Unit 2

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Stakeholder
An individual or group other institution with direct interest in the activities and performance of an organisation or in a project to be undertaken by that organisation.
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Pressure Groups
Organisations formed by people with a common interest or goal, who join together to further their interests or achieve their goals by putting pressure on the general public, governments or businesses.
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Externalities
Costs and benefits that occur as a result of a firms activities, but which are not recorded in its accounts.
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Marketing
The anticipating and satisfying of customer's wants in a way that delights the consumer and also meets the needs of the organisation.
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Marketing Objectives
The goals of the marketing function in an organisation
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Sales volume
Measures the number of items sold or produced
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Sales value
Measures the financial worth of the items sold: value= volume x average price.
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Market size
The volume of sales of a product or the value of sales of a products
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Market growth
The percentage change in sales of a generic product or service over a period of time. ((Market size in a year-previous year)/market size in previous year)x100
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Sales Growth
(Sales in that year-previous year)/sales in previous year)x100
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Market Share
Sales of one product or brand or company/total sales in the marketx100
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Brand
A name, sign, symbol or slogan linked to a particular product or service in order to differentiate it from competitiors
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Brand Loyalty
A measure of the degree of attachment that a consumer has for a particular brand or product. The higher the less likely a consumer will switch to another brand.M
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Market research
The systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process.
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Primary market research
Collection of commissioning of information, gathered first hand, for the specific purpose of the initial user
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Secondary market research
Information that has already been collected for a different purpose
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Qualitative market research
Collection of information about the market based on subjective factors such as opinions and reasons.
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Quantitative market research
Collection of information about the market based on numbers
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Market mapping
A technique that analyses markets by looking at the features that distinguish different products or firms
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Sampling
Gathering data from a group of respondents whose views or behaviours should be representative of the target market as a whole.
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Confidence interval (margin of error)
The plus or minus figure used to show the accuracy of statistical results arising from sampling.
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Correlations
A statistical technique used to establish the strength of the relationship between the two sets of values
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Casual link
A link between two sets of information or types of behaviour
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Extrapolation
Using previous patterns of numerical data in order to predict values in the future.
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Price elasticity of demand
The degree to which the quantity demanded of a good or service is affected by a change in price: %change in quantity demanded/% change in price
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Income elasticity of demand
The degree to which the quantity demanded of a good or service is affected by a change in consumer income: %change in quantity demanded/% change in income
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Market segmenation
The classification of customers or potential customers into groups or sub-groups, each of which responds differently. eg, demographic, geographic, income, behavioural
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NIche
Targeting a product or service at a small segment of a larger market
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Mass marketing
Aiming the product at all (most) of the market
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Market positioning
Where your product or business stands in relation to the products or brands of other businesses
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Competitive advantage
A benefit that allows a business to gain and retain more customers that its competitors
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Marketing mix
Those elements of a business's approach that enable it to satisfy and delight its customers
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Product
The good or service provided by the business for its customers
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Price
The sum of money payed by the customer for a unit of a product
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Promotion
Communicating with customers or potential customers. Or other interested groups
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Place
The location at which the purchases of product is made and the means of distributing it to the consumer
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People
Anyone who represents the firm
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Process
The system that ensures an efficient service is provided to prospective and actual customers.
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Physical environment
The nature and appeal of the physical evidence a customer will observe during a transaction.
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Industrial marketing
Where a firm sells its products to another business
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Consumer marketing
Where a firm targets individual consumers with its products
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Consumer products
Products that are purchased in order to directly satisfy the needs and wants of consumers
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Convenience products
Products that are purchased frequently and with minimum thought and effort effort my consumers
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Shopping products
Products that consumers want to be readily accessible, but which involve though and planning before purchase
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Speciality products
Products whose purchase is planned by consumers, who will seek out these products for purchase
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Product portfolio
The range of products or brands provided by a business
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Boston matrix
A tool of product portfolio analysis that classifies products according to the market share of the product and the growth of the market in which the product is sold. It includes stars, cash-cows, problem children and dogs
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Product life cycle
The stages that a product passes through during its lifetime- development, introduction, growth, maturity and decline.
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Extension strategies
Methods used to lengthen the life cycle of a product by delaying or preventing it from reaching the decline stage
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Product development
When a firm creates a new or improved good or service for release onto an existing market. The stages include, generation of ideas, analysis of ideas, development, test marketing and launch.
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Penetration pricing
A strategy in which low prices are set to break into a market or to achieve a sudden increase in market share
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Price skimming
High prices are set to yield in a high profit margin
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Advertising
The precess of communicating with customers or potentials through specific media
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Promotion
Communicating with customers or potential customers, or with other interested groups, such as shareholders and suppliers
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Distribution channels
Channels or routes though which a product passes in moving from the manufacturer to the consumer.
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Digital marketing
The anticipating and satisfying consumer wants through the use of different forms of technology.
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E-commerce
The buying and selling of good and services through the use of electronic media
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Other cards in this set

Card 2

Front

Organisations formed by people with a common interest or goal, who join together to further their interests or achieve their goals by putting pressure on the general public, governments or businesses.

Back

Pressure Groups

Card 3

Front

Costs and benefits that occur as a result of a firms activities, but which are not recorded in its accounts.

Back

Preview of the back of card 3

Card 4

Front

The anticipating and satisfying of customer's wants in a way that delights the consumer and also meets the needs of the organisation.

Back

Preview of the back of card 4

Card 5

Front

The goals of the marketing function in an organisation

Back

Preview of the back of card 5
View more cards

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