AQA A Level Business Studies - Unit 3 - Key Terms
- Created by: UmmeSalma
- Created on: 22-06-18 13:56
AQA A Level Business Studies - Unit 3
Key Terms
Market growth - % increase in sales (vol/val) for a specific b/product over a period of time.
Market size - The total volume of a given market.
Market Capitalization - the value of outlanding shares in a plc.
Market development - Strategies aimed at expanding the potential market through new users.
Market mapping - A technique that analyses markets by looking at the features that distinguish different product or firms.
The marketing mix - The set of marketing tools that the b uses to pursue it market objectives. Process, physical environment, people, place, promotion, price, product
Marketing orientation - An approach that focus on reacting to customer needs and wants.
Market conditions - relative to the attractiveness of the overall market in which a b operates.
Mass Market - The largest group of customers with specific needs and work in an industry.
Marketing plan - the actions that management intend to take via the marketing mix in order to achieve marketing objectives.
Methods of analysing the market - Correlations - Moving averages - Extrapolation. (trend analysis)
Price sensitivity - effect on the customer or brand loyalty.
Growth rate - The percentage growth over a particular period. Market growth rates are typically quoted in terms of percentage growth per year.
Demographic - defining a market in terms of socio-economics such as segmentation age etc.
Electronic market - A market in which buyers and sellers are brought together using digital means of communication.
Product positioning - The way in which the marketing function tries to create an image or identity in the minds of the target market.
Sales forecasting - Techniques for estimating the likely demand (revenue and volume) for a product in future periods.
Repositioning - Changing the marketing mix for a product to appeal to a different market segment.
E-Commerce - Digitally enable commercial transactions between and among organisations and individuals.
Test marketing - Launching a new product or service in a limited part of the target market in order to gauge the viability of the product and assess the most appropriate marketing mix.
Outstanding shares - refer to a company's stock currently held by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company's officers and insiders. Outstanding shares are shown on a company's balance sheet under the heading "Capital Stock."
Undifferentiated approach - product aimed at everyone with same marketing strategy.
Concentrated approach - product aimed at a specific target group of consumers and marketing strategy.
Differented marketed approach - each market segmented or segment will be targeted in the most appropriate way by individual marketing strategy.
Market targeting - is the process of deciding the groups of customers to whom a company will attempt to sell their products.
Consumer products - Goods and services that are used to satisfy the wants and needs of the final user.
Convenience products - frequently bought products, whose purchasing decisions require little thought or…
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