VCE Business Management Unit 2 SAC 1 Flashcards

Vocabulary flashcards covering the Product Life Cycle, customer relations strategies, marketing technologies, public relations, data management, and socially responsible marketing for VCE Business Management Unit 2 SAC 1.

Introduction stage (Product Life Cycle)

The stage where a product is new, sales are low, and marketing is important to create awareness.

Growth stage (Product Life Cycle)

The stage where sales increase rapidly, the business builds market share, and faces more competition.

Maturity stage (Product Life Cycle)

The stage where sales reach their peak, competition is high, and the business tries to maintain market share.

Decline stage (Product Life Cycle)

The stage where sales decrease, and the business may reduce marketing, modify the product, or discontinue it.

Quality customer service

Providing helpful, reliable and friendly service to satisfy customers and encourage repeat purchases.

Customer loyalty programs

Rewarding customers for repeat purchases to encourage them to remain loyal to the business, through points, discounts, rewards, or special offers.

Social media

Online platforms that allow users and businesses to communicate, share content and interact.

Email marketing

Using email to communicate with customers and promote products or services.

Search Engine Optimisation (SEO)

Improving a website so it appears higher in search engine results.

Artificial Intelligence (AI)

Technology that allows computers to perform tasks that normally require human intelligence.

Data analytics

Examining data to identify patterns and trends that can help a business make decisions.

Management of data

Collecting, organising, storing, protecting and using data effectively.

Public relations (PR)

Activities used by a business to create and maintain a positive relationship and image with its stakeholders.

Planned PR

PR activities organised in advance to achieve a specific objective, such as Coles promoting its food-waste reduction program.

Crisis PR

PR used in response to an unexpected event that could damage the business's reputation, such as a restaurant responding to a food contamination incident.

Data access control

Ensuring only authorised people can access customer information, reducing the risk of theft, misuse or accidental changes.

Data privacy

Protecting customers' personal information to maintain their trust while helping the business comply with privacy requirements.

PR Campaign Stage 1: Research

Identifying the problem or opportunity and understanding stakeholders.

PR Campaign Stage 2: Objectives

Setting clear goals for what the PR campaign should achieve.

PR Campaign Stage 3: Planning

Deciding what activities, messages, resources and timeframes will be used.

PR Campaign Stage 4: Implementation

Putting the PR campaign into action.

PR Campaign Stage 5: Evaluation

Measuring whether the campaign achieved its objectives.

Honest and ethical advertising

A form of socially responsible marketing that avoids misleading claims and provides accurate information.

Environmentally responsible marketing

A form of socially responsible marketing that promotes sustainable products, reduces waste, or uses environmentally friendly packaging.