Gcse Business Studies

Front 1

Marketing mix

Back 1

The parts that the make up the marketing for a product or service. Often limited to the four Ps, but can include other features.

Front 2

The 4p's

Back 2

Price
Product
Place
Promotion

Front 3

The 5th p

Back 3

Packaging

Front 4

SWOT

Back 4

Strengths
Weaknesses
Opportunities
Threats

Front 5

Interal

Back 5

Strenghts
Weaknesses

Front 6

External

Back 6

Opportunities
Threats

Front 7

Socio-economic

Back 7

A method of dividing up the population based on the occupation of the head of the household.

Front 8

Mass market

Back 8

Making a product for a large number of customers.

Front 9

Niche market

Back 9

A small market for a specialised product.

Front 10

Product-oriented

Back 10

Where a business makes a product and hopes to sell it without first analysing.

Front 11

Market-oriented

Back 11

Where a business analyses the market and consumers needs for a product before starting production.

Front 12

Market segments

Back 12

How the market for a product or service is divided - for example, by age or gender.

Front 13

Targeting

Back 13

When a business aims a product or service at a particular group of consumers.

Front 14

Disposable income

Back 14

The amount of money a person has to spend after paying essential bills.

Front 15

Markat research

Back 15

The collection of data on customer habits to help decide marketing.

Front 16

Primary research

Back 16

Data colled first-hand, often in the form of surveys. Sometimes referred to as field research.

Front 17

Target market

Back 17

The group who a business aims to sell its products.

Front 18

Sampling

Back 18

The method of choosing a group of customers to repressent the views of the target market for a product or service.

Front 19

Customer service

Back 19

Ways which a business looks after the interests of its customers. (special departments)

Front 20

Franchising

Back 20

Ways an established business allows another to use its name. (subway)

Front 21

Competitor pricing

Back 21

Setting a price based on price charged by competitor business for a similar produt.

Front 22

"Cost Plus" pricing

Back 22

A pricing method that adds a percentage for profit to the total costs of product. This gives the selling price.

Front 23

Penetration pricing
(3 ideas)

Back 23

Setting a price lower than the competitors business. Often used by new business to break into a market. Short-term strategy.

Front 24

Skimming

Back 24

New advanced product is more advanced than conpetitors, a price is set high.(ipod)

Front 25

Differentail pricing

Back 25

Changing prices to customers for the same product (transport industry:trains,plane).

Front 26

Promotional pricing

Back 26

Lowering price to sell product or old stock.(sales)

Front 27

Psychological pricing

Back 27

£9.99 instead of £10 to make product seem cheaper

Front 28

Product mix

Back 28

Is the mixture of product or services a business markets. For example, Sony has tvs, dvds, camcorders, computer game consoles and hifi units.

Front 29

Branding

Back 29

Is the use of a name to market a product, e.g. cadbury's

Front 30

Product life-cycle

Back 30

Introduction,
Growth,
Maturity,
Saturation,
Decline

Front 31

E-commerce

Back 31

Buying using the internet

Front 32

Place

Back 32

market mix that deals with distributing the product to customer.

Front 33

Wholesaler

Back 33

A warehouse for the goods to be sent from the provider.

Front 34

Global market

Back 34

A world-wide market

Front 35

Direct sales

Back 35

larger business selling directly to the customer.

Front 36

Ethical behaviour

Back 36

When a business behaves in a fair and moral way.

Front 37

Seconary research

Back 37

Colecting data by magazines and inernet

Front 38

Surveys

Back 38

primary research done by interview and questionnaires

Front 39

consumer panels

Back 39

people payed by business to test and coment on product.

Front 40

sampling

Back 40

the way of choosing customers to represent the views of a product.

Front 41

random sampling

Back 41

customers have an equal chance of being asked; difficult to do

Front 42

trade mark

Back 42

symbol or name for a product

Front 43

added-value

Back 43

extra items added on to product to help sales (iphone)

Front 44

relaunching

Back 44

old product given a "new" image to boost sales (cola)

Front 45

methods of distribution

Back 45

method of getting product customer

Front 46

RDC (Regional Distribution Centre

Back 46

owned by retailer, who stores and supplies shops in an area

Front 47

encryption

Back 47

making internet secure for customer