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IB Business Management HL 2016+ > Unit 4 - Marketing > Flashcards

Unit 4 - Marketing Flashcards

1
Q

above-the-line promotion

A

any form of advertising through the mass media made by third parties, e.g. TV spot

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2
Q

advertising

A

method of informative and/or persuasive promotion that is usually paid for

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3
Q

agent

A

negotiators who help to sell the vendor’s product, e.g. real estate agents

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4
Q

B2B

A

(business to business) online trade conducted directly for business customers rather than the end user

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5
Q

B2C

A

(business to consumer) online trade conducted directly for the end-user

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6
Q

below-the-line promotion

A

promotional methods that do not directly use the mass media, e.g. loyalty cards

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7
Q

branding

A

use of an exclusive name, symbol or design to identify a specific product or business

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8
Q

cash cow

A

term used in the Boston matrix: product with a large market share in a low growth market

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9
Q

channel of distribution

A

ways that a product gets from the producer to the consumer

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10
Q

consumer goods

A

products bought for personal consumption: consumer durables (cars, computers) and consumer non-durables (food, fresh flowers)

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11
Q

consumer profile

A

characteristics of customers in different markets, e.g. age, gender, income

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12
Q

cost-plus pricing

A

setting prices based on unit costs and then adding a specific amount or percentage profit

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13
Q

differentiation

A

any strategy used to make a product appear to be dissimilar from others, e.g. quality, branding, packaging

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14
Q

direct marketing

A

any promotional activity that involves making direct contact with customers, e.g. door-to-door selling, direct selling

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15
Q

direct selling

A

salesmen deals with the customer face to face

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16
Q

distribution

A

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

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17
Q

distributors

A

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

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18
Q

dog

A

term used in the Boston matrix: product with a low market share in a low growth market

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19
Q

e-commerce

A

trading of goods and services via the internet

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20
Q

e-tailers

A

businesses that operate predominantly online, e.g. Dell

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21
Q

ethical marketing

A

moral aspects of a firm’s marketing strategies

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22
Q

exporting

A

selling domestically produced goods and services to overseas buyers to gain access to larger markets

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23
Q

extension strategy

A

attempt to lengthen the life-cycle of a particular product

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24
Q

global marketing

A

marketing of a product by using the same strategy in various countries to gain from marketing economies of scale

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25
Q

intermediaries

A

agents or firms that act as a middle person in the chain of distribution between producer and consumer

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26
Q

international marketing

A

marketing of a firm’s product in foreign countries

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27
Q

market leadership

A

firm that dominates the market share in a particular market

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28
Q

market orientation

A

business focuses on making products that they can sell, rather than selling products that the can make

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29
Q

market research

A

marketing activities designed to discover opinions, feeling and habits of potential and existing customers

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30
Q

market segmentation

A

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

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31
Q

market share

A

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

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32
Q

market size

A

value of sales revenue from all businesses in a particular market

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33
Q

marketing

A

management of predicting, identifying and meeting the needs and wants of customers at a profit

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34
Q

marketing mix

A

main elements of a firm’s marketing strategy: product, price, promotion, place (4 Ps)

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35
Q

marketing objectives

A

targets that the marketing department wishes to achieve

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36
Q

marketing plan

A

document outlining a form’s marketing objectives and strategies for a specified time period

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37
Q

marketing planning

A

process of devising marketing objectives and appropriate strategies to achieve these goals

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38
Q

marketing strategy

A

any medium – to long-term plan to achieve the firm’s marketing objectives

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39
Q

online presence

A

business has a dedicated website for e-commerce

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40
Q

packaging

A

ways in which a product is presented to the consumer

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41
Q

penetration pricing

A

setting low prices to gain entry into a new market

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42
Q

position map

A

visual aid that shows customer perception of a product or brand in relation to others in the market

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43
Q

predatory pricing

A

setting prices so low that rivals cannot compete at a profitable level

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44
Q

price discrimination

A

charging different prices to different groups of customers for the same product, e.g. different entrance fee for adults and kids

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45
Q

price skimming

A

setting very high prices for innovative or high-tech products

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46
Q

price war

A

firms compete by a series of intensive price cuts to threaten the competitiveness of rival firms

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47
Q

primary research

A

collection of new data as the information does not currently exist

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48
Q

product

A

any physical or non-physical good or service that is purchase by customers

49
Q

product design

A

physical aspects of a product and the process of adding value to it

50
Q

product life cycle

A

typical process that products go through: introduction, growth, maturity, decline

51
Q

product line

A

varieties of a particular product that serves the same purpose in a particular market, e.g. BMW mini includes hardtop, convertible, cooper S

52
Q

product mix

A

different product lines that a business produces, e.g. BMW produces Mini, 3 series, Roll-Royce

53
Q

product orientation

A

business focuses on making products that can make, rather than making products that they can make

54
Q

product portfolio

A

range of products owned and developed by a firm at any point in time

55
Q

product range

A

all product lines of a firm’s product mix

56
Q

promotion

A

methods used to inform, persuade or remind people about a firm’s products or brands

57
Q

promotional mix

A

combination of individual promotional methods used by a business, such as advertising, packaging

58
Q

publicity

A

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

59
Q

qualitative market research

A

focuses on comments, suggestions, opinions

60
Q

quantitative market research

A

focuses on collection of numerical data

61
Q

question mark

A

(or problem child) term used in the Boston matrix: product with a small market share in a high growth market

62
Q

quota sampling

A

method that involves segmenting the population and then select a certain number (the quota) of people in each market segment

63
Q

random sampling

A

gives every person in the population an equal chance of being selected

64
Q

repositioning

A

strategy that involves changing the market’s perception of a product or brand

65
Q

retailer

A

seller of products to the general public that operate in outlets

66
Q

sales forecasting HL

A

quantitative technique that estimates the level of sales a business expects to achieve

67
Q

sales promotion

A

short-term incentive designed to stimulate demand for a product, e.g. discount coupons

68
Q

sampling

A

practice of selecting a representative group (known as a sample) of a population for primary research purposes

69
Q

secondary research

A

gathering data and information that has already been collected by another party

70
Q

slogans

A

catchphrases designed to represent the essence of a business or its products

71
Q

snowballing

A

sampling method that relies on “word of mouth” (through friends, family, colleagues) to increase the sample size

72
Q

social marketing

A

vany activity that seeks to influence social behaviour to benefit the target audience

73
Q

spam

A

unsolicited messages via email

74
Q

sponsorship

A

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

75
Q

star

A

term used in the Boston matrix: product that have a large market share in a high growth market

76
Q

stratified sampling

A

subdivides the population into segments with similar characteristics and selects a number of respondents from each stratum that is proportional to the population

77
Q

targeting

A

each distinctive market segment can have its own marketing mix

78
Q

telemarketing

A

use of telephone systems to sell products directly to potential customers

79
Q

unique selling Point USP

A

any aspect of a product that makes it stand out from those offered by rival businesses

80
Q

viral marketing

A

promotional technique that relies on the use of online social networks like email, blogs, YouTube

81
Q

wholesalers

A

businesses that purchase large quantities of products from manufactures and then break the bulk purchases into smaller units for resale to retailers

82
Q

word of mouth

A

spreading of messages about a firm and its products

83
Q

Boston Matrix

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

84
Q

brand awareness

A

extent to which potential customers recognise a particular brand

85
Q

brand development

A

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

86
Q

brand loyalty

A

occurs when customers buy the same brand of a product time and time again because they are devoted t the brand

87
Q

brand value

A

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

88
Q

business etiquette HL

A

manners and customs by which business is conducted in different countries

89
Q

C2C

A

(consumer to consumer) e-commerce platform that enables customers to trade with each other

90
Q

cluster sampling

A

sample is chosen in a particular area when getting feedback involve too much time or travelling (e.g. a street, a shopping centre, a town)

91
Q

convenience sampling

A

uses people that are easy to reach (e.g. students use their classmates and friends)

92
Q

cultural exports HL

A

commercial transfer of ideas and values, e.g. US fast-food

93
Q

cyclical variations HL

A

fluctuations in sales linked to the economic cycle

94
Q

direct investment HL

A

business sets up production and/or distribution facilities in overseas markets

95
Q

extrapolation HL

A

forecasting technique used to identify the trend by using past data and extending this trend to predict future sales

96
Q

focus group

A

forming small discussion groups to gain insight into the attitudes and behaviour of respondents

97
Q

guerrilla marketing

A

strategy that aims to catch the attention of customers through unusual, unconventional or shocking techniques

98
Q

licensing HL

A

third-party firm buys the right to produce goods of another business

99
Q

logo

A

visual symbol to represent the business, its brands or its products

100
Q

loss leader pricing

A

market-led pricing strategy that involves setting the price of a product that is below its cost of production

101
Q

market skimming

A

firm sets price for new and innovative products high in order to gain customers who will pay almost any price to get the product

102
Q

mass marketing

A

undifferentiated marketing which ignores targeting individual market segments

103
Q

moving average HL

A

used to find the underlying trends by smoothing out variations in a data set caused by seasonal, cyclical and random variations

104
Q

niche marketing

A

targets specific and well-defined market segments

105
Q

people HL

A

seven Ps model: employees who interact with customers, thereby delivering the service to customers

106
Q

physical evidence HL

A

seven Ps model: tangible aspect of a service, e.g. luxury hotel with a welcoming lobby

107
Q

place

A

distribution of products

108
Q

price war

A

firms compete by a series of intensive price cuts to threaten the competitiveness of rival firms

109
Q

process HL

A

seven Ps model: ways in which the service is provided or delivered, including after-sales care

110
Q

product differentiation

A

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

111
Q

psychological pricing

A

rounding down numbers such as 9.90€

112
Q

public relations

A

business activities aimed at establishing and protecting the desired image of an organisation

113
Q

random variations HL

A

unpredictable variations in sales revenue caused by irregular factors that couldn’t be predicted

114
Q

seasonal variations HL

A

periodic fluctuations in sales revenue over a specific time period, such as certain months

115
Q

seven Ps model HL

A

marketing of services which includes 3 additional Ps in addition to the traditional 4 Ps

116
Q

social networking

A

individuals use particular platform to build social relationships between people

117
Q

specialty channel of distribution

A

any indirect way to distribute products that does not involve retailers, e.g. e-commerce, vending machines, mail order

118
Q

time series analysis HL

A

sale forecasting technique that attempts to predict sales levels by identifying the underlying trend

IB Business Management HL 2016+ (5 decks)

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