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
1 of 63
E-commerce
Conducting business transactions online
2 of 63
Online retailing
The retailing of goods online
3 of 63
Market
Any medium in which buyers and sellers interact and agree to trade at a price
4 of 63
Marketing
The management process resposnsible for identifying, anticipating and satisfying customer requirements profitably
5 of 63
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
6 of 63
Mass Market
A very large market in which products with mass appeal are targeted
7 of 63
Niche Market
A small part of an overall market that has certain special characteristics
8 of 63
Consumer Panels
Groups of customers who are asked for feedback about products over a period of time
9 of 63
Database
An organised collection of data stored electronically with instant access, searching and sorting facilities
10 of 63
Focus Groups
Where a number of customers are invited to attend a discussion about a product led by market researchers
11 of 63
Market Orientation
When a business prioritises customer requirements when developing products/services and when making marketing decisions
12 of 63
Market Research
The collection, presentation and analysis of information relating to the marketing and consumption of goods and services
13 of 63
Market Segment
Part of a whole market where a particular customer group has similar characteristics
14 of 63
Product Orientation
When a business prioritises a product's design quaity or performance rather than meeting customer preferences to guide production and marketing decisions
15 of 63
Primary Research
Gathering of first-hand data that is tailor-made to a firm's own products, customers or markets. Carried out by fieldwork
16 of 63
Secondary Research
Researching data that already exists - carried out by deskwork
17 of 63
Qualitative Research
The collection of data about attitudes and beliefs
18 of 63
Quantitive Research
The collection of data that can be quantified
19 of 63
Respondent
A person/organisation that anwers questions in a survey
20 of 63
Sample
A small group of people who must represent a proportion of a total market when carrying out market research
21 of 63
Socio-economic Groups
The division of people according to social class
22 of 63
Market segmentation
The process of defining and subdefining a large homogenous market into clearly identifiable segments having similar needs, wants or demand characteristics.
23 of 63
Market Mapping
Ealuating business ideas and products/services by setting out the features of a market or product on a diagram
24 of 63
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
25 of 63
Complementary Goods
Goods that are purchased together because they are consumed together
26 of 63
Demand
Willingness and ability of customers to buy at a particular price
27 of 63
Supply
The amount producers are willing and able to provide at a given price
28 of 63
Market Equilibrium
Where demand and supply are equal and both buyers and sellers are happy with the price
29 of 63
Inferior Goods
Goods for which demand will fall if income rises or rise if income falls
30 of 63
Normal Goods
Goods for which demand will rise if income rises or fall if income falls
31 of 63
Substitute Goods
Goods that can be bought as an alternative for others, but perform the same function
32 of 63
Subsidy
A grant given to providers, usually to encourage production of a certain good
33 of 63
Total Revenue
The amount of revenue generated from the sale of goods calcualated by multiplying price by quantity in a given period of time
34 of 63
Price Elastic Demand
A change in price results in a proportionately greater change in demand
35 of 63
Price Inelastic Demand
A change in price results in a proportionately smaller change in demand
36 of 63
Discretionary Expenditure
Non-essential spending
37 of 63
Consumer Durables
Goods that can be used repeatedly over a period of time such as cars
38 of 63
Design Mix
The range of features that are important when designing a product
39 of 63
Ergonomics
The study of how people interact with their environment and they equipment they use - often in the workplace
40 of 63
Resource depletion
The using up of natural resources
41 of 63
Above-the-line promotion
Placing adverts using the media
42 of 63
Advertising
Communication between a business and its customers where images are placed in the media to encourage the purchase of products
43 of 63
Below-the-line promotion
Any promotion that does not involve using the media
44 of 63
Merchandising
A promotion specifically at the point of sale of a product
45 of 63
Public Relations
An organisation's attempt to communicate with interested parties
46 of 63
Sponsorship
Making a financial contribution to an event in return for publicity
47 of 63
Viral Marketing
Any strategy that encourages people to pass on messages to others about a product or a business electronically
48 of 63
Competitive Pricing
Pricing strategies based on the prices charged by rivals
49 of 63
Cost plus pricing
Adding a percentage (the mark-up) to the costs of producing a product to get the price
50 of 63
Penetration Pricing
Setting a low price when launching a new product in order to get established in the market
51 of 63
Predatory/Destroyer Pricing
Setting a low price forcing rivals out of business
52 of 63
Psychological Pricing
Setting the price slightly below a round figure e.g £1.99
53 of 63
Skimming
Setting a high price initially and then lowering it later
54 of 63
Agent/Broker
An intermediary that brings together buyers and sellers
55 of 63
Breaking-bulk
Dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers
56 of 63
Direct selling
Producers selling their products directly to consumers
57 of 63
Distribution
The delivery of goods from the producer to the consumer
58 of 63
Retailer
A business that buys goods from manufacturers and wholesalers, and sells them to smaller quantities to consumers
59 of 63
Wholesaler
A business that buy goods from manufacturers and sells them in smaller quantities to retailers
60 of 63
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
61 of 63
Product Lines
A group of products that are very similar
62 of 63
Product Portfolio
The collection of products a business is currently marketing
63 of 63

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
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing and competitive environments resources »