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Business Studies > 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 profitability — 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

Marketing objectives

A

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

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3
Q

Demand

A

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

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4
Q

Supply

A

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

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5
Q

Equilibrium price

A

The price level at which demand is equal to supply

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6
Q

Customer orientation

A

An outward looking approach basing product design on consumer demand, 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 — then trying to sell them

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8
Q

Consumer products

A

Goods or services sold to end users

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9
Q

Industrials products

A

Goods or services sold to businesses

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10
Q

Niche marketing

A

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

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11
Q

Mass marketing

A

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

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12
Q

Market segmentation

A

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

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13
Q

Consumer profile

A

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

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14
Q

Customer relationship marketing (CRM)

A

Using marketing activities to build and establish good customer relationships so that the loyalty of existing customers can be maintained

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15
Q

Market growth

A

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

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16
Q

Corporate objectives

A

Well defined and realistic goals that are set for the whole company

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17
Q

Market research

A

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

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18
Q

Primary research

A

The collection of first hand data that is directly related to a firms needs

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19
Q

Secondary research

A

The use of existing data that was originally collected for another purpose

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20
Q

Qualitative data

A

Non-numerical data, which provides insight into the detailed motivations of consumers and helps to explain their buying behaviour or opinions

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21
Q

Quantitative data

A

Numerical results from research that can be statistically analysed

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22
Q

Coding

A

The process of labelling and organising qualitative data to identify the main themes and the links between them

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23
Q

Marketing mix

A

The four key decisions of product, price promotion and place that must be taken to enable the effective marketing of a product

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24
Q

Intangible attributes of a product

A

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

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25
Q

Tangible attributes of a product

A

Measurable features of a product that can easily be compared with another product

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26
Q

New product development (NPD)

A

The design, creation and marketing of new foods and services

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27
Q

Unique selling point

A

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

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28
Q

Product differentiation

A

The unique qualities of a product that lead to a difference between the product and competitors product

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29
Q

Product portfolio analysis

A

Analysing the range of existing products of a new business to help them allocate resources effectively between them

30
Q

Product life cycle

A

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

31
Q

Extension strategies

A

These are marketing plans to extend the maturity stage of the product before a brand new one is needed

32
Q

Advertising

A

Paid-for communication with consumers to inform and persuade

33
Q

Direct promotion

A

A range of promotional activities aimed directly at target customers. Also known as direct marketing

34
Q

Sales promotion

A

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

35
Q

Digital promotion

A

The promotion of products using digital technologies, mainly on the internet but also including mobile phones

36
Q

Channels of distribution

A

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

37
Q

Sample

A

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

38
Q

Sample bias

A

When a sample is not a good representation of the whole population, because it is chosen in ways which give some people a greater chance of being selected

39
Q

Marketing strategy

A

A plan of action giving details of how a business intends to achieve its marketing objectives by creating competitive advantage

40
Q

Market segment

A

A subgroup of a whole market in which consumers have similar characteristics

41
Q

Industrial market

A

The selling of products by businesses to other businesses, also known as business to business (B2B)

42
Q

Consumer market

A

The selling of products by businesses to the final end user, ask known as business to consumer (B2C)

43
Q

Market size

A

The total value (or quantity) of sales of all producers within a market in a given time period

44
Q

Brand leader

A

The brand with the highest share of the market

45
Q

Sampling

A

The process of selecting a group of respondents from a larger population

46
Q

Arithmetic mean

A

Dividing the total of all results by the number of results

47
Q

Mode

A

The most common number

48
Q

Median

A

The middle number when the data has been ordered

49
Q

Range

A

The difference between the highest and lowest number

50
Q

Product

A

Goods or services that are the end result of the production process and are sold on the market to satisfy customer needs

51
Q

Goods

A

Products which has a physical existence, such as washing machines and chocolate bars

52
Q

Services

A

Products which have no physical existence, but satisfy customer needs in other ways, such as hairdressing, car repairs, banking

53
Q

Brand

A

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

54
Q

Product positioning

A

Consumer’s view of a product or service as compared to its competitors

55
Q

Consumer durable

A

A manufactured product that can be re-used and is expected to have a reasonably long life, like a car or washing machine

56
Q

Boston matrix

A

A method of analysing the product portfolio of a business in terms of market share and market growth

57
Q

Mark-up pricing

A

Adding a fixed mark-up for profit to the unit cost of buying in a product

58
Q

Cost-plus pricing

A

Setting a price by calculating a total in it cost for the product and then adding a fixed profit mark-up

59
Q

Contribution-cost pricing

A

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

60
Q

Competitive pricing

A

Making pricing decisions based on the price set by competitors

61
Q

Price discrimination

A

Charging different groups of consumers different prices for the same good or service

62
Q

Dynamic pricing

A

Offering products at a price that changed according to the level of demand and the customer’s availability to pay

63
Q

Penetration pricing

A

Setting a relatively low price to achieve a high volume in sales

64
Q

Market skimming

A

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

65
Q

Psychological pricing

A

Setting a price at a level which matches customer’s view about a product’s perceived value

66
Q

Promotion

A

The use of advertising to inform consumers and persuade them to buy a product

67
Q

Promotion mix

A

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

68
Q

E-commerce

A

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

69
Q

Online marketing

A

Selling and marketing activities that use the internet, email and mobile communications to encourage direct sales via electronic commerce (another way of saying e-commerce)

70
Q

Digital distribution

A

The delivery of distribution of digital media content like audio, video, TV programmes, film, software and video games

71
Q

Physical distribution

A

The activities that combine to achieve the efficient movement of finished products from the end of the production operation to the consumer

72
Q

Integrated marketing mix

A

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

Business Studies (6 decks)

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