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VCE Business Management 1/2 > Unit 2 AOS 2 > Flashcards

Unit 2 AOS 2 Flashcards

1
Q

Advertising

A

A paid, non-personal message communicated through a mass medium.

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2
Q

advertising media

A

The many forms of electronic and print communication used to reach an audience.

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3
Q

Artificial Intelligence

A

Intelligence demonstrated by machines, as opposed to the natural intelligence displayed by humans.

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4
Q

Brand or brand identity

A

A name, term, symbol, design, or any combination of these that identifies a specific product and distinguishes it from its competition.

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5
Q

Brand Name

A

That part of the brand that can be spoken.

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6
Q

Brand symbol or logo

A

A graphic representation that identifies a business or product.

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6
Q

Consumer buying behavior

A

The decisions and actions of consumers when they purchase goods and services for personal or household use.

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7
Q

Crisis communication plan

A

Outlines the policies and procedures to follow when handling unfavorable publicity and news personnel when a crisis occurs.

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8
Q

Crisis public relations

A

The strategies that a business implements when an unforeseen event generates unfavourable publicity that may threaten the image and reputation of the business.

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9
Q

Culture

A

All the learned values, beliefs, behaviours, and traditions shared by a society.

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10
Q

Customer Attitude

A

A person’s overall feeling about an object or activity.

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11
Q

Customer base

A

The group of customers who might be expected to purchase a business’s goods and services.

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12
Q

Customer Loyalty Program

A

A rewards-based program offered by a business to customers who frequently make purchases.

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13
Q

Customer Service

A

Responding to the needs and problems of the customer, ensuring the desired product is delivered at the appropriate place at the right time.

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14
Q

Data Analytics

A

The science of analysing raw data to draw conclusions about that information.

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15
Q

Distribution Channels

A

The routes taken to get the product from the factory to the customer.

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16
Q

Diversification

A

When businesses vary their range of products or their field of operations.

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16
Q

E marketing

A

The practice of using the internet to perform marketing activities.

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17
Q

Email Marketing

A

The act of sending a commercial message, typically to a group of people, using email.

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18
Q

Exports

A

Goods or services sold by one country to individuals, businesses, or governments in another country with the aim of extending sales and market penetration.

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19
Q

External Data

A

Published data from outside the business.

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20
Q

green marketing

A

The practice of promoting and selling products based on their environmental benefits.

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21
Q

Image

A

How a business is perceived by the world at large, especially consumers.

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22
Q

Market segmentation

A

When the total market is subdivided into groups who share one or more common characteristics.

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22
Q

Internal Data

A

Information that has already been collected from inside the business.

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22
Q

Market

A

The number of all actual and potential buyers of a product.

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23
Q

Market Dimensions

A

Those broad elements that allow a potential market segment to be identified.

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24
Q

marketing

A

‘The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives’ (American Marketing Association).

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24
Q

Market Share

A

The business’s share of the total industry sales for a particular market or product.

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24
Q

Marketing Mix

A

The combination of seven elements — product, price, place, promotion, people, physical evidence, and process (the 7Ps) — that make up the marketing strategy.

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25
Q

Niche market

A

A narrowly selected target market segment.

25
Q

Marketing Data

A

The information — usually expressed as facts and figures — relevant to the defined marketing problem.

25
Q

Marketing plan

A

A document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service.

25
Q

Motives

A

The reasons that individuals do something.

25
Q

Marketing profitability analysis

A

A method used by the business to break down its total marketing costs into specific marketing activities.

26
Q

Non-store retailing

A

Retailing activity conducted away from the traditional store.

26
Q

Materialism

A

An individual’s desire to acquire more possessions.

26
Q

opinion leader

A

A person who influences others.

26
Q

Packaging

A

The development of a container and the graphic design for a product.

27
Q

Media

A

The assorted public relations communication strategies available to convey the image to the selected publics.

28
Q

Peer group

A

A group of people with whom a person closely identifies, adopting their attitudes, values, and beliefs.

29
Q

People

A

Everyone involved in the product of a business, whether they are in direct contact with customers or have an indirect connection.

30
Q

Percentage mark up

A

Increase to the cost price by a fixed percentage to give the selling price.

31
Q

Personal Selling

A

The activities of a sales representative directed to a customer in an attempt to make a sale.

31
Q

Personality

A

The collection of all the behaviours and characteristics that make up that person.

32
Q

Physical Evidence

A

Everything that the customer sees when interacting with a business.

33
Q

Place

A

Making the product available to the customer, wherever the customer chooses to purchase it.

33
Q

Price

A

The amount of money the customer pays to be able to enjoy a product.

34
Q

Primary Data

A

The facts and figures collected from original sources.

35
Q

Primary target market

A

The market segment at which most of the marketing resources are directed.

36
Q

Product

A

A good, service, experience, idea or information that can be offered in an exchange for the purpose of satisfying a need or want.

36
Q

Process

A

The flow of activities or mechanisms that take place when there is any interaction between the customer and a business.

37
Q

Product

A

A good, service, experience, idea or information that can be offered in an exchange for the purpose of satisfying a need or want.

38
Q

Product development

A

The creation of a product with new or different characteristics that offer new or additional benefits to customers.

39
Q

Product Life Cycle

A

The stages a product passes through: introduction, growth, maturity, decline and extension.

39
Q

Product mix

A

The total range of products offered by a business.

40
Q

Product Placement

A

The inclusion of product advertising in entertainment.

40
Q

Promotion Mix

A

The promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations.

40
Q

Promotion

A

The methods used by a business to inform, persuade and remind a target market about its products.

41
Q

Product positioning

A

The development of a product image compared with the image of competing products.

42
Q

psychological factors

A

Influences within an individual that affect their buying behaviour.

43
Q

Public relations

A

Communicating an intended message to the public to create and sustain a positive business reputation.

44
Q

Public relations campaign

A

A series of public relations activities undertaken to achieve a specific objective.

45
Q

Publicity

A

Any free news story about a business’s products.

46
Q

Publics

A

Groups that the business interacts with and that have a vested interest in, or impact on, the business’s ability to achieve its objectives.

47
Q

Qoute

A

An estimate of the costs involved with an individual job, plus a certain amount so the business makes a profit.

48
Q

Risk management

A

The process of identifying the risks to which a business is likely to be exposed and determining the best way to deal with them.

49
Q

Sales analysis

A

Uses sales data to evaluate the business’s current performance and the effectiveness of the marketing mix.

50
Q

Secondary data

A

Information that some other person or business has already collected.

50
Q

SEO

A

The process of improving a business’s website to increase its visibility when people search for products or services via various search engines.

51
Q

Secondary target market

A

Usually a smaller and less important market segment.

52
Q

Social media

A

A computer-based technology that facilitates the sharing of ideas, thoughts, and information through virtual networks and communities.

53
Q

sociocultural influences

A

Forces exerted by other people that affect customer behaviour.

54
Q

statistical interpretation analysis

A

The process of focusing on the data that represent average, typical, or deviations from typical patterns.

55
Q

Survey

A

Gathering data by asking questions or interviewing people.

56
Q

Target Market

A

A group of customers with similar characteristics who currently purchase the product or may do so in the future.

57
Q
A

VCE Business Management 1/2 (1 decks)

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