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Business IB SL > Unit 4 > Flashcards

Unit 4 Flashcards

1
Q

commercial
marketing

A

the use of marketing strategies to meet the needs
and wants of customers in a profitable way

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2
Q

ethical code of
practice

A

guidelines that help businesses to act in a moral
way by considering what is ethically right or
wrong (from society’s point of view)

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3
Q

a market

A

a place or process whereby customers and
suppliers trade. A market exists where there is
demand for a particular product and where there
is a willingness from businesses to supply these
products

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4
Q

market
concentration

A

measures the degree of competition that exists
within a market by calculating the market share of
the largest few firms in an industry

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5
Q

market growth

A

the increase in the size of a market (or industry). It
is typically expressed as a percentage increase in
the market size of an industry per year

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6
Q

market leadership

A

businesses with the largest market share in a
particular market

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7
Q

market orientation

A

a marketing approach adopted by businesses that
are outward looking by focusing on marketing
products that they can sell, rather than selling
products they can make

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8
Q

market share

A

the value of a firm’s sales revenue as a
percentage of the total sales revenue within an
industry

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9
Q

market size

A

the magnitude of an industry, usually measured in
terms of the value of sales revenue from all the
businesses within a particular market, per time
period

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10
Q

marketing

A

the management process of predicting, identifying
and meeting the needs and wants of customers in
a profitable way

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11
Q

marketing
objectives

A

the specific marketing goals of an organisation.
The marketing objectives of for-profit
organisations include increased sales revenue,
greater market share and market leadership

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12
Q

marketing strategies

A

the medium to long term plans to achieve an
organisation’s marketing objectives

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13
Q

product orientation

A

a marketing approach used by businesses that are
inward looking as they focus on selling products
they can make, rather than making products they
can sell

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14
Q

social marketing

A

any activity that seeks to influence social
behaviour to benefit the target audience and
society as a whole

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15
Q

consumer profiles

A

the demographic and psychographic
characteristics of consumers in different markets

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16
Q

differentiation

A

the act of distinguishing a business or its products
from rivals in the industry. It tries to create the
perception among customers that the
organisation’s products are different compared to
rival or substitute products

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17
Q

ethical marketing

A

the moral aspects of an organisation’s marketing
strategies. It can be encouraged by the use of
moral codes of practice

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18
Q

market
segmentation

A

the process of categorising customers into
distinct groups with similar characteristics and
similar wants and needs

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19
Q

the marketing mix

A

the combination of various elements needed to
successfully market a product. It is used to review
and develop marketing strategies and is at the
heart of marketing planning. Traditionally it
consists of the 4p’s: price, product, promotion and
place

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20
Q

marketing
objectives

A

the targets that the marketing department wishes
to achieve. Marketing objectives should derive
from the organisation’s overall objectives

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21
Q

a marketing plan

A

the document outlining an organisation’s
marketing objectives and strategies for a specifies
time period

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22
Q

marketing planning

A

the systematic process of devising marketing
objectives and appropriate marketing strategies
to achieve these goals. It requires the collection
and analysis of information about a particular
market.

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23
Q

market segments

A

the various sub-groups of a large market,
consisting of customers who share common or
similar characteristics

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24
Q

marketing strategies

A

the various long-term actions taken by a business
to achieve its marketing goals

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25
Q

mass marketing

A

undifferentiated marketing. This is a strategy that
ignores targeting individual market segments

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26
Q

niche marketing

A

targets a specific and well-defined market
segment

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27
Q

packaging

A

a form non-price competition that focuses on the
ways in which a product is presented to a
consumer. Psychologists argue that people’s
moods are affected by aspects of packaging such
as colour and texture

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28
Q

physical evidence

A

the image portrayed by a business regarding its
observable and tangible features

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29
Q

place

A

describes the methods of distributing products to
customers

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30
Q

position
(perception) map

A

a visual aid that shows customer perceptions of a
product or brand in relations to others in the
market, often by comparing perceptions about
price and quality

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31
Q

price

A

the amount that customers pay for a particular
good or service

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32
Q

process

A

part of the extended marketing mix which refers
to the methods and procedures used to give
clients the best possible experience

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33
Q

a product

A

a physical good or an intangible service.
Businesses sell products to fulfil the needs and
wants of their customers

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34
Q

promotion

A

the strategies used to attract customers to buy
firms products

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35
Q

repositioning

A

a marketing strategy that involves changing the
market’s perception of a firm’s product or brand
in comparison to a rival business

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36
Q

segmentation

A

the process of categorising customers into
distinct groups of people with similar
characteristics and similar buying habits for
market research and targeting purposes.

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37
Q

a target market

A

a clearly identifiable group of customers, thus
enabling marketers to focus their efforts on
particular market segments, such as children,
adults, women, men

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38
Q

targeting

A

refers to each distinctive market segment having
its own specific marketing mix. Different markets
can be targeted, depending on whether the
business operated in niche or mass marketing.

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39
Q

unique selling point
(or unique selling
proposition)

A

any aspect of a product that makes it stand out (in
a positive way) from those offered by rival
businesses

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40
Q

academic journals

A

periodic publications from educational and
research institutions that publish data and
information relating to a particular academic
discipline

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41
Q

ad-hoc market
research

A

market research that is conducted as and when
required by an organisation in order to deal with
a specific problem or issue

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42
Q

bar graphs

A

a visual method of presenting market research
data, such as sales figures during different periods
of time

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43
Q

cluster sampling

A

used when getting feedback from respondents
involves too much time, travelling or money

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44
Q

continuous market
research

A

a method of market research that is conducted on
an ongoing basis, rather than a one-off basis

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45
Q

convenience
sampling

A

uses subjects that are easy to reach. It relies on
ease of reach and volunteers because of their
availability

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46
Q

focus groups

A

involve forming small discussion groups to gain
insight into the attitudes and behaviour of
respondents. The group is typically made up of
participants who share a similar customer profile

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47
Q

government
publications

A

a type of secondary market research, referring to
official documents and publications released by
government entities and agencies

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48
Q

histograms

A

a visual method of presenting market research
data by using a type of bar graph to show
frequency and the range of a data set

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49
Q

interviews

A

a type of primary research that involve
discussions between an interviewer and
interviewees to investigate their personal
circumstances and opinions. Beliefs, attitudes and
feelings can be examined in detail

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50
Q

line graphs

A

a method of visual presentation of market
research data, used to show time-series
information, such as changes in profit figures over
time

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51
Q

a market analysis

A

the characteristics and the outlook (trends) for a
particular product or industry

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52
Q

market research

A

marketing activities designed to discover the
opinion, beliefs and preferences of potential and
existing customers in order to identify and
anticipate their needs and wants

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53
Q

media articles

A

a type of secondary market research referring to
the documents in print or online media. they are
written by trained journalists and authors

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54
Q

non-sampling error

A

caused by human error or human behaviour. They
arise from the researcher’s mistakes in recording,
processing or analysing data, or because
respondents do not always give truthful and
honest answers.

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55
Q

observations

A

a method of primary research that involves
watching how people behave or respond in
different situations. It can be done under
controlled conditions or as real-life situations

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56
Q

pie charts

A

a method of visual presentation of market
research data, used to show percentages

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57
Q

the population

A

in marketing terms, refers to all the potential
customers of a particular market

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58
Q

primary research

A

market research that involves gathering new data
first-hand for a specific purpose. Methods of
primary research include: surveys, interviews,
focus groups and observations

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59
Q

qualitative market
research

A

non-numerical answers and opinions from
respondents. The main purpose is to understand
the behaviour, attitudes and perceptions of
customers, emplovees or other respondents

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60
Q

quantitative market
research

A

about collecting and using factual and
measurable information rather than opinions

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61
Q

quota sampling

A

the most common sampling method, involving a
certain number of people from different segments
being used for research

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62
Q

random sampling

A

gives everyone in the population an equal chance
of being selected for the sample

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63
Q

a sample

A

a selected proportion of the population used for
primary research purposes

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64
Q

sampling errors

A

caused by mistakes made in the sample design,
such as an unrepresentative sample being used or
the sample size being too small

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65
Q

scatter diagrams

A

a visual method of presenting market research
data, used to show possible correlations between
two variables

66
Q

secondarv research

A

the collection of second-hand data and
information that already exists, previously
gathered by others

67
Q

snowballing

A

market research carried out with individuals who
the suggest other friends, family members or
colleagues thereby increasing the sample size. It
is used when businesses are unable to get hold of
appropriate respondents, as the population is not
clear

68
Q

stratified sampling

A

involves subdividing the market into segments
(known as strata) that share homogeneous or very
similar characteristics. A number of respondents
from each stratum that is proportional to the
population is then randomly selected for the
sample

69
Q

a survey

A

a document that contains a series of questions
used to collect data for a specific purpose. It is
the most common method of primary research

70
Q

above-the-line
promotion

A

any form of paid-for-promotion through mass
media (such as television or radio) to reach a wide
audience

71
Q

advertising

A

a method of informative and/or persuasive
promotion that is usually paid for. The aim of
commercial advertising is to raise the level of
demand for a firm’s products

72
Q

advertising clutter

A

the huge volume of advertisements that the public
is bombarded with

73
Q

below-the-line
promotion

A

Promotion that is not a directly paid-for means of
communication

74
Q

celebrity
endorsement

A

the use of famous people to promote a particular
brand or organisation

75
Q

customer loyalty
schemes

A

reward systems use to encourage customers to
make repurchases, such as the use of price
discounts or free gifts for members of these
schemes

76
Q

direct mail

A

the use of postal correspondence for promoting
an organisations good or services

77
Q

direct marketing

A

promotional activities that aim to sell a product
straight to a customer rather than through an
intermediary

78
Q

guerilla marketing

A

a promotional strategy that aims to ambush or
catch the attention of customers through unusual,
innovative, unconventional and/or shocking
techniques, on a relatively low budget

79
Q

impulse buying

A

unplanned or unintentional purchases due to the
lure of eye-catching point of sales promotion

80
Q

logos

A

a form of product differentiation that use a visual
symbol to represent a business, its brands and
products

81
Q

merchandise

A

a retailer’s range of goods that are available for
sale

82
Q

personal selling

A

the use of sales staff to promote and sell goods
and/or services to customers, on a face-to-face
basis

83
Q

point of sale (POS)

A

the promotion of goods in retail stores at the
place where customers can buy the goods

84
Q

promotion

A

a component of the marketing mix. It refers to the
methods used to inform, persuade and/or remind
people about a firm’s products or brands

85
Q

promotional mix

A

the combination of individual ATL and BTL
promotional methods used by a business, such as
advertising, direct marketing, packaging and sales
promotion

86
Q

public relations (PR)

A

business activities aimed at establishing and
protecting the desired image of an organisation.
PR is concerned with getting good media
coverage, usually without directly paying for it

87
Q

publicity

A

the process of promoting a business and its
products by getting positive media exposure
without directly paying for it

88
Q

sales promotion

A

short-term incentives designed to stimulate
demand for a product

89
Q

social media
marketing (SMM)

A

the marketing practice of gaining internet traffic
through social media websites

90
Q

social networking

A

any platform used mainly by individuals to build
social relationships between people, often
because they are friends or share things in
common.

91
Q

slogans

A

catchphrases designed to represent the essence
of a business or its products using memorable set
of words

92
Q

sponsorship

A

a promotional technique that involves funding,
supporting or donating resources for an event or
business venture in return for prominent publicity

93
Q

telemarketing

A

a form of direct marketing that involves marketers
making telephone calls to existing and potential
customers

94
Q

trade fairs

A

promotional events where firms exhibit and
showcase their products for sale to potential
customers

95
Q

trade fairs

A

promotional events where firms exhibit and
showcase their products for sale to potential
customers

96
Q

viral marketing

A

a promotional strategy that combines online
technologies with word of mouth (WOM)
techniques. It is usually dine through internet via
emails and social networks

97
Q

word of moth
(WOM)

A

the spreading of marketing messages about an
organisation and the quality of its products or its
customer service.

98
Q

the Boston matrix

A

a marketing tool for analysing the product
portfolio of a business. It shows whether products
have high or low market share and operate in high
or low market growth industries

99
Q

brand awareness

A

the extent to which potential customers or the
general public recognise a particular brand. It is
usually expressed as a percentage of the sample
surveyed

100
Q

brand development

A

a long-term product strategy that involves
strengthening the name and image of a brand to
boost its appeal and sales

101
Q

brand loyalty

A

when customers buy the same brand of a product
time and time again. They are devoted to the
brand since they have brand preference over
other brand names

102
Q

brand value

A

the premium that customers are willing to pay for
a brand over and above the value of the product
itself

103
Q

branding

A

the use of an exclusive name, symbol or design to
identify a specific product or organisation. It
differentiates a product from similar ones offered
by rival firms /

104
Q

cash coW

A

a term used by the Boston consulting group to
refer to any product that generates significant
money due to its large market share in a mature
market

105
Q

consumer goods

A

products bought for personal consumption, such
as furniture, cars and food

106
Q

dogs

A

products in the BCG matrix that have low market
share and operate in low growth or stagnant
markets. Hence, dogs do not generate much
profit or cash for a business

107
Q

an extension
strategy

A

an attempt by marketers to lengthen the lifecycle
of a particular product, typically used during the
maturity or early decline stages of the product
life cycle

108
Q

product

A

any physical or non-physical item that is
purchased by commercial or private customers

109
Q

product
differentiation

A

any strategy used to make a product appear to
be distinct from others, such as quality, branding
and packaging

110
Q

the product
lifecycle

A

the typical process that products go through from
their initial design and launch to their decline and
eventual withdrawal. Different products undergo
each of the five stages at varying speeds

111
Q

product portfolio

A

the range of products or strategic business units
owned and developed by an organisation at any
one point in time

112
Q

question marks (or
problem children)

A

products in a BCG matrix that compete in high
market growth industries but that have a low
market share. They consume a lot of cash but
generate little, if any profit

113
Q

rising stars (stars)

A

products in the BCG matrix that have high or
rising market share in a high growth market

114
Q

cost-plus pricing (or
mark-up pricing)

A

adding a percentage or predetermined amount of
profit to the cost per unit of output to determine
the selling price

115
Q

loss leader pricing

A

setting the price of a product below the cost of
production. The purpose is to entice customers to
buy other products with high profit margins in
addition to purchasing the loss leader product

116
Q

non-pricing
strategies

A

the methods used by a business to market its
products other than by focusing on price.
Examples include advertising, branding,
packaging and customer loyalty schemes

117
Q

penetration pricing

A

setting low prices to gain entry into a new market.
Once the product has established itself, prices
can be raised

118
Q

predatory pricing

A

temporarily setting prices so low that rivals,
especially smaller firms, cannot compete at a
profitable level

119
Q

price

A

the amount paid by a customer to purchase a
good or service

120
Q

price discrimination

A

charging different prices to different groups of
customers for the same product
e.g. adults being charged more for entry than
children

121
Q

price leadership

A

used for best-selling products or brands in a
particular market. Customers perceive there to be
few substitutes for such products so the dominant
firm can set its own prices. Competitors set their
prices based on the price of the market leader

122
Q

price skimming

A

involves initially charging high prices for
innovative or high-tech products. Price is reduced
as the novelty wears off and as substitute
products appear

123
Q

price wars

A

involve businesses competing by a series of
intense price cuts to threaten the competitiveness
of rival firms

124
Q

psychological
pricing

A

involves rounding down numbers to make prices
seem lower

125
Q

agents (or brokers)

A

negotiators who help to sell a vendor’s products,
such as real estate agents selling residential and
commercial property for their clients

126
Q

channels of
distribution

A

the ways that a product gets from the
manufacturer to the consumer e.g. wholesalers,
agents, e-commerce, and vending machines

127
Q

direct mail

A

promotional material sent directly to people’s
homes or places of work, often with personal
details gathered from a database containing
information about known customers

128
Q

direct marketing

A

any promotional activity that involves making
direct contact with customers, such as personal
selling and direct mail

129
Q

distribution (or
place)

A

the process of getting the right products to the
right customers at the right time and place in the
most cost-effective way

130
Q

distributors

A

independent businesses that act as intermediaries
by specialising in the trade of products made by
certain manufacturers

131
Q

intermediaries

A

agents or other businesses that act as a middle
man in the chain of distribution

132
Q

intermediation

A

the process of using intermediaries in the chain of
distribution between manufacturers and
consumers of a product

133
Q

a one-channel
distribution network

A

a method of distribution that involves the use of a
single intermediary, such as an agent or retailer

134
Q

place

A

the distribution of products i.e. how the products
get from the producer to the consumer

135
Q

retailers

A

the sellers of products to the general public that
operate in outlets

136
Q

speciality channel
of distribution

A

any indirect way to distribute products that does
not involve retailers i.e. without the use of
intermediaries

137
Q

telemarketing

A

the use of telephone systems to sell products
directly to the consumer

138
Q

a three-channel
distribution network

A

a type of distribution channel that uses three
intermediaries. It typically involves an agent,
wholesalers and retailers

139
Q

a two-channel
distribution network

A

a method of distribution that involves the use of
two intermediaries. These are typically
wholesalers and retailers

140
Q

wholesalers

A

businesses that purchase large quantities of
products from a manufacturer and then separate
the bulk-purchases into smaller units for resale,
mainly to retailers

141
Q

a zero-level
distribution channel
(direct distribution)

A

skips any intermediaries i.e. the producer sells
directly to the customer

142
Q

e-commerce

A

the buying and selling of goods and services via
electronic means. Most international marketers
rely on e-commerce to reach a global audience

143
Q

B2B (business to
business)

A

e-commerce conducted directly for business
customers rather than the end user

144
Q

B2C (business to
consumer)

A

e-commerce business conducted directlv for the
end user

145
Q

C2C (consumer to
consumer)

A

an e-commerce platform that enables customers
to trade with each other

146
Q

e-tailers

A

businesses that operate predominantly online
They are different from retailers that operate
physical stores and outlets

147
Q

the elevator pitch

A

the idea that marketers onlv have a short time
span available to hold the interests of customers.
It is an important consideration for e-marketers
when designing their websites

148
Q

price transparency

A

the openness in communication about prices
being charged by a business. e-commerce allows
customers to access price comparisons quite
easily

149
Q

spam

A

unsolicited and superfluous marketing messages
via email or pop-up ads. The common purpose of
spamming is to advertise a firm’s products

150
Q

viral marketing

A

a promotional technique that relies on the use of
online social networks

151
Q

Evaluate two methods available to the Fair Trade movement
to select a sample for its market research.

A

Suggested answer
The Fair Trade movement has been a key stakeholder in the drive
to promote a “fairer deal” for producers or growers of commodities
such as coffee beans. The intention is to give producers, who are
predominantly in the developing world, a much larger share of
the value added - which is similar to, but not exactly the same as,
profit - which the processed coffee gives to the final retailer.
The current share of this value added received by the growers is
very low as a percentage of the final purchase price. It is argued
that the retailer enjoys a significantly higher share of the value
added and this has been considered to be unethical.
A company which is essentially trying to promote itself as ethical
and socially responsible under the Fair Trade Agreement will
need to conduct its market research carefully, given that many
consumers may be unaware of the values of the movement and
may feel embarrassed when questioned if they show a certain
degree of “ethical ignorance”. For this reason, a random sample
of a chosen population may be inappropriate. A quota
survey may also prove to be ineffective if the group selected is
unaware of the mission and vision of the Fair Trade movement
To increase accuracy of the data collected the firm may
have to pre-select its market research respondents. It could
perhaps choose a cluster group or a stratified sample with
tightly defined criteria such as monthly spending on ethically
traded goods and services. These groups may be small and
unrepresentative of a general population but the issues being
discussed here are unlikely to appeal to the mass market.
Finally, a few well-chosen “ambassadors” may be selected to go
out in to the market-place with the specific task of “spreading the
message” of the Fair Trade movement through “snowballing”
This would not be as costly as the other two methods. However,
the Fair Trade movement will need to ensure the ambassador is
giving a consistent message. Word-of-mouth recommendations
could also be difficult to measure objectively for research purposes.
Judgment
Even if the Fair Trade movement is able to penetrate local and
global markets, significant issues remain for non-governmental
organizations when collecting market research data. The
collection of random samples of consumers may lead to unbiased
results but will be costly. Clustering may lead to more precise
data around local niche markets and, in the short term, this may
be the optimal route to take before the Fair Trade movement
launches a more mass-market campaign.

152
Q

Define marketing and describe the relationship with other business activities

A

Marketing is the process of identifying and satisfying customer needs and wants through the creation, promotion, and distribution of products or services. It is closely related to other business activities such as sales, advertising, branding, customer service, product development, pricing, and distribution. These functions work together to promote products, build strong customer relationships, and ultimately generate revenue for the company

153
Q

Describe the difference between market and product orientation

A

Market orientation and product orientation are two different approaches to business management. Market orientation focuses on identifying and meeting the needs and wants of customers, while product orientation focuses on promoting the quality and features of the product. Market orientation is customer-centric, while product orientation is product-centric.

154
Q

Describe the elements of a marketing plan

A

Executive summary: A brief overview of the marketing plan and its objectives.
Situation analysis: An analysis of the company’s current market position, including the market size, competition, target market, and customer needs and preferences.
SWOT analysis: A detailed analysis of the company’s strengths, weaknesses, opportunities, and threats.
Marketing objectives: Specific, measurable, and time-bound goals that the company aims to achieve through its marketing efforts.
Target market: A detailed description of the ideal customer or target audience for the company’s products or services.
Marketing mix: A set of tactics that the company will use to reach and influence its target market. This includes product, price, promotion, and place (distribution).
Budget: An estimate of the resources required to implement the marketing plan, including costs associated with advertising, promotion, and other marketing activities.
Implementation and control: A plan for executing the marketing plan, tracking progress, and making adjustments as needed.
Evaluation and measurement: A plan for measuring the effectiveness of the marketing plan, including metrics such as sales, customer acquisition, and customer retention.

155
Q

Outline possible target markets for XYZ plc’s new distribution service

A

Possible target markets for XYZ plc’s new distribution service could include small and medium-sized businesses, e-commerce businesses, retail businesses, international businesses, and subscription-based businesses. The choice of target market will depend on XYZ plc’s business strategy and the customer needs they aim to address

156
Q

Market worth

A

% Of sales growth within the market as a whole, from one year to the next

157
Q

Asset-led marketing

A

Basing marketing strategy ou the strengths of the business instead of prevely on what the customer want.

158
Q

Manufacturer brands

A

Brands created by the producer of goods and services

159
Q

Own-label brands

A

These are products which are manufactured for wholesalers ov retailers by other businesses, but they sell them under their name

160
Q

Product (individual branding)

A

Product (individual) branding: Businesses can brand individual products and give
them individual brand names (e.g. a large number of washing powder brands sold
by the same producer Procter & Gamble: Ariel, Bold, Tide, etc.)

161
Q

Family branding

A

Family branding: Family branding is when a business has a brand name, which includes
a number of different products. (e.g. Mars chocolate bar has its own energy drink
as well)

162
Q

Company branding

A

Company (corporate) branding: This is when a business name is used as brand name
This is similar to the own label brands, but in thneed de he busines that sells and
produce the products names the brand after the name of the company.

Business IB SL (9 decks)

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