Busine$$ 1
___ is a measure of the responsiveness of demand for a product following a change in its price
PED
___ is a detailed and fully researched written report on the marketing objectives and the marketing strategy to be used to achieve them
Marketing plan
___ is a special feature of a product that makes it different from competitors products
USP
____ is a product that experiences an increase in demand when consumer incomes fall
An inferior good
___ is the design, creation and marketing of new goods and services
New product development
____ is a Marketing Plan to extend the maturity stage of the product before a completely new one is launched
An Extension Strategy
___ is predicting future sales levels and sales trends
sales forecast
____ is a small segment of the market. It involves selling to a small customer group.
Niche marketing
This formula is used to calculate what? Sales of a business/ Total sales in the market x 100
Market share
What do we call markets that change over time and do not remain the same? D...
Dynamic markets
Identify 3 benefits of online retailing or e-commerce:
Refer to page 3 of textbook. Edexcel AS/A level Business
Identify 2 reasons that contribute to growth in existing and new markets:
Economic growth/more money, innovation, social changes, changes in legislation, demographic changes
What is the Japanese term given for "a culture of continuous improvement"?
Kaizen
__ is the process of identifying and satisfying customer needs and wants profitably?
___ is a very large market in which products with a large appeal are targetted?
Marketing. Mass market
____ means that the business focuses on the production process & the product itself?
A business that continually identifies, reviews & analyses consumer needs is said to be____?
Product orientation. Market oriented
Identify 2 different types of market research and give an example of each
Primary - questionnaire. Secondary - sales figures, annual reports, internal data
What is the term for dividing the market according to age, gender, income, social class, etc referred to?
Demographic segmentation
___ is the view consumers have about the quality, value for money & image of a product in relation to those of competitors?
Market positioning
___ refers to the extra features that may be offered by a business when selling a product, such as high quality customer service. NOT USP!
Added value
____ enables a business to perform better than its rivals in the market?
Competitive advantage
__ is the feature of a product that clearly distinguishes it from its rivals?
USP
___ is the amount of a product that consumers are willing and able to purchase at any given price?
__ is the amt of a product which will be offered to the market at a given price?
Demand. Supply
Identify 3 factors leading to a change in demand:
Price of substitutes/complements, changes in consumer incomes, fashions/tastes, advertising, demographics, external shocks, seasonality
Identify 3 factors leading to a change in supply:
Changes in costs of production, new technology, indirect taxes, govt subsidies, external shocks, world events/weather, price of related goods
The point where demand is = to supply is called___?
What is the formula for PED?
Equilibrium
PED = % change in Qty Demanded / % change in Price