Unit 4 - Marketing Flashcards Preview

IB Business Management HL 2016+ > Unit 4 - Marketing > Flashcards

Flashcards in Unit 4 - Marketing Deck (118)
Loading flashcards...
1

above-the-line promotion

any form of advertising through the mass media made by third parties, e.g. TV spot

2

advertising

method of informative and/or persuasive promotion that is usually paid for

3

agent

negotiators who help to sell the vendor’s product, e.g. real estate agents

4

B2B

(business to business) online trade conducted directly for business customers rather than the end user

5

B2C

(business to consumer) online trade conducted directly for the end-user

6

below-the-line promotion

promotional methods that do not directly use the mass media, e.g. loyalty cards

7

branding

use of an exclusive name, symbol or design to identify a specific product or business

8

cash cow

term used in the Boston matrix: product with a large market share in a low growth market

9

channel of distribution

ways that a product gets from the producer to the consumer

10

consumer goods

products bought for personal consumption: consumer durables (cars, computers) and consumer non-durables (food, fresh flowers)

11

consumer profile

characteristics of customers in different markets, e.g. age, gender, income

12

cost-plus pricing

setting prices based on unit costs and then adding a specific amount or percentage profit

13

differentiation

any strategy used to make a product appear to be dissimilar from others, e.g. quality, branding, packaging

14

direct marketing

any promotional activity that involves making direct contact with customers, e.g. door-to-door selling, direct selling

15

direct selling

salesmen deals with the customer face to face

16

distribution

process of getting products to customers at the right time and place in the most cost-effective way

17

distributors

independent businesses that act as intermediaries by specialising in the trade of products

18

dog

term used in the Boston matrix: product with a low market share in a low growth market

19

e-commerce

trading of goods and services via the internet

20

e-tailers

businesses that operate predominantly online, e.g. Dell

21

ethical marketing

moral aspects of a firm’s marketing strategies

22

exporting

selling domestically produced goods and services to overseas buyers to gain access to larger markets

23

extension strategy

attempt to lengthen the life-cycle of a particular product

24

global marketing

marketing of a product by using the same strategy in various countries to gain from marketing economies of scale

25

intermediaries

agents or firms that act as a middle person in the chain of distribution between producer and consumer

26

international marketing

marketing of a firm’s product in foreign countries

27

market leadership

firm that dominates the market share in a particular market

28

market orientation

business focuses on making products that they can sell, rather than selling products that the can make

29

market research

marketing activities designed to discover opinions, feeling and habits of potential and existing customers

30

market segmentation

process of categorising customers into distinct groups with similar characteristics and similar wants and needs