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Unit 2 Business > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

What does Consumer Demand mean

A

The quantity of goods or services that consumers are willing and able to purchase

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2
Q

What is Willingness to Purchase Goods/Services determined by

A

Price, quality & availability

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3
Q

How do Substitutes affect a Market Share

A

If there are many different competing firms, then they will compete for market share

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4
Q

How does lots of choice in products affect demand

A

Lots of choice, means demand will be lower

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5
Q

What is Marketing defined as

A

The process of identifying, anticipating and meeting customer needs

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6
Q

What are the three influences on Demand

A

Affordability, Substitutes, Needs & Wants

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7
Q

What are the four purposes of Marketing

A

Anticipating demand, recognising demand, stimulating demand, satisfying demand

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8
Q

What should Marketing Objectives be

A

SMART

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9
Q

What does SMART mean

A

Specific, Measurable, Attainable, Relevant, Timebased

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10
Q

What does Market Share mean?

A

The percentage of sales in a market, by one particular firm

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11
Q

How do you calculate Market Share

A

Sales by Value (£) / Market Size (£) x 100

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12
Q

Whats the difference between Aims & Objectives

A

Aims are more long term, whereas Objectives refer to how the aims will be met

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13
Q

What are some examples of Aims

A

Understanding customer wants & needs, developing a new product, improving profitability, increasing market share, diversification, increase brand awareness/loyalty

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14
Q

What is Market Growth

A

The change in the size of a market or industry

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15
Q

Define Market Segments

A

A group of buyers with similar characteristics and buying habits

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16
Q

What are five examples of Market Segmentation

A

Culture, Age, Gender, Income & Customers in the Market

17
Q

What are some more specific examples of Market Segments

A

Gym-goers, Car Enthusiasts, Smokers, Football Fans, University Students

18
Q

Why do businesses need to segment their markets?

A

Customers differ in the: benefits they want, amount they are willing to pay, media they see, quantities they buy, time & place that they buy

19
Q

What are two benefits of market segmentation

A

Helps businesses to understand their consumers better & easier to target your product at specific buyers

20
Q

What are the Four Market Segments

A

Geographic, Demographic, Behavioural, Psychographic

21
Q

Define Geographic

A

Customer location, region, urban/rural

22
Q

Define Demographic

A

Age, gender, occupation, socioeconomic group

23
Q

Define Behavioural

A

Rate of usage, benefits sought, loyalty status, readiness to purchase

24
Q

Define Psychographic

A

Personality, lifestyles, attitudes, class

25
Q

What is the purpose of Logos

A

They’re marketing strategies that are used to target specific groups of people

26
Q

Give three examples of a Market

A

Street market, an online marketplace or something bigger like the UK market

26
Q

Define Market

A

A market is anywhere that a business can sell its products or services

27
Q

Define Mass Market

A

Aimed at the general population

28
Q

Define Niche Market

A

Subset of the main market and addresses a specialist need

29
Q

What are three advantages of Niche Markets

A

Higher prices can be charged, businesses are able to meet customer needs precisely, less competition short term

30
Q

What are two disadvantages of Niche Markets

A

Fewer potential customers, may be vulnerable to competition

31
Q

Define three advantages of Mass Markets

A

Increase brand awareness, huge number of potential sales, able to benefit from economies of sale

32
Q

Define two disadvantages of Mass Markets

A

Products are harder to personalise, potentially more competition

Unit 2 Business (1 decks)

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