AS Business Unit 3 flashcards Flashcards

Consumer wants and needs, Cost, Convenience, and Communication

influencing the buying behavior of consumers with a persuasive selling message about products and/or services.

The the general impression that a brand presents to consumers

A name image or logo which distinguishes a product or service from competitors

Building strong relationships to ensure customer loyalty

Setting a price close to competitors products in the same market

Adding a fixed price to the cost of making or buying a product

Consumers who make repeated purchases of a specific product or brand

consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.

The path a product takes from producer to consumer

changing the price for a product or service to reflect changing market conditions, in particular the charging of a higher price at a time of greater demand.

Selling products and services over the internet

Strategies to lengthen the maturity stage of a product

a group of people gathered to discuss their opinions and preferences about a product

An agreement in which one company gives another company permission to manufacture its product for a payment.

Market growth is the increase or decrease in the size of a market for a product or service over time.

Products or services developed in response to market research data

Collecting and analyzing data about customers, competitors and the market for a product or service

Splitting a market into smaller parts based on consumer characteristics

Revenue of a business as a % of the total market revenue

All potential consumers who have an interest in buying a product and the money to do so

Four marketing decisions required for the successful marketing of a product or service (4p's or 4c's)

goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame

Plan to achieve marketing targets with set resources

Selling the same product to a whole market

Developing product for a small market segment

The wrapping material around a consumer item that serves to contain, identify, describe, protect, display, promote and otherwise make the product marketable and keep it clean.

Setting a low price to attract consumers to buy a new product

Setting a low price to attract consumers to buy a new product

Setting a high price for a new unique product which has no direct competitor in the market

First hand data collected specifically for a business needs

is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.

Pattern of sales from introduction to withdrawal from the market

A business decides what to produce then finds buyers for the product

reducing the price of a product or services in short term to attract more customers & increase the sales volume

member of the sample has an equal probability of being chosen

incentives used to encourage short term increases in sales or repeat purchases

Taking a representative sample from the target market to complete market research

Collection of data from second hand resources

is the use of social media websites and social networks to market a company's products and services.

the total amount of a specific good or service that is available to consumers.

asking consumers or potential consumers for their opinions and preferences about a product

a factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind

consumers are encouraged to share information about a company's goods or services via the Internet.

Business-to-business, is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. Business-to-business refers to business that is conducted between companies, rather than between a company and individual consumer.

The term business-to-consumer means selling products and services directly between a business and consumers who are the end-users of its products or services.

refers to the principles, practices, and guidelines that an organization follows when interacting with its customers.to establish successful customer relationships to maintain customer loyalty

Measurable features of a product that can be easily compared with other products.

Subjective opinions of customers about a product that cannot be measured or compared easily.

a model which helps businesses analyse their portfolio of businesses and brands in terms of market share and market growth. The Boston Matrix is a popular tool used in marketing and business strategy.

analysing the range of existing products of a business to help allocate resources effectively between them.

a pricing and marketing strategy based on the theory that certain prices have a psychological impact. For example. $19.99 or £2.98 so consumers think just-below prices (also referred to as ""odd prices"") as being lower than they actually are. Psychological pricing can also refer to the use of market research to avoid setting prices that consumers consider to be inappropriate for the style and quality of the product."

Direct marketing consists of any marketing that relies on direct communication or distribution to individual consumers, rather than through a third party such as mass media for example mail, email, social media, and texting campaigns are among the delivery systems used.

The term digital marketing refers to the use of digital channels to market products and services in order to reach consumers. This type of marketing involves the use of websites, mobile devices, social media, search engines, and other similar channels.