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Business Unit 3 > Unit 2 Business > Flashcards

Unit 2 Business Flashcards

1
Q

Product orientation

A

An approach to business which places the main focus of attention upon the production process and product its self

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2
Q

Market orientation

A

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

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3
Q

Pros and cons or product orientation

A

Pros;

  • unique products
  • good quality
  • saves money on market research
  • could be widely unsuccessful and fill a gap in the market

Cons;
- unreliable, don’t know if its going to be successful/ make profit

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4
Q

Marketing objectives

A

Goals that the firm sets to allow it to achieve its corporate objectives (overall aims of the business)

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5
Q

Corporate objectives

A

Overall aims of the business

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6
Q

Marketing tactics

A

Short term marketing measures. The practical actions and techniques designed to meet the needs of the strategy

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7
Q

What are the 4 P’s

A
  • product - gap in the market/USP
  • price - strategies - skimming/penetration
  • place - where to distribute
  • promotion - above or below the line
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8
Q

Marketing strategy

A

A set of plans designed to achieve the marketing objectives of the business

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9
Q

Distribution channels

A

Route through which a product passes in moving from the producer to the consumer

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10
Q

5 stages of PRODUCT LIFE CYCLE

A 
1 intro
2 growth
3 maturity
4 saturation
5 decline
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11
Q

4 quadrants of boston matrix

A

Star - high high
Cash cow - high share low growth
? - high growth low share
Dog- low low

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12
Q

Why is the boston matrix useful

A

Analysis of product portfolio and makes an informed desision of what marketing strategies need to be changed

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13
Q

Branding

A

A name/term/sign/symbol/design to identify the goods or services of a business and differentiate them from competitors

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14
Q

Branding strategies - individual

A

Individual products branded with individual names - can be developed for particular market segments (failure of one brand will have an adverse affect on another)

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15
Q

Branding strategies - corportate (Heinz)

A

When the business name is the brand name

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16
Q

Branding strategies - family (cadburys)

A

Brand name which includes a number of different products

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17
Q

Brand extensions (coke)

A

Existing brand name used for new products in the same market

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18
Q

Branding strategies - brand stretching (virgin)

A

Existing brand name has been taken to unrelated markets

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19
Q

Why analyse the product life cycle? (3 reasons)

A
  • Identify points at which a business may need to consider launching a new product
  • Identify where and when spending is required
  • Identify when a product should no longer be for sale
  • indicate profitability at each stage
  • When extension strategies are required
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20
Q

Brand protection - patents

A

Right to ownership of an invention or process granted by government for a fixed period of time

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21
Q

Brand protection -copyright

A

Legal ownership of a material such as books, music and films which prevents these bring copied by anyone else

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22
Q

Brand protection - trade marks

A

Signs, symbols, logos etc that distinguish products and services of one business from those of competitors

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23
Q

Benefits of brand protection

A
  • they can be used to generate income
  • can license other business’ who will pay large sums of money to copy the idea legally
  • or can sell to other business’ to use
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24
Q

Law of demand

A

Number of consumers willing and able to purchase a product

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25
Q

Price elasticity

A

The responsiveness of demand to changes in price

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26
Q

PED calculation

A

%change in QD/%change in P

27
Q

Price inelastic (number and define)

A

Less than 1

change in QD is less than change in price (nessecities)u

28
Q

Unitary demand

A

=1

Change in QD is proportional to change in P

29
Q

Price elastic

A

More than 1

Change in QD is greater than change in P (luxury cars)

30
Q

3 corners of the design mix triangle

A

Aesthetic
Functional
Economic

31
Q

Unit cost

A

Total cost/units of output

32
Q

Capacity utilisation

A
  • the use a business makes or its resources

- (Current output/max possible output) x 100

33
Q

Just in time

A

Method of stock control where firms re order stock just in time for the current stock to run out

34
Q

Benefits of JIT

A
  • increases efficiency because it prevents firms having to wait around for stock
  • cuts costs as they dont need as much storage space
  • frees up working capital
35
Q

Drawbacks of JIT

A

-doesnt work for all business’ as some has unpredictable demand

36
Q

Market share

A

(Sales/total sales in market) x 100

How big the company wants to be

37
Q

Marketing mix

A

The elements of a business’ marketing that are designed to meet the demands of the customer

38
Q

Budgets

A

A future plan which sets out a business’ financial targets

39
Q

Stock

A

Can be found in 3 places in the production process
Start - raw
Middle - work in progress
End - finished product

40
Q

Market position

A

Which market segments does the company want to be in

41
Q

Marketing

A

A way to promote/sell your product using a range of strategies and tools to attract your target audience

42
Q

Marketing objectives

A

The goals that a firm sets to allow it to achieve its corporate objectives (overall aims of the business)

43
Q

Market orientation

A

An approach to business which places the main requirement of the consumers at the centre of the decision making process

44
Q

Product orientation

A

An approach to business which places the focus of attention on the product its self (production process)

45
Q

Corporate objectives

A

Main priorities of the organisation

46
Q

Marketing strategy

A

A set of plans designed to achieve the marketing objectives of a business

47
Q

How does a business grow?

A

1) attract new customers

2) get customers to switch from competition

48
Q

Labour productivity (calc and def)

A

Total output/number of employees

A measure of output per worker over a given time

49
Q

market share calculation

A

(our sales/total sales in the market) x100

50
Q

market growth calculation

A

(change/original)x100

51
Q

Patents

A

right to ownership of an invention of process granted by the government for a fixed period of time

52
Q

Trade marks

A

Signs/symbols/logos that distinguish the products or services of one company from its competitors

53
Q

Copy right

A

legal ownership of material such as books, music and films which prevent them being copied by anyone else

54
Q

price elasticity (def)

A

responsiveness of demand to changes in price

55
Q

PED (calc)

A

% change in QD/% change in price

56
Q

Price inelastic (number and meaning)

A
57
Q

re order level

A

Quantity of stock at which you place another order

58
Q

Stock

A

Products that can be sold to customers which can be found as raw materials, works in progress or finished goods

59
Q

Lead time

A

Time taken for your order to come in

60
Q

JIT

A

Method of stock control where a firm reorders stock just in time for the other stock to run out

61
Q

Lean management

A

Philosophy that aims to produce more using less, by eliminating all forms of waste

62
Q

Cell production

A

Divides the production line into individual teams or cells which each have a certain aspect of production

63
Q

Time based management

A

Reduces wasted time by basing production on needs of the customers

64
Q

Simultaneous engineering

A

Part of time based management which helps firms develop and launch new products more quickly

Business Unit 3 (5 decks)

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