Unit 9

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

Card 2

Front

The actions necessary to achieve the aims set by the business.

Back

Corporate objectives

Card 3

Front

Objectives that are Specific, Measurable, Achievable, Realistic and Time based.

Back

Preview of the back of card 3

Card 4

Front

An individual who makes a purchase from a business to use for themselves or give to others.

Back

Preview of the back of card 4

Card 5

Front

The percentage of the total sales of a product accounted for by one company.

Back

Preview of the back of card 5
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