AQA A Level Business Studies - Unit 3 - Key Terms

AQA A Level Business Studies - Unit 3

Key Terms

Market growth - % increase in sales (vol/val) for a specific b/product over a period of time.

Market size - The total volume of a given market.

Market Capitalization - the value of outlanding shares in a plc.

Market development - Strategies aimed at expanding the potential market through new users.

Market mapping - A technique that analyses markets by looking at the features that distinguish different product or firms.

The marketing mix - The set of marketing tools that the b uses to pursue it market objectives. Process, physical environment, people, place, promotion, price, product

Marketing orientation - An approach that focus on reacting to customer needs and wants.

Market conditions - relative to the attractiveness of the overall market in which a b operates.

Mass Market - The largest group of customers with specific needs and work in an industry.

Marketing plan - the actions that management intend to take via the marketing mix in order to achieve marketing objectives.

Methods of analysing the market - Correlations - Moving averages - Extrapolation. (trend analysis)

Price sensitivity - effect on the customer or brand loyalty.

Growth rate - The percentage growth over a particular period. Market growth rates are typically quoted in terms of percentage growth per year.

Demographic - defining a market in terms of socio-economics such as segmentation age etc.

Electronic market - A market in which buyers and sellers are brought together using digital means of communication.

Product positioning - The way in which the marketing function tries to create an image or identity in the minds of the target market.

Sales forecasting - Techniques for estimating the likely demand (revenue and volume) for a product in future periods.

Repositioning - Changing the marketing mix for a product to appeal to a different market segment.

E-Commerce - Digitally enable commercial transactions between and among organisations and individuals.

Test marketing - Launching a new product or service in a limited part of the target market in order to gauge the viability of the product and assess the most appropriate marketing mix.

Outstanding shares - refer to a company's stock currently held by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company's officers and insiders. Outstanding shares are shown on a company's balance sheet under the heading "Capital Stock."

Undifferentiated approach - product aimed at everyone with same marketing strategy.

Concentrated approach - product aimed at a specific target group of consumers and marketing strategy.

Differented marketed approach - each market segmented or segment will be targeted in the most appropriate way by individual marketing strategy.

Market targeting - is the process of deciding the groups of customers to whom a company will attempt to sell their products.

Consumer products - Goods and services that are used to satisfy the wants and needs of the final user.

Convenience products - frequently bought products, whose purchasing decisions require little thought or…