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AICE Business > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

Marketing

A

The management task that links the business to the customer by identifying and meeting the needs of customers profitably - it does this by getting the right product at the right price to the right place at the right time

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2
Q

Consumer markets

A

Markets for goods and services bought by the final user of them

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3
Q

Industrial markets

A

Markets for goods and services bought by businesses to be used in the production process of other products

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4
Q

Marketing objectives

A

The goals set for the marketing department to help the business achieve its overall objectives

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5
Q

Market strategy

A

Long-term plan established for achieving marketing objectives

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6
Q

Market orientation

A

An outward-looking approach basing product decisions on consumer demand, as established by market research

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7
Q

Product orientation

A

An inward-looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them

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7
Q

Asset-led marketing

A

An approach to marketing that bases strategy on the firm’s existing strengths and assets instead of purely on what the consumer wants

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8
Q

Societal marketing

A

This approach considers not only the demands of consumers but also the effects on all members of the public (society) involved in some way when firms meet these demands

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9
Q

Demand

A

The quantity of a product that consumers are willing able to buy at a given price in a time period

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10
Q

Supply

A

The quantity of a product that firms are prepared to supply at a given price in a time period

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11
Q

Equilibrium price

A

The market price that equates supply and demand for a product

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12
Q

Market size

A

The total level of sales of all producers within a market

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13
Q

Market growth

A

The percentage change in the total size of a market (volume or value) over a given period of time

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14
Q

Direct competitor

A

businesses that provide the same or
very similar goods or services.

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15
Q

Unique selling point (USP)

A

The special feature of a product that differentiates it from competitors’ products

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16
Q

Product differentiation

A

Making a product distinctive so that it stands out from competitors’ products in consumers’ perception

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17
Q

Niche marketing

A

Identifying and exploiting a small segment of a larger market by developing products to suit it

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18
Q

Mass marketing

A

Selling the same products to the whole market with no attempt to target groups within it

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19
Q

Market segmentation

A

Identifying different segments within a market and targeting different products or services to them

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20
Q

Market segment

A

A sub-group of a whole market in which consumers have similar characteristics

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21
Q

Consumer profile

A

A quantified picture of consumers of a firm’s products, showing proportions of age groups, income levels, location, gender and social class

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22
Q

Market research

A

This is the process of collecting, recording and analyzing data about the customers, competitors, and the market

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23
Q

Primary research

A

The collection of first-hand data that is directly related to a firm’s needs

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24
Q

Secondary research

A

Collection of data from second-hand sources

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25
Q

Qualitative research

A

Research into the in-depth motivations behind consumer buying behavior or opinions

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26
Q

Quantitative research

A

Research that leads to numerical results that can be statistically analyzed

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27
Q

Focus groups

A

A group of people who are asked about their attitude towards a product, service, advertisement, or new style of packaging

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28
Q

Sample

A

The group of people taking part in a market research survey selected to be representative of the overall target market

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29
Q

Random sampling

A

Every member of the target population has an equal chance of being selected

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30
Q

Systematic sampling

A

Every nth item in the target population is selected

31
Q

Stratified sampling

A

This draws an example from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum

32
Q

Quota sampling

A

When the population has been stratified and the interview selects an appropriate number of respondents from each stratum

33
Q

Cluster sampling

A

Using one or a number of specific groups to draw samples from and not selecting the whole population

34
Q

Open questions

A

Questions that invite a wide-ranging or imaginative response - the results will be difficult to collate and present numerically

35
Q

Closed questions

A

Questions to which a limited number of pre-set answers is offered

36
Q

Arithmetic mean

A

Calculated by totaling all the results and dividing by the number of results

37
Q

Mode

A

The value that occurs most frequently in a set of data

38
Q

Median

A

The value of the middle item when data have been ordered or ranked. It divides the data into 2 equal parts

39
Q

Range

A

The difference between the highest and lowest value

40
Q

Inter-quartile range

A

The range of the middle 50% of the data

41
Q

Marketing mix

A

The four key decisions that must be taken in the effective marketing product of a product

42
Q

Customer relationship management

A

Using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained

43
Q

Brand

A

An identifying symbol, name, image, trade ark that distinguishes a product from its competitors

44
Q

Product

A

The end result of the production process sold on the market to satisfy a customer need

45
Q

Consumer durable

A

Manufactured product that can be re-used and is expected to have a reasonably long life

46
Q

Intangible attributes of a product:

A

subjective opinions
of customers about a product that cannot be measured or
compared easily.

47
Q

Tangible attributes of a product

A

measurable features of
a product that can be easily compared with other products.

48
Q

Product positioning

A

The consumer perception of a product or service as compared to its competitors

49
Q

Product portfolio analysis

A

analyzing the range of
existing products of a business to help allocate resources
effectively between them.

50
Q

Product life cycle

A

the pattern of sales recorded by a
product from launch to withdrawal from the market and is
one of the main forms of product portfolio analysis.

51
Q

Extension strategies

A

Marketing plans to extend the maturity stage of the product before a brand new one is needed

52
Q

Price elasticity of demand.

A

Measures the responsiveness of demand following a change of price

53
Q

Mark-up pricing

A

Adding a fixed mark-up for profit to the unit price of a product

54
Q

Target pricing

A

Setting a price that will give a required rate of return at a certain level of output/sales

55
Q

Full-cost pricing

A

Setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and then adding a fixed profit margin

56
Q

Contribution cost pricing

A

Setting prices based on the variable costs of making a product in order to make a contribution towards fixed costs and profit

57
Q

Competition based pricing

A

A firm will base its price upon the price set by its competitors

58
Q

Dynamic pricing

A

offering goods at a price that changes
according to the level of demand and the customer’s ability
to pay.

59
Q

Penetration pricing

A

Setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales

60
Q

Market skimming

A

Setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity of demand

61
Q

Promotion

A

The use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy

62
Q

Promotion mix

A

The combination of promotional techniques that a firm uses to sell a product

63
Q

Above-the-line promotion

A

A form of promotion that is undertaken by a business by paying for communication with consumers. One type is advertising.

64
Q

Advertising

A

Paid-for communication with consumers to inform and persuade

65
Q

Below-the-line promotion

A

Promotion that is not a directly paid-for means of communication, but based on short-term incentives to purchase. Sales promotion is one type.

66
Q

Sales promotion

A

Incentives such as special offers or special deals directed at consumers or retailers to achieve short-term sales increases and repeat purchases by consumers

67
Q

Personal Selling

A

A member of the sales staff communicates with one consumer with the aims of selling the product and establishing a long-term relationship between company and consumer

68
Q

Sponsorship

A

payment by a company to the organisers
of an event or team/individuals so that the company name
becomes associated with the event/team/individual.

69
Q

Public Relations

A

the deliberate use of free publicity
provided by newspapers, TV and other media to
communicate with and achieve understanding by
the public.

70
Q

Branding

A

The strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about the product

71
Q

Marketing/promotion budget

A

The financial amount made available by a business for spending on marketing/promotion during a certain time period

72
Q

Channel of distribution

A

The chain of intermediaries a product passes through from producer to final consumer

73
Q

Internet marketing

A

The marketing of products over the Internet

74
Q

Viral marketing

A

The use of social networking sites or SMS text messages to increase brand awareness or sell products

75
Q

E-commerce

A

the buying and selling of goods and services
by businesses and consumers through an electronic medium.

76
Q

Integrated marketing mix

A

The key marketing decisions complement each other and work together to give customers a consistent message about the product

AICE Business (5 decks)

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