Business 3.1 Definitions

HideShow resource information
Marketing
The management process that is responsible for anticipating, identifying and satisfying customer needs profitably
1 of 31
Market Research
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data
2 of 31
Primary Data
Information that has been gathered for a specific purpose through direct investigation, surveys and experiments
3 of 31
Secondary Data
Information that already exists such as accounts and sales records, government statistics, newspaper and internet articles and reports from advertising agencies
4 of 31
Quantitative Data
Data that can be expressed as numbers and can be statistically analysed
5 of 31
Qualitative Data
Data about opinions, judgments and attitudes
6 of 31
Respondents
Those who provide data for a survey usually by answering questions
7 of 31
Market segment
Part of a market that contains a group of buyers with similar buying habits
8 of 31
Sample
A small group out of the total population which is selected to take part in a survey
9 of 31
Questionnaires
A list of questions to be answered by respondents, designed to give information about consumers' tastes
10 of 31
Product Trial
When consumers buy a good for the first time and assess whether or not they want to but it again
11 of 31
Public Relations
Promotion of postive image about a product or business through giving information about the product to the general public, other businesses or to the press
12 of 31
Viral Marketing
Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends
13 of 31
Penetration Pricing
Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share
14 of 31
Trade Buyers
Buyers of goods which then sell those goods on to cusumers or other buyers; they include supermarket chains and wholesalers
15 of 31
Retailers
Businesses which specialise in selling goods in quantities to the consumer
16 of 31
Wholesalers
Business which buy in bulk from a manufacturer or other supplier and then sell the stock on in smaller quantities to retailers
17 of 31
Customer Loyalty
The willingness of buyers to make repeated purchases of a product or from a business
18 of 31
Repeat Purchase
When a customer buys a product more than once
19 of 31
Product Life Cycle
The stages through which a product passes from its development to being withdrawn from sale; the phases are research and development, launching the product, growth, maturity, saturation and decline
20 of 31
Research and Development
The process of scientific and technological research and then development of the findings of that research before a product is launched
21 of 31
Extension Strategy
Method used to increase the life of a product and prevent it falling into decline
22 of 31
Product Portfolio or Product Marketing Mix
The combination or range of products that a business sells
23 of 31
Product Portfolio Analysis
Investigation of the combination of products sold by a business
24 of 31
Boston Matrix
A model which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within that market; a product is placed in one of the four categories - star, cash cow, problem child or dog
25 of 31
Brand
A named product which consumers see as being different from other products and which they can associate and identify with
26 of 31
Generic Product
A product made by a number of different businesses in which customers see very little or no difference between the product of one business compared to the product of another business
27 of 31
Own Brand
A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product
28 of 31
Product Differentitation
Making one product different from another in some way, for instance through the quality of a product, its design, packaging or advertising
29 of 31
Premium Price
A price which is above the average for products of a particular type
30 of 31
Marketing Mix
A combination of factors which help a business to take into account customer needs when selling a product, usually summarised as the 4 Ps (price, product, promotion and place)
31 of 31

Other cards in this set

Card 2

Front

The process of gaining information about customers, competitors and market trends through collecting primary and secondary data

Back

Market Research

Card 3

Front

Information that has been gathered for a specific purpose through direct investigation, surveys and experiments

Back

Preview of the back of card 3

Card 4

Front

Information that already exists such as accounts and sales records, government statistics, newspaper and internet articles and reports from advertising agencies

Back

Preview of the back of card 4

Card 5

Front

Data that can be expressed as numbers and can be statistically analysed

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all 3.1 resources »