Business

Tankhiluun Khaya
Flashcards by Tankhiluun Khaya, updated more than 1 year ago
Tankhiluun Khaya
Created by Tankhiluun Khaya about 5 years ago
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For business :)

Resource summary

Question Answer
Marketing 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 price at the right time
Consumer markets Markets for goods and servives bought by the final user of them
Industria markets Markets for goods and services bought by businesses to be used in the production process of other products
Marketing objectives The goals set for the marketing department to help the business achieve its overall objectives
Marketing strategy Long tern plan established for achieving marketing objectives
Market orientation An outward looking approach basing product decisions on consumer demand, as established by market research
Product orientation 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
Asset-led marketing An approach to marketing that bases strategy on the firm's existing strengths and assets instead of purely on what the customer wants
Societal marketing This approach considers not only demand of consumers but also the effects on all members of the society/public involved in some way when firms meet these demands
Demand The quantity of a product that consumers are willing and able to buy at a given price in a time period
Supply The quantity of a product that firms are prepared to supply at a given price in a time period
Equilibrium price The market price that equates supply and demand for a product
Market size The total level of sales of all producers within a market
Market growth The percentage change in the total size of a market (volume or value) over a period of time
Market share The percentage of sales in the total market sold by one business ((firm's sales in a time period) : (total market sales in a time period))x100%
Product differentiation Making the product distinctive so that it stands out from competitors' in products in consumers' perception
Unique selling Point/Proposition (USP) The special feature of a product that differentiates it from competitors' products
Niche marketing Identifying and exploiting a small segment of a larger market by developing products to suit it
Mass marketing Selling the same products to the whole market with no attempt to target groups within it
Market segment A sub-group of a whole market in which consumers have a similar characteristics
Market segmentation Identifying different segments within a market and targeting different products or services to them
Consumer profil A quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class
Market research This is the process of collecting, recording and analysing data about the customers, competitors and the market
Primary research The collection of first hand data that is directly related to a firm's needs
Secondary research Collection of data from second hand sources
Focus groups A group of people who are asked about their attitude towards a product, service, advertisement or new style of packaging
Qualitative research The research into the in-depth motivations behind consumer buying the behavior pr opinions
Quantitative research Research that leads to numerical results that can be statistically analysed
Sample The group of people taking part in a market research survey selected to be representative of the overall target market
Random sampling Every member of te target population has an equal chance of being selected
Systematic sampling Every nth item in the market population is selected
Stratified sampling This draws sample froma specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum
Quota sampling When the population has been stratified and the interviewer selects an appropriate number of respondents from each stratum
Cluster sampling Using one or a number of specific groups to draw samples from and not selecting from the whole population, e.g. Using one town or region
Open questions Those that invite a wide ranging or imaginative response- the results will be difficult to collate and represent numerically
Closed questions Questions to which a limited number of pre-set answers is offered
Marketing mix The four key decisions that must be taken in the effective marketing of a product
Customer relationship marketing (CRM) Using marketing activities to establish succesful customer relationships so that existing customer loyalty can be maintained
Product The end result of the production process sold on the market to satisfy a customer need
Consumer durable Manufactured product that can be re-used and is expected to have a reasonably long life
Brand An identifying symbol, name, image or trademark that distinguishes a product from its competitors
Product positioning The consumer perception of a product or service as compared to its competitors
Product life cycle The pattern of sales recorded by a product from launch to withdrawal from the market
Extension strategies These are marketing plans to extend the maturity stage of the product before a brand nee one is needed
Price elasticity of demand Measures the responsiveness of demand following a change in price
Mark up pricing Adding a fixed mark up for profit to the unit price of a product
Target pricing Setting a price that will give required rate of return at a certain level of output/sales
Full cost pricing Setting a price by calculating a unit cost for the product (allocated fixed and variable costs) and ten adding a fized profit margin
Contribution cost pricing Setting prices based on the variable cost of making a product in order to make a contribution towards fixed costs and profit
Competition based pricing A firm will base its price upon the price set by its competitors
Penetration pricing Setting a relatively low price often supported by strong promotion in order to achieve high volume of sales
Market skimming Setting a high price for a new product when they have a unique or a highly differentiated product with low price elasticity of demand
Promotion The use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship, or public relations to inform consumers and persuade them to buy
Promotion mix The combination of promotional techniques that a firm uses to sell a product
Advertising Paid-for communication with consumers to inform and persuade e.g. TV and cinema advertising
Above the line promotion A form of promotion that is undertaken by a business by paying for communication with consumers
Sales promotion Incentives such as special offers or special deals directed at consumers or retailers to achieve short term sales increases and repeat purchases by consumers
Below the line promotion Promotion that is not a directly paid-for means of communication but based on short term incentives to purchase
Personal selling A member of the sales staff communicates with one consumer with the aim of selling the product and establishing a long term relationship between company and consumer
Sponsorship Payment by a company to the organizers of an event so that the name of the company is associated with the event
Public relations The deliberate use of free publicity provided by newspapers, TV and other media to communicate with and achieve understanding by the public
Branding The strategy of differentiating products from those of competitors by creating an identifiable image and clear expectations about a product
Marketing or promotion budget The financial amount made available by a business for spending on marketing/promotion during a certain period of time
Channel of distribution This refers to the chain of intermediaries a product passes through from producer to final consumer
Internet marketing The marketing of products over the internet
Integrated marketing mix The key marketing decisions compliment each other and work together to give customers a consistent message about the product
Viral marketing The use of social-networking sites or SMS text messages to increase brand awareness or sell products
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