Cambridge AS Business (9609) Flashcards - Unit 3: Marketing Flashcards

A customer-focused marketing model: Consumer needs and wants, Cost, Convenience, and Communication.

The use of paid media to inform, persuade, or remind consumers about a product or service.

The perception consumers have of a brand, shaped by their experiences and interactions.

A name, symbol, or design that identifies and differentiates a product from competitors.

Developing long-term interactions with customers to encourage loyalty and repeat business.

Setting a product's price based on the prices of similar products offered by competitors.

A pricing method that adds a fixed mark-up to the cost of producing or buying the product.

The tendency of customers to continue buying the same brand or product over time.

The desire and ability of consumers to purchase a good or service at a given price.

The route a product takes from the producer to the final consumer.

A pricing strategy where prices are adjusted in real time based on market demand and conditions.

Buying and selling of goods and services through the internet or other digital platforms.

Methods used to prolong the life cycle of a product, especially during the maturity stage.

A small group of people brought together to give feedback on a product or idea.

A legal agreement allowing one company to produce and sell a product owned by another.

The change in the size of a market, measured by sales value or volume, over time.

A business approach where products are developed based on customer needs and preferences identified through market research.

The process of gathering, analyzing, and interpreting information about a market.

Dividing a market into distinct groups of consumers with similar needs or characteristics.

A company’s sales revenue as a percentage of total sales in the market.

All actual and potential customers for a product who have the willingness and ability to buy.

The four key elements (Product, Price, Place, Promotion) used to successfully market a product or service.

Specific, time-bound goals set by a business to guide its marketing efforts and evaluate success.

A long-term plan to achieve marketing objectives using available resources.

A strategy that targets a wide audience with a single product or service.

Targeting a small, specific segment of the market with tailored products.

Materials used to protect and present a product, while also helping to promote and identify it.

Setting a low initial price to gain market share and attract new customers.

A measure of how much demand for a product changes in response to a change in price.

Setting a high price for a new product to maximize profit before competitors enter the market.

The collection of new, firsthand data tailored to meet a business’s specific research needs.

Making a product stand out from competitors by emphasizing its unique features or benefits.

The stages a product goes through from introduction to decline in the market.

A business approach focused on developing products first, then finding the market for them.

Temporarily reducing prices to boost sales or attract customers.

A sampling method where each member of the population has an equal chance of being selected.

Short-term incentives used to boost sales or encourage repeat purchases.

The process of selecting a representative group from a target market to conduct research.

Collecting and using data that has already been published by others.

Using social networking platforms to promote a business’s products or services.

The total amount of a specific good or service available to consumers at a given time and price.

A method of gathering data by asking current or potential consumers for their views and preferences about a product.

A feature or benefit that makes a product stand out from competitors, such as lowest cost, best quality, or uniqueness.

A marketing technique that encourages consumers to share and spread promotional messages online, especially via social media.

A form of commerce where businesses sell products or services to other businesses (e.g., manufacturer to wholesaler).

Business-to-consumer (B2C) refers to selling products or services directly from a business to individual consumers.

Marketing strategies focused on building long-term relationships with customers to encourage loyalty and repeat business.

The physical features of a product that can be objectively measured and compared (e.g., size, weight, material).

The non-physical qualities of a product, such as brand image, reputation, and emotional appeal, which are harder to measure.

A strategic tool used to categorize a firm’s products or brands based on their market growth and market share.

A review of a company’s product range to assess performance and determine where to allocate resources.

A pricing strategy where prices are set to appear more attractive to consumers (e.g., $9.99 instead of $10.00).

A type of promotion that involves direct communication with targeted consumers via email, messaging, or mail campaigns.

Marketing using digital platforms such as websites, social media, mobile apps, or search engines to promote products or services.

A form of promotion using mass media channels such as TV, radio, or newspapers to reach a wide audience.

Promotion that uses non-media methods such as direct mail, personal selling, sales promotions, or sponsorships to target customers.

A detailed document outlining an organization’s marketing objectives, strategies, budget, and actions for a specific period.

The process of creating a distinct identity for a product through name, logo, design, and messaging to differentiate it from competitors.

A description of the typical customer based on demographics, buying habits, and lifestyle characteristics.

Segmenting a market based on geographical location such as region, city, or climate.

Dividing a market into segments based on variables such as age, gender, income, education, or occupation.

Segmenting the market based on lifestyle, personality, values, and interests of consumers.

How a product is perceived in the minds of consumers relative to competing products.

A visual representation that shows how consumers view different products based on key attributes such as price and quality.

Charging different prices to different groups of consumers for the same product, based on willingness or ability to pay.

Setting a very low price on a product to attract customers and encourage them to buy other higher-margin items.

Deliberately setting very low prices to drive competitors out of the market, often considered illegal or anti-competitive.

A pricing strategy where one dominant firm sets the price, and other firms in the market follow.

The development and introduction of new or significantly improved products to meet changing customer needs.

Launching a new product in a limited area to assess customer response before a full-scale launch.

Efforts to build and maintain a positive image of the company through media coverage, sponsorships, or events.

A strategy that coordinates all promotional tools and messages to provide a consistent brand message across all channels.

A comprehensive review and evaluation of a company’s marketing activities, strategies, and performance.

A clear statement that explains how a product or service uniquely solves a customer’s problem or satisfies a need better than competitors.