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Business > Topic 1 & 2 - The market > Flashcards

Topic 1 & 2 - The market Flashcards

1
Q

Enterprise

A

The process of taking the product/service to market

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2
Q

Entrepreneur

A

An individual who takes a risk, develops an idea and takes the product to market, in pursuit of profit

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3
Q

Marketing

A

A management process that involves identifying, anticipating and satisfying customer needs profitably

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4
Q

Marketing objectives

A

The targets the marketing department must achieve

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5
Q

Marketing strategy

A

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

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6
Q

Mass market

A

A very large market, in which products with mass appeal are targeted

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7
Q

Niche market

A

A smaller market, usually within a large market or industry

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8
Q

E - commerce

A

Conducting business transactions online

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8
Q

Online retailing/ e-tailing

A

The retail of goods online

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9
Q

Market share

A

Proportion of sales in a particular market for which one or more businesses are responsible. Expressed as % by value or volume

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10
Q

Brand

A

The sign, symbol or logo which distinguishes a product from its competition

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11
Q

Product orientation

A

An approach to business which places the emphasis upon the production process and the product itself

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12
Q

Market orientation

A

An approach to business which places the needs of consumers at the centre of the decision-making process

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13
Q

Market research

A

Collection, presentation and analysis of information relating to marketing and the consumption of goods and services

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14
Q

Primary research

A

Gathering of new info which doesn’t usually exist

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15
Q

Secondary research

A

Collection of data which already exists

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16
Q

Consumer panels

A

Groups of customers are asked for their feedback about products over a period of time

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17
Q

Focus groups

A

Where a number of customers are invited to attend a discussion about a product led by market researchers

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18
Q

Respondents

A

A person or organisation who answers the questions in a survey

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19
Q

Socio-economic groups

A

Division of people according to social class

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20
Q

Added value

A

Offering extra features which may exceed customer expectations

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21
Q

Competitive advantage

A

An advantage that enables a business to perform better than their rivals in a market

22
Q

Market maps/ perceptual maps

A

Typically a 2d diagram that shows two attributes or characteristics of a brand and those of rival brands in the market

23
Q

Market positioning

A

The view consumers have about the quality, value for money and image of a product compared to its competitors

24
Q

Product differentiation

A

An attempt by a business to distinguish it’s product from a competitors

25
Q

Reposition

A

Changing the view consumers have about a product by altering some of its characteristics

26
Q

USP or Proposition

A

Aspect or feature of a product which clearly distinguishes it from its rivals

27
Q

Demand

A

Quantity of a product bought over a given time period

28
Q

Demand curve

A

A line on a graph that shows how much of a good will be bought at different prices

29
Q

Complementary goods

A

Goods purchased together because they are consumer together, so demand for one item will change demand the other

30
Q

Inferior goods

A

Goods for which demand will fall if income rises

31
Q

Normal goods

A

Goods for which demand will increase when income increases or vice-versa

32
Q

Substitute goods

A

Goods that can be bought as an alternative to others but perform the same function

33
Q

Subsidy

A

A grant given to producers, usually to encourage production of a certain good

34
Q

Supply

A

The amount of a product that suppliers make available to the market at any given price in a given time period

35
Q

Supply curve

A

A line on a graph that shows how much of a good sellers are prepared to supply at different prices

36
Q

Price elastic demand

A

A change in price results in a greater change in demand

37
Q

Price elasticity of demand

A

The responsiveness of demand to a change in price

38
Q

Price inelastic demand

A

A change in price results in a proportionately smaller change in demand (but greater revenue)

39
Q

Discretionary expenditure

A

Non-essential spending or spending that is not automatic

40
Q

Income elastic demand

A

A change in income results in a greater change in demand

41
Q

Income elasticity of demand

A

Responsiveness of demand to a change in income

42
Q

Income inelastic demand

A

A change in income results in a proportionately smaller change in demand

43
Q

Database

A

An organised collection of data, stored electronically, with instant access, searching & sorting facilities

44
Q

Market segment

A

Part of a whole market, where a particular customer group had similar characteristics

45
Q

Qualitative research

A

Collection of date about attitudes, beliefs and intentions

46
Q

Quantitative research

A

Collection of data that can be quantified

47
Q

Sample

A

A small group of people representing a proportion of the market when carrying out market research

48
Q

Equilibrium price/market clearing

A

The price where supply & demand are equal

49
Q

Excess demand

A

Where demand is greater than supply at a given price & there are shortages in the market

50
Q

Excess supply

A

Where supply is greater than demand, at a given price and there are unsold goods in the market

51
Q

Total revenue or expenditure

A

The amount of revenue generated from the sale of goods calculated by price X quantity in a given period

52
Q

Brand name

A

A name, term, sign, symbol, design or any other feature that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors

Business (5 decks)

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