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Business studies Key terms > Topic 5 - Marketing > Flashcards

Topic 5 - Marketing Flashcards

1
Q

What does it mean by Market segmentation

A

Dividing a market into segments according to characteristic e.g. age, gender, lifestyle, income

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2
Q

What does it mean by Mass market

A

A mass market is where a high volume of sales can be made, as most people will be interested in buying the product

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3
Q

What does it mean by Niche market

A

A niche market offer different products that appeal to a smaller number of people

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4
Q

What does it mean by Customer profiling

A

After businesses identify their target market they can build up a customer profile which shows the characteristics of their customers and what makes them behave in a certain way

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5
Q

What does it mean by Market Research

A

Is the process of gathering, analysing and processing data relevant to marketing decisions

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6
Q

What does it mean by Primary/ Field Research

A

Uses data gathered for the first time

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7
Q

What does it mean by Secondary or Desk Research

A

Uses data that has been gathered already

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8
Q

What does it mean by Focus Groups

A

Consumers discuss their reactions to products before they are launched

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9
Q

What does it mean by Consumer Panels

A

Recruited by research companies to represent the view of consumers in a sector

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10
Q

What does it mean by Observation

A

Involves looking at what people do and how they behave, and recording it

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11
Q

What does it mean by Marketing Mix

A

Refers to all the activities influencing whether a customer buys a product

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12
Q

What does it mean by Product

A

The good or service provided by a business

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13
Q

What does it mean by Price

A

The amount of money a business wants to receive to sell a good or service, or the amount of money the consumer is willing to pay to buy that product

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14
Q

What does it mean by Promotion

A

Involves information and techniques used by businesses to make consumers aware of products and to persuade them to buy those products

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15
Q

What does it mean by Place

A

Where the product is available for the consumer to purchase

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16
Q

What does it mean by Product portfolio/ Product range

A

Is the collection or range of goods and services offered by business

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17
Q

What does it mean by Product differentiation

A

Involves distinguishing a product or service from others

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18
Q

What does it mean by USP

A

Unique selling point

19
Q

What does it mean by Brand

A

Recognisable name, logo, design

20
Q

What does it mean by Own brand

A

A product which is sold under the brand name of a supermarket chain or other retailer, rather than under the name of the business which manufactures the product, is known as an own brand

21
Q

What does it mean by Innovation

A

The process of changing an idea or invention into a good or service

22
Q

What does it mean by Product life cycle

A

Shows how the sales of a product may change over time. Development - introduction – growth - maturity - decline

23
Q

What does it mean by Extension strategies

A

Attempts to maintain the sales of a product and prevent it from entering the decline stage of the product life cycle

24
Q

What does it mean by Market led pricing

A

A business will charge a price based on the market and competitors

25
Q

What does it mean by Cost plus pricing

A

Involves pricing a product by covering the cost of it to the retailer and adding a percentage on top

26
Q

What does it mean by Competitive pricing

A

Matching the prices that competitors charge

27
Q

What does it mean by Penetration pricing

A

Initially charging a low price for a product but increases its prices when the product is established

28
Q

What does it mean by Skimming

A

Setting a high price for a product when it first enters the market

29
Q

What does it mean by Psychological Pricing

A

Occurs when a price is set that has a psychological effect on a consumer’s buying decisions

30
Q

What does it mean by Loss Leaders

A

Involves selling a product at a loss in the hope that the consumer will buy other items from the business on which it will make a profit

31
Q

What does it mean by Price discrimination

A

When a business charges different prices for the same good or service

32
Q

What does it mean by Sales Promotion

A

Sales promotion is an attempt to give a short-term boost to sales e.g. bogoff, discount, competitiveness

33
Q

What does it mean by Direct marketing

A

Direct marketing is a promotional method that involves direct communication from a business to specific customer e.g. mail or emails

34
Q

What does it mean by Advertising Media

A

The various places where advertisements may be found e.g. TV, newspapers

35
Q

What does it mean by Social Media

A

Involves websites and applications that allow users to share information, ideas and interests with other individuals, communities and networks

36
Q

What does it mean by Blogs

A

Provides information and allows discussion on the internet with other users producing their own entries or posts

37
Q

What does it mean by Search Engine Advertising

A

A form of online marketing that places advertisements on webpages showing the results from search engine queries

38
Q

What does it mean by Pop-up Adverts

A

A form of online marketing that opens new browser windows on computer screens

39
Q

What does it mean by Channel of distribution

A

Describes how the ownership of a product passes from the producer to the final customer

40
Q

What does it mean by Wholesalers

A

Buy in large quantities from a producer and sell to retailers in smaller quantities

41
Q

What does it mean by Retailers

A

Sells directly to the customer

42
Q

What does it mean by e-commerce

A

Selling online

43
Q

What does it mean by m-commerce

A

Selling on a mobile device

44
Q

What does it mean by Multi-Channel Distribution

A

Involves a business using more than one route to distribute its goods

Business studies Key terms (6 decks)

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