Business Theme 1

Brand
A brand is a unique sign, symbol or distinct words which help to create a USP or image/identifies a product or company, thus differentiating it from the competition
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E-commerce
Conducting business transactions online
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Online retailing
The retailing of goods online
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Market
Any medium in which buyers and sellers interact and agree to trade at a price
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Marketing
The management process resposnsible for identifying, anticipating and satisfying customer requirements profitably
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Market Share
The proportion of total sales in a particular market for which one or more businesses/brands are responsible - expressed as a % and calculated by value/volume
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Mass Market
A very large market in which products with mass appeal are targeted
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Niche Market
A small part of an overall market that has certain special characteristics
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Consumer Panels
Groups of customers who are asked for feedback about products over a period of time
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Database
An organised collection of data stored electronically with instant access, searching and sorting facilities
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Focus Groups
Where a number of customers are invited to attend a discussion about a product led by market researchers
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Market Orientation
When a business prioritises customer requirements when developing products/services and when making marketing decisions
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Market Research
The collection, presentation and analysis of information relating to the marketing and consumption of goods and services
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Market Segment
Part of a whole market where a particular customer group has similar characteristics
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Product Orientation
When a business prioritises a product's design quaity or performance rather than meeting customer preferences to guide production and marketing decisions
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Primary Research
Gathering of first-hand data that is tailor-made to a firm's own products, customers or markets. Carried out by fieldwork
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Secondary Research
Researching data that already exists - carried out by deskwork
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Qualitative Research
The collection of data about attitudes and beliefs
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Quantitive Research
The collection of data that can be quantified
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Respondent
A person/organisation that anwers questions in a survey
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Sample
A small group of people who must represent a proportion of a total market when carrying out market research
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Socio-economic Groups
The division of people according to social class
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Market segmentation
The process of defining and subdefining a large homogenous market into clearly identifiable segments having similar needs, wants or demand characteristics.
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Market Mapping
Ealuating business ideas and products/services by setting out the features of a market or product on a diagram
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Added Value
The 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
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Complementary Goods
Goods that are purchased together because they are consumed together
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Demand
Willingness and ability of customers to buy at a particular price
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Supply
The amount producers are willing and able to provide at a given price
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Market Equilibrium
Where demand and supply are equal and both buyers and sellers are happy with the price
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Inferior Goods
Goods for which demand will fall if income rises or rise if income falls
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Normal Goods
Goods for which demand will rise if income rises or fall if income falls
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Substitute Goods
Goods that can be bought as an alternative for others, but perform the same function
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Subsidy
A grant given to providers, usually to encourage production of a certain good
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Total Revenue
The amount of revenue generated from the sale of goods calcualated by multiplying price by quantity in a given period of time
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Price Elastic Demand
A change in price results in a proportionately greater change in demand
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Price Inelastic Demand
A change in price results in a proportionately smaller change in demand
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Discretionary Expenditure
Non-essential spending
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Consumer Durables
Goods that can be used repeatedly over a period of time such as cars
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Design Mix
The range of features that are important when designing a product
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Ergonomics
The study of how people interact with their environment and they equipment they use - often in the workplace
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Resource depletion
The using up of natural resources
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Above-the-line promotion
Placing adverts using the media
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Advertising
Communication between a business and its customers where images are placed in the media to encourage the purchase of products
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Below-the-line promotion
Any promotion that does not involve using the media
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Merchandising
A promotion specifically at the point of sale of a product
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Public Relations
An organisation's attempt to communicate with interested parties
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Sponsorship
Making a financial contribution to an event in return for publicity
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Viral Marketing
Any strategy that encourages people to pass on messages to others about a product or a business electronically
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Competitive Pricing
Pricing strategies based on the prices charged by rivals
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Cost plus pricing
Adding a percentage (the mark-up) to the costs of producing a product to get the price
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Penetration Pricing
Setting a low price when launching a new product in order to get established in the market
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Predatory/Destroyer Pricing
Setting a low price forcing rivals out of business
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Psychological Pricing
Setting the price slightly below a round figure e.g £1.99
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Skimming
Setting a high price initially and then lowering it later
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Agent/Broker
An intermediary that brings together buyers and sellers
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Breaking-bulk
Dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers
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Direct selling
Producers selling their products directly to consumers
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Distribution
The delivery of goods from the producer to the consumer
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Retailer
A business that buys goods from manufacturers and wholesalers, and sells them to smaller quantities to consumers
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Wholesaler
A business that buy goods from manufacturers and sells them in smaller quantities to retailers
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Boston Matrix
A 2x2 matrix model that analyses a product portfolio according to the growth rate of the market and the relative market share of products within the market
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Product Lines
A group of products that are very similar
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Product Portfolio
The collection of products a business is currently marketing
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Other cards in this set

Card 2

Front

Conducting business transactions online

Back

E-commerce

Card 3

Front

The retailing of goods online

Back

Preview of the back of card 3

Card 4

Front

Any medium in which buyers and sellers interact and agree to trade at a price

Back

Preview of the back of card 4

Card 5

Front

The management process resposnsible for identifying, anticipating and satisfying customer requirements profitably

Back

Preview of the back of card 5
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