AS Business 1

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  • Created by: IJM22
  • Created on: 30-12-19 17:26
Market research?
This is the process of collecting recording and analysing data about customes, competitors and the market
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Primary research?
The collection of first-hand data that is directly related to a firm's needs
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Secondary research?
Collection of data from second-hand sources
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Qualitative research?
Research into the in-depth motivations behind consumer buying behaviour or opinions
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Quantitative research?
Research that leads to numerical results that can be statistically analysed
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Focus groups?
A group of people who are asked about their attitude towards a product, service, advertisement of new style of packaging
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Sample?
The group of people taking part in a market research survey selected to be representative of the overall target target market
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Random sampling?
Every member of the target population has an equal chance of being selected
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Systematic sampling?
Every nth item in the target population is selected
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Sratified sampling?
This draws a sample from a specified sub-group or segment of the population and uses random sampling to select an appropriate number from each stratum
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Quota sampling?
When the population has been stratified and the interviewer selects an appropriate number of respondents from each statrum
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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
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Open questions?
Those that invite a wide-ranging or imaginative response - the results will be difficult to collate and present numerically
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Closed questions?
Questions to which a limited number of pre-set answers is offered
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Arithmetic mean?
Calculated by totalling all the results and dividing by the number of results
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Mode?
The value that occurs most frequently in a set of data
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Median?
The value of the middle item when data have been ordered or ranked. It divides the data into two equal parts
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Range?
The different between the highest and lowest value
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Inter-quartile range?
The range of the middle 50% of the data
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Marketing mix?
The four key decisions that must be taken in the effective marketing of a product
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Customer relationship management (CRM)
Using marketing activites to establish sucessful customer relationships so that existing customer loyalty can be maintained
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Brand?
An identifying symbol, name, image or trademark that distinguishes a product from its competitors
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Intangible attributes of a product?
Subjective opinions of customers about a product that cannot be measured or compared easily
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Product?
The end result of the production process sold on the market to satisfy a customer need
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Product postitioning?
The customer perception of a product or service as compared to its competitors
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Product portfolio analysis?
Analysing the range of existing products of a business to help allocate resources effectively between them
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Product life cycle?
The pattern of sales recorded by a prodcut from launch to withdrawl from the market and is one of the main forms of product portfolio analysis
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Consumer durable?
Manufactured product that can be reused and is expected to have a reasonably long life, such as a car or washing machine
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Extension strategies?
These are marketing plans to extent the maturity stage of the product before a brand new one is needed
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Price elasticity of demand?
Measures the responsivness of demand following a change in price
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Mark-up-pricing?
Adding a fixed mark-up for profit to the unit price of a product
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Target pricing?
Settting a price that will give a required rate of return at a certain level of output/sales
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Full-cost pricing?
Setting a price by calculating a unit cost for the producand then adding a fixed profit margint
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Contribution-cost pricing?
Setting prices based on the variable costs of making a product in order to make a contribution towards fixed costs and profit
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Competition-based pricing?
A firm will base its price upon the price set by its competitors
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Dynamic pricing?
Offering goods at a price that changes according to the level of demand and the customer's ability to pay?
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Penetration pricing?
Setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales
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Market-skimming?
Setting a high price for a new product when a firm has a unique or highly differentiated product with a low price elasticity of demand
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Promotion?
The use of advertising, sales promotion, person selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy
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Promotion mix?
The combination of promotional techniques that a firm uses to sell a product
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Above-the-line promotion?
A form of promotion that is undertaken by a business by paying for communication with consumers
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Advertising?
Paid-for commmunication with consumers to inform and persuade, e.g. TV and cinema advertising
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Below-the-line promotion?
Promotion that is not a directly paid-for means of communication, but based on short-term incentives to purchase
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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
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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
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Sponsorship?
Payments by a company to the organisers of an event or team/individuals so that the company name becomes associated with the event/team/individual
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Public relations?
The deliberate use of free publicity provided by newspapers, TV and other media to communicate with and achieve understanding by the public
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Branding?
The strategy of differentiating products from those of competitors by creating an indentifiable image and clear exceptations about a product
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Marketing or promotion budget?
The financial amount made available by a business for spending on marketing/promotion during a certain time period
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Chanel of distribution?
This refers to the chain of intermediaries a product passes through from producer to final consumer
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Internet (online) marketing?
Refers to advertising and marketing activites that use the internet email and mobile communications to encourage direct sales via electronic commerce
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E-commerce?
The buying and selling of goods and services by businesses and consumers through an electronic medium
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Viral medium?
The use of social media sites or text messages to increase brand awareness or sell products
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Integrated marketing mix?
The key marketing decisions complement each other and work together to give customers a consistent message about the product
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Added value?
The difference between the cost of purchasing raw materials and the price the finished goods are sold for - this is the same as creating value
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Intellectual capital?
Intangible capital of a business that includes human capital (well trained and knowledgeable employees), structural capital (databases and information systems) and relational capital (good links with supplier and customers)
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Production?
Converting inputs into outputs
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Level of production?
The number of units produced during a time period
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Productivity?
The ratio of outputs to inputs during production, e.g. output per worker per time period
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Efficiency?
Producing output at the highest ratio of output to input
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Effectivness?
Meeting the objectives of the enterprise by using inputs productively to meet customers' needs
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Labour intensive?
Involving a high level of labour input compared with capital equipment
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Capital intensive?
Involving a high quantity of capital equipment compared with labour input
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Operations planning?
Preparing input resources to supply products to meet expected demand
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What does CAD stand for?
Computer-aided desgin
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Computer aided design (CAD)?
The use of computer programmes to create two or three dimensional graphical representations of physical objects
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What does CAM stand for?
Computer aided manufacturing
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Computer aided manufacturing (CAM)?
The use of computer software to control machine tools and related machinery in the manufacturing of components or complete products
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Operation flexibility?
The ability of a business to vary both the level of production and the range of products following changes in customer demand
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Process innovation?
The use of a new or much improved production method or serbice delivery method
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Job production?
Producing a one-off item specially desgined for the customer
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Batch production?
Producing a limited number of identical products - each item in the batch passes through one stage of production before passing on to the next stage
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Flow production?
Production items in a continually moving process
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Mass customisation?
The use of flexile computer-aided production systems to produce items to meet individual customers' requirements at mass-production cost levels
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Optimal location?
A business location that gives the best combination of quantitative and qualitative factors
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Quantitative fore?
These are measurable in financial terms and will have a direct input on either the costs of a site or the revenues from it and its profitability
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Qualitative factors?
Non-measurable factors that may influence business decisions
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Multinational?
A business with operations or production bases than one country
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Multi-site location?
A business with that operates from more than one location
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Offshoring?
The relocation of a business process done in one country to the same or another company in another country
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Trade barriers?
Taxes (tarriffs) or other limitations on the free international movement of goods and services
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Scale of operation?
The maximum output that can be achieved using the available inputs (resources) - this scale can only be increased in the long term by employing more of all inputs
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Econmies of sale?
Reduction in a firm's unit (average) costs of production that result from an increase in the scale of operations
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Diseconomics of sale?
Factors that cause average costs of production to rise when the sale of operation is increased
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Enterprise resource planning?
The use of single computer application to plan the purchase and use of resources in an organisation to improve the efficiency of operations
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Supply chain?
All of the stages in the production process from obtaining raw materials to selling to the consumer - from point of orgin to point of consumption
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Sustainability?
Production systems that prevet waste by using the minimum of new-renewable resources so that levels of production can be sustained in the future
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Other cards in this set

Card 2

Front

Primary research?

Back

The collection of first-hand data that is directly related to a firm's needs

Card 3

Front

Secondary research?

Back

Preview of the front of card 3

Card 4

Front

Qualitative research?

Back

Preview of the front of card 4

Card 5

Front

Quantitative research?

Back

Preview of the front of card 5
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