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Market orientation
an outword looking appraoch basing product decisions on consumer demand, as established by market research
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Product orientation
an inward looking approach that focuses on making products that can be made- or have been made for a long time- and then trying to sell them
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asset led marketing
an approach to marketing that bases strategy on the firms existing strengths and assets instead of purely on what the customer wants- based on market research
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social marketing
this approach considers not only the demands of consumers but also the effects on all members of the public involved in some way when firms meet these demands - e.g. body shop= promises not to support animal testing
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marketing plan
a detailed report on an organisations marketing strategy
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international marketing
selling products in markets other than the original domestic market
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pan global marketing
adopting a standardised product across the globe as if the whole world were a single market- selling the same good in the same way everywhere
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global localization
adapting the marketing mix, including differentiated products, to meet national and regional tastes and cultures
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e commerce
the buying and selling of goods and services on the internet
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viral marketing
the use of social networking sites or SMS text message to increase brand awareness or sell products
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above the line promotion
a form of promotion that is undertaken by a business by paying for communication with consumers. eg advertising
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below the line promotion
promotion that is not a directly paid for means of communication but based on short term incentives to purchase e.g. buy 1 get 1 free
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channel of distribution
this refers to the chain of intermediaries a product passes through from producer to final consumers
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supply chain management
managing the network of businesses that are involved in the provision of products to the final consumers
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cost plus pricing
adding a fixed mark up for profit to the unit price of a product
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contribution cost pricing
setting prices based on the variable costs of making a product in order to make a contribution towards fixed costs and profit
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absorption cost pricing
setting a price by calculating a unit cost for the product and then adding a fixed profit mark up
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penetration pricing
setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales
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market skimming
setting a high price for a new product when a firm has a unique or highly differentiated product with low PED
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advertising elasticity
measures the responsiveness of demand for a product following a change in advertising spending on it
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consumer durable
manufactured products that can be re used an are expected to have a reasonably long life, such as cars and washing machines
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product life cycle
the pattern of sales recorded by a product from launch to withdrawal from the market- introduction, growth, maturity, decline
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extension strategies
marketing plans that extend the maturity stage of the product before a brand new one is needed
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boston matrix
a method of analysing the product portfolio of a business in terms of market share and market growth
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the matrix
star, problem child, cash cow, dog
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product branding
each individual product in a portfolio is given its own unique identity and brand image- toyota created lexus
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company or corprate branding
the company name is applied to products and this becomes the brand name- virgin/disney
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manufactures brand
producers establish the brand image of a product or a family of products, often under the company's name- coca cola
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marketing mix
product,price,promotion,place,people,process,physical evidence
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marketing audit
a regular review of the cost and effectiveness of a marketing plan including an analysis of internal and external influences
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audit and marketing mix
coordinate with each other- when audit changes then the marketing mix changes
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porters five forces analysis
threat of entry, power of buyers, power of suppliers, threat of substitutes, competitive rivalry
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methods of primary research
quantitive, qualitative, focus groups, test marketing, sampling.
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stratified sampling
this draws a sample from a specified sub group or segment of the population and uses random sampling to select an appropriate number from each stratum
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quota sampling
gathering data from a group chosen out a specific sub group- might ask 100 individuals- ages of 20-30
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snowball sampling
using existing members to recruit further participants
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cluster sampling
using 1 or a number of specific groups to draw samples from and not selecting from the whole populations- 1 town or region
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involves predictions being based on past results
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Other cards in this set

Card 2


Product orientation


an inward looking approach that focuses on making products that can be made- or have been made for a long time- and then trying to sell them

Card 3


asset led marketing


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Card 4


social marketing


Preview of the front of card 4

Card 5


marketing plan


Preview of the front of card 5
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