Unit 9 0.0 / 5 ? BusinessPrinciples of marketing BTEC NationalEdexcel Created by: mackymooCreated on: 25-04-17 09:43 Competitive advantage The advantage gained by offering more superior goods or services than competitors. 1 of 35 Corporate objectives The actions necessary to achieve the aims set by the business. 2 of 35 SMART objectives Objectives that are Specific, Measurable, Achievable, Realistic and Time based. 3 of 35 Customer An individual who makes a purchase from a business to use for themselves or give to others. 4 of 35 Market share The percentage of the total sales of a product accounted for by one company. 5 of 35 Marketing management process responsible for identifying, anticipating and satisfying customer needs profitably. 6 of 35 Revenue The income of a business 7 of 35 Brand awareness How familiar customers are with the qualities, logos, images or strap lines of a particular brand of goods or services. 8 of 35 Brand A distinguishing symbol, mark, logo, name, word, sentence or a combination of these items that companies use to distinguish their product. 9 of 35 Marketing plan Sets out the marketing activities necessary to achieve the business aims 10 of 35 Consumables Goods that are used and replaced regularly, such as soap. 11 of 35 Business to Business (B2B) Selling to industrial buyers or retailers and not direct to the public. 12 of 35 Business to Consumer (B2C) Selling to private individuals and households who buy goods and services for their own use. 13 of 35 Market All the possible customers who might buy a product or service. 14 of 35 Convenience goods Inexpensive items we buy often, such as chocolate. 15 of 35 Durable goods Items that last such as televisions and furniture. 16 of 35 Capital goods Capital goods are used to make other products. Only businesses buy capital goods. 17 of 35 Consumer goods Items bought from a shop or online store. 18 of 35 Mass market The largest market possible for an item. 19 of 35 Niche market A smaller market than a mass market, usually for a specialist product . 20 of 35 Goods market Buyers and sellers of products. Can be divided into different types, such as convenience goods, durable goods and luxury goods. 21 of 35 Services market Sales of different types of services. Can be divided into different types, such as financial services, personal services and business services. 22 of 35 Market orientation These businesses create products to meet the identified needs and wants of their prospective customers. 23 of 35 Product orientation These businesses create innovative products in their area of expertise. 24 of 35 Sales model No frills approach to selling goods that have already been produced. Example: Amazon. 25 of 35 Advertising model Revenue comes from other businesses advertising and promoting their goods and services. Example: Google. 26 of 35 Marketing model These businesses build a relationship between the brand and the consumer and focus on responding to their needs. Example: Marks and Spencer. 27 of 35 Saturated market A market that is full of similar products which now have little value to consumers. 28 of 35 Core product The basic product designed to meet user needs. 29 of 35 Augmented product The core product plus additional benefits or services. 30 of 35 Unique selling point (USP) A special feature of a product (or service) that makes it easy to promote and sell. 31 of 35 Extension strategy A plan to revive sales by adapting a product or launching in new markets. 32 of 35 Product portfolio The range of products produced by the business. 33 of 35 Pricing strategies Alternative methods of deciding the best price to charge. 34 of 35 Elasticity of demand The degree to which demand (and sales) increase as prices fall and vice versa. 35 of 35
Comments
No comments have yet been made