Ch 8B
Ch 8B
Ch 8B
Ch 8B
Ch 8B
100
A group of customers with similar characteristics who presently, or who may in the future, purchase the product.
Target Market
100
The seller mass-produces, mass-distributes and mass-promotes one product to all buyers.
Mass markets
100
Occurs when the total market is subdivided into groups of people who share one or more common characteristic.
Market segmentation
100
Refers to the decisions and actions of consumers when they purchase goods and services for personal household use.
Consumer buying behaviour
100
The market segment at which most of the marketing resources are directed.
Primary target market
200
Usually a smaller and less important market segment.
Secondary target market
200
A narrowly selected target market segment.
Niche market
200
Actions undertaken to achieve the business’s marketing goals.
Marketing strategies
200
Refers to the combination of the four elements of marketing, the four Ps — product, price, promotion and place — that make up the marketing strategy.
Marketing mix
200
Describes the life of a product over four stages: introduction, growth, maturity and decline.
Product life cycle
300
Involves the development of a container and the graphic design for a product.
Packaging
300
A name, term, symbol or design that identifies a specific product and distinguishes it from its competitors.
Brand
300
A graphic representation that identifies a business or product.
A brand logo
300
Refers to the methods used by a business to inform, persuade and remind customers about its products.
Promotion
300
Activities that make the products available to customers when and where they want to purchase them.
Place or distribution
400
Ways of getting the product to the customer.
Distribution channels
400
Unanticipated events that can lead to financial difficulty. For a business to be well managed, it needs to have saved money for such events.
Contingencies
400
A managerial and administrative tool for recording financial transactions, so that a summary of what has happened to business money can be traced.
Accounting
400
Occurs when a business acts in the best and highest interests of its owners. Full and complete ‘disclosure’, which means to be open and not hide the truth, ensures that the books of account are kept accurately and that the information reflected in them, and which is summarised in reports, is based on the true and actual transactions. Another term for it is stewardship
Accountability
400
Refers to how a business funds its activities — for instance, where it gets the money to trade, why it chooses to use certain lenders — as well as the costs, risks and benefits of different types of borrowings.
Finance
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