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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
Internal Data
Information that has already been collected from inside the business.
22
Market
The number of all actual and potential buyers of a product.
23
Market Dimensions
Those broad elements that allow a potential market segment to be identified.
24
marketing
‘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).
24
Market Share
The business’s share of the total industry sales for a particular market or product.
24
Marketing Mix
The combination of seven elements — product, price, place, promotion, people, physical evidence, and process (the 7Ps) — that make up the marketing strategy.
25
Niche market
A narrowly selected target market segment.
25
Marketing Data
The information — usually expressed as facts and figures — relevant to the defined marketing problem.
25
Marketing plan
A document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service.
25
Motives
The reasons that individuals do something.
25
Marketing profitability analysis
A method used by the business to break down its total marketing costs into specific marketing activities.
26
Non-store retailing
Retailing activity conducted away from the traditional store.
26
Materialism
An individual’s desire to acquire more possessions.
26
opinion leader
A person who influences others.
26
Packaging
The development of a container and the graphic design for a product.
27
Media
The assorted public relations communication strategies available to convey the image to the selected publics.
28
Peer group
A group of people with whom a person closely identifies, adopting their attitudes, values, and beliefs.
29
People
Everyone involved in the product of a business, whether they are in direct contact with customers or have an indirect connection.
30
Percentage mark up
Increase to the cost price by a fixed percentage to give the selling price.
31
Personal Selling
The activities of a sales representative directed to a customer in an attempt to make a sale.
31
Personality
The collection of all the behaviours and characteristics that make up that person.
32
Physical Evidence
Everything that the customer sees when interacting with a business.
33
Place
Making the product available to the customer, wherever the customer chooses to purchase it.
33
Price
The amount of money the customer pays to be able to enjoy a product.
34
Primary Data
The facts and figures collected from original sources.
35
Primary target market
The market segment at which most of the marketing resources are directed.
36
Product
A good, service, experience, idea or information that can be offered in an exchange for the purpose of satisfying a need or want.
36
Process
The flow of activities or mechanisms that take place when there is any interaction between the customer and a business.
37
Product
A good, service, experience, idea or information that can be offered in an exchange for the purpose of satisfying a need or want.
38
Product development
The creation of a product with new or different characteristics that offer new or additional benefits to customers.
39
Product Life Cycle
The stages a product passes through: introduction, growth, maturity, decline and extension.
39
Product mix
The total range of products offered by a business.
40
Product Placement
The inclusion of product advertising in entertainment.
40
Promotion Mix
The promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations.
40
Promotion
The methods used by a business to inform, persuade and remind a target market about its products.
41
Product positioning
The development of a product image compared with the image of competing products.
42
psychological factors
Influences within an individual that affect their buying behaviour.
43
Public relations
Communicating an intended message to the public to create and sustain a positive business reputation.
44
Public relations campaign
A series of public relations activities undertaken to achieve a specific objective.
45
Publicity
Any free news story about a business’s products.
46
Publics
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
Qoute
An estimate of the costs involved with an individual job, plus a certain amount so the business makes a profit.
48
Risk management
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
Sales analysis
Uses sales data to evaluate the business’s current performance and the effectiveness of the marketing mix.
50
Secondary data
Information that some other person or business has already collected.
50
SEO
The process of improving a business’s website to increase its visibility when people search for products or services via various search engines.
51
Secondary target market
Usually a smaller and less important market segment.
52
Social media
A computer-based technology that facilitates the sharing of ideas, thoughts, and information through virtual networks and communities.
53
sociocultural influences
Forces exerted by other people that affect customer behaviour.
54
statistical interpretation analysis
The process of focusing on the data that represent average, typical, or deviations from typical patterns.
55
Survey
Gathering data by asking questions or interviewing people.
56
Target Market
A group of customers with similar characteristics who currently purchase the product or may do so in the future.
57

VCE Business Management 1/2 (1 decks)

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