prices based on what rivals/competitors are charging

29
Q

What is the product life cycle

A

Is a theoretical model that describes the stages a product goes through over its life

30
Q

Definition of motivation

A

Relates to the will to work and what leads employees to be interested and fully committed to their job

31
Q

What is Taylor’s theory

A

The idea that workers are motivated by pay

32
Q

What is mayo’s theory

A

That workers are not just concerned with money, but could be motivated by having their social needs met whilst at work

33
Q

What is Maslow’s theory

A

Maslow focussed on the physiological needs of employees and put together five levels of hierarchy of human needs that employees need to fufill at work (self actualisation, Esteem, Social, Safety and physiological)

34
Q

What is Herzberg’s theory

A

Herzberg argued that there were two factors that a business could introduce that would directly motivate employees to work harder and improve satisfaction (Motivators). However, some factors merely prevented dissatisfaction (hygiene) and he argued that hygiene factors keep people from feeling unhappy at work but don’t motivate people

Theme 1 & 2 Business Studies (2 decks)

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