Business Studies Key Terms Unit 3.1 Marketing

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Marketing
The management process that is responsible for anticipating, identifying and satisfying customer needs profitably
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Market Research
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data
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Primary Data
Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments
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Secondary Data
Information that already exists such as accounts and sales records, governments statistics, newspaper and internet articles and reports from advertising agencies
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Quantitative Data
Data that can be expressed as numbers and can be statistically analysed
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Qualitative Data
Data about opinions, judgments and attitudes
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Survey
Research involving asking questions of people or organisations
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Respondents
Those who provide data for a survey usually by answering questions
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Market Segment
Part of a market that contains a group of buyers with similar buying habits
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Sample
A small group out of the total population which is selected to take part in a survey
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Questionnaires
A list of questions to be answered by respondents, designed to give information about consumers’ tastes
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Product Trial
When consumers buy a good for the first time and assess whether or not they want to buy it again
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Public Relations
Promotion of a positive image about a product or business through giving information about the product to the general public, other businesses or to the press
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Viral Marketing
Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends
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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 that product gains market share
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Trade Buyers
Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers
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Wholesalers
Businesses which buy in bulk from a manufacturer or other supplier and then sell the stock on in smaller quantities to retailers
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Retailers
Businesses which specialise in selling goods in small quantities to the consumer
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Customer Loyalty
The willingness of buyers to make repeated purchases of a product or from a business
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Repeat Purchase
When a customer buys a product more than once
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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
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Research & Development
The process of scientific and technological research and then development of the findings of that research before a product is launched
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Extention Strategy
Method used to increase the life of a product and prevent it falling into decline
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Product Portfolio/Product Mix
The combination or range of products that a business sells
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Product Portfolio Analysis
Investigation of the combination of products sold by a business
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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 four categories – star, cash cow, problem child or dog
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Brand
A named product which consumers see as being different from other products and which they can associate and identify with
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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
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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
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Product Differentiation
Making one product different from another in some way, for instance through the quality of a product, its design, packaging or advertising
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Premium Price
A price which is above the average for products of a particular type
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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)
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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 such as observation, surveys and experiments

Back

Preview of the back of card 3

Card 4

Front

Information that already exists such as accounts and sales records, governments 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
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Comments

davidsalter

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This is an excellent set of 28 flash cards which provide a chance to test yourself (or learn) all the key definitions required for the GCSE.

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