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35 Cards in this Set

  • Front
  • Back

Marketing

Process involved in identifying anticipating and satisfying customer requirements

Market

A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services

Marketing objective

The targets the business department must achieve

online retailing

The retailing of goods online

Brand name

A name,term,sign,symbol design or any other feature that allows consumers to identify the goods and services of a business and to differentiate them from competitors

marketing strategy

The medium to long term plan for meeting the marketing objectives delivered through the marketing mix

Target market

A particular group of consumers at which a product or service is aimed

Market segment

part of a whole market where a particular customer group have similar characteristics

Market segmentation

The process of dividing a market up into different sections that share similar characteristics

Mass marketing

When a business focuses on the whole market

Niche marketing

When a business focuses on a specific segment of the market

Economies of scale

Factor that causes cpu to fall when a firm operates at a higher level of production

Market size

Total number of sales or quanity in a market


Value or volume

Market growth

The change in size of the market

Product Differentiation

The extent to which consumers perceive your brand as being different from others

Dynamic market

Markets that are constantly changing due to change in consumer tastes or technology

Risk

can be planned for as the possibility's and outcomes are known and is often a conscious decision

Contingency planning

Is the creation of plans of how unwanted events which might affect a business will be dealt with should they arise

Uncertainty

Is unpredictable and outside of the business control it may cause problems

Market oreintation

When a business focusses on the needs and wants of the market

Product oreintation

When a business focuses on the quality of the product rather than the needs of the market

Market research

collection,presentation,and analysis of information relating to the market and consumption of goods and services

Primary research

Gathering of new information which soes not already exist first hand

Secondary research

Collection of data which already exists- second hand

Qualiative

attitudes beliefs and intensions

quantitative

Stats and numbers

sample

a small group of people who represnt the population

sample size

The number of people in a sample

Market positioning

View consumers have about the quality and image of product in relation to compectitors

repostion

Change in the view of consumers about a product

market map

2d diagram showing the attributes of each compectiter in a market

compective advantage

enables a business to perform better thah its rivals in the market

Production differentiation

an attempt by a business to perform better than its rivals

usp

consumer benifit than a comeciter can not match

adding value

extra features that may be offered by a business when selling a product such as high quality customer service which helps to exceed customer expectations