The management process that is responsible for anticipating, identifying and satisfying customers 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 research
Information that is new
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Secondary research
Information that hasd already been used
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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, judgements and attitudes
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Market segment
Part of a market that contains a group of buyers with similar buying habits
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Product life cycle
Growth, Maturity, Saturation ans Decline
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Product mix
The combination or range of products that a business sells
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Boston matrix
Star, Problem child, Cash cow, Dog.
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Marketing mix
Combinatiopn of factors which helps a business to take into account customers needs when selling a product ( 4ps)
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Design Mix
The range of variables which contribute to succesful design, function, cost and apperance
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Just In Time (JIT)
A stock management system where stocks are only delivered when they are needed by the production system
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Quality control
Ensuring that a product or service meets minimum standards, often through testing of sample products once they have been made
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Quality Assurance
Ensuring that quality is produced and delivered at every stage of the productions process, often through making quality the responsibility of every worker
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Innovation
The process of transforming inventions into products that can be sold to customers
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Trade Descriptions Legislation
Makes businesses liable for prosecution and fines if products are sold in a misleading way
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Trade Credit
Where a supplier gives a cutomer a period of time to pay for a bill for goods or service they have been delivered
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Break Even Point
The level of output where total revenues are equal to total costs this is where neither a profit or a loss is made
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Total Revenue
The revenue earned by a business for the sale of a given quantity of products
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Margine of saftey
The amount of outputs between the actuqal level of output where profit is being made and the break even level of output, if the margin of saftety is 0 then production is at or below the break even level
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Internal source of finance
financewhich is obtained within the business such as retained profit or the sales of asets
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External source of finance
finiance which is obtained from outside the business such as a boank loans and cash from the issue of new share
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Card 2
Front
Market Research
Back
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data
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