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Description
Flashcards by Hannah Jones, updated more than 1 year ago
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Created by Hannah Jones
over 7 years ago
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| Question | Answer |
| Marketing | the process of anticipating, identifying and satisfying customer needs profitabally |
| Marketing objectives | targets or goals that an organisation hopes to achieve that are Specific, Measurable, Achievable, Realistic, Time-specific. |
| Marketing strategies | carefully evaluated medium to long-term plans for how to achieve marketing objectives balancing available resources and marketing oppurtunities implemented through the marketing mix. |
| Mass market | a very large market where most people tend to buy the same or similar products, and these products are aimed at the whole market. e.g. toilet paper. |
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| Dynamic markets | markets that are constantly changing, due to e.g. rising incomes, fashion changes. |
| Stable market | markets in which the pace of change is slow and steady. |
| Digital economy | includes all those areas of the economy that are affected by the development of computer hardware and software, ICT networks and online marketing. |
| Sampling | the gathering of data from a sample of respondents, the results of which should be representative of the population as a whole. |
| Market segmentation | dividing the market into groups of consumers with similar characteristics. |
| A generic brand | the ultimate prize of mass marketing which means thats customers associate the brand so strongly with a product that they use the brand name as if it were a product category |
| Market orientation | is when a business responds to customer needs and wants and then designs products accordingly |
| Product orientation | when a business responds to customer needs and wants and then designs products accordingly. |
| Market Positioning | how individual products or brands are seen in relation to their competition in the eyes of the consumer. |
| Market map | An illustration of the range of positions that a product can take in a market based on two dimensions that are important to customers. |
| Competitive advantage | any feature of a business that enables it to compete effectively with rival products. An advantage may be based on price, quality, service or innovation. |
| Product differentiation | when customers perceive a distinct difference between your product and the alternatives provided by competitors. |
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| The basic law of demand | demand varies inversely with price. |
| supply | the quantity of a good or service that a producer is willing and able to supply onto the market at a given price at a given time |
| basic law of supply | as selling price increases supply increases |
| what would a shift left of the supply curve mean on a demand and supply diagram? | a decrease in supply |
| equilibrium | the point where there is a balance between supply and demand which makes the price stable. |
| price elasticity of demand | measures the extent to which the quantity of a product demanded is affected by a change in price |
| PED formula | % change in quantity demanded / % change in price |
| Interpretations of PED | More than 1 = price elastic Less than 1 = price inelastic Exactly 1 = unitary price elasticity |
| price elastic | change in demand is more than the change in price |
| price inelastic | change in demand is less than change in price |
| income elasticity of demand | the extent to which a change in consumer incomes affects the quantity demanded of a product/service |
| YED formula | % change in quantity demanded / % change in income |
| YED interpretations | between 0 and 1 = normal neccessitites e.g. fresh fruit more than 1 = luxury e.g.restaurant meals less than 0 = inferior e.g. primark clothes |
| Marketing Mix | all of the elements of a firm's marketing strategy that are used to make their products more attractive to customers. 4 p's: product, price, promotion place. |
| Design Mix | refers to the way in which all aspect of product design are considered, including cost/ economic manufacture, aesthetic and cost, so that the product will match every customer requirement. |
| Social trends | refer to the way society as a whole behaves and the values that determine behaviour. |
| A Brand | a product that is easily distinguished from other products so that it can be easily communicated and effectively marketed. |
| Branding | creating a positive and recognizable product or service in the mind of the customer. |
| 3 Benefits of Effective Branding | 1. Added value 2. Premium prices 3. Builds customer loyalty |
| Added Value | the difference between the selling price of a product and the costs of the material inputs. |
| 5 Types of Branding | 1. Product brand 2. Umbrella/Family brand 3. Corporate & Own Label brand 4. Global brand 5. Service brand |
| Emotional branding | the term given to the creation of brands that appeal to a consumer's emotional nature rather than their logical one. |
| Promotion | designed to inform customers and potential customers about the product/service and persuade them to buy it. |
| 6 Types of Promotion | 1. Advertising 2. Sales offers 3. Digital 4. Sponsorship 5. Direct sales 6. Public relations |
| Pricing Strategies | a range of ways in which a business might decide on the price of a product or service. |
| Cost-plus pricing | adding a certain % to the average total cost of the product. |
| Premium pricing | the ability to charge a higher price than competitors, without losing sales. |
| Price skimming | charging a very high initial price for the product. |
| Competitive pricing | charging about the same price as, or a little less than, the prices of competing products. |
| Penetration pricing | charging a lower price than competition to try and persuade customers of existing products to give the new product a try it, in an attempt to penetrate the market and gain market share |
| Psychological pricing | used to make the price seem more attractive than it actually is by rounding it down slightly. e.g. £7.99 instead of £8. |
| Predatory pricing | a tactic used by dominant businesses to reduce competition. Prices are set at a very low level, even below the costs of production, for as long as it takes to 'destroy' the competition. |
| Dynamic pricing | setting flexible prices for products or services based on current market trends. |
| Distribution | making products available in the right place at the right time in the right quantities. |
| Distribution channel | the route taken by the product as it moves from the producer to the customer. |
| Multi-channel distribution | a business using more than one type of distribution channel |
| Product Life Cycle | the different stages a product passes through. |
| 5 Stages of the Product Life Cycle | 1. Research and development 2. Introduction 3. Growth 4. Maturity 5. Decline |
| Product Portfolio | the range of products that a business produces. |
| Boston Matrix | a method of analysing a company's products in terms of their market share and growth potential. |
| Asset | something of value to a business, such as cash or inventory. |
| Liability | something has a negative effect on the value of a business, such as a loan. |
| Flexible workforce | a workforce that can adapt quickly to changing circumstances. |
| Multi-skilling | the practise of training employees so that they have the ability to do a range of tasks, or of recruiting employees who have several skills. |
| Zero-hours contracts | the employer does not have to provide the employee with any number of particular hours, and the employee is not obliged to take the hours. |
| Flexible hours | require the employee to work a certain amount of hours in a given time period but mostly there are no fixed hours they they have to on site. |
| Outsourcing | the situation where business tasks or processes are undertaken by an external provider. |
| Dismissal | a worker is told to leave the job because their behaviour is unsatisfactory or they have repeatedly failed to work to the required standard. |
| Redundancy | occurs when a worker is told to leave the job because their skills are no longer of use to the organisation. |
| Individual approach | direct discussions between an employer and an individual. |
| Collective bargaining | discussions between employers and representatives of employees. |
| trade unions | organisations that represent employees. |
| Internal recruitment | recruiting employees from within the business to fill a new job position |
| External recruitment | a business chooses to recruit employees from outside the existing workforce to fill a vacancy. |
| Labour turnover | the rate at which staff leave the business. |
| E.g. of recruitmentment hard costs | advertising, interview expenses, time spent dealing with applications |
| E.g. of recruitment soft costs | the loss of production when staff are involved in recruitment and training. |
| Organisational Structure | the framework, usually hierarchical, which shows how a business arranges its lines of authority and communications, and allocates responsibilities and duties |
| Delayering | flattens an organisational hierarchy by removing levels of management. |
| Chain of command | sets out the levels of authority for giving and taking instructions within an organisation. |
| span of control | the number of people directly answerable to each person in the chain of command. |
| matrix structure | individuals belong to groups according to their speciality and they work in teams on specific projects. |
| centralised structure | involves keeping all decision-making at the top of the hierarchy, usually in the head office. |
| decentralised structure | businesses have moved the decision making process away from a central head office and spread it through the business. |
| motivation | the will to work |
| What was Taylor's motivation theory? | the scientific management |
| Summarise the scientific theory by taylor | - employees are only motivated by money - used technical investigations to identify best production methods - employees need very carefully contolling |
| what was Mayo's motivation theory? | human relations thoery |
| summarise Mayo's human relations theory | - more importance placed on how people interact and how they are treated - employees are more motivated when they feel involved |
| what is Maslow's motivation theory? | hierarchy of needs |
| List the needs | 1. self-actualisation 2. self-esteem 3. social needs 4. safety needs 5. basic physical needs |
| What was Herzberg's motivation theory | Two Factory theory |
| Summarise the two factor theory | 1. Motivating factors - e.g. praise and promotion. 2. Hygiene factors - e.g. clean working conditions Both are important but if one is absent there will be dissatisfaction and if they are both present employees will be motivated |
| 5 financial incentives | 1. Piecework - paid per item made 2. Commission - % of business generated 3. Bonus schemes - targets 4. Profit share - share of profits is paid 5. Performance related pay |
| 8 Non-Financial Incentives | 1. Delegation 2. Consultation - discussions about all 3. Empowerment - more trust 4. Team working 5. Flexible working - choosing hours 6. Job enrichment - different skill levels 7. Job rotation - different jobs same skill 8. Job enlargement - varied range |
| Leadership | the art of motivating and organising a group of people to achieve a common goal. |
| Autocratic Leaders | take top-down decisions without consultation and sometimes described as authoritarian |
| Democratic leaders | guide rather than dictate, consulting widely and encouraging everyone to participate in the decision-making process. |
| Paternalistic leaders | behave rather as a parent might in making family decisions. |
| Laissez Faire Leaders | will set the initial agenda and then will stand back and let employees have complete control. |
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