CAIE AS Level Business (9609) Theory Lecture Notes

These flashcards cover key vocabulary and concepts from the CAIE AS Level Business (9609) Theory lecture notes.

Marketing

The management process responsible for identifying, anticipating, and satisfying consumers’ requirements profitably.

Markets

Systems or environments where buyers and sellers interact to exchange goods and services, which may include online marketplaces.

Needs

Basic requirements necessary for survival, such as food, water, and shelter.

Wants

Items not essential for survival but desired for satisfaction, like luxury cars or vacations.

Value

The satisfaction provided by a product relative to its price; it is not synonymous with being cheap.

Marketing Objectives

Goals such as increasing market share, brand loyalty, and customer satisfaction that align with corporate objectives.

Demand

The quantity consumers are willing and able to buy at a given price within a specific time period.

Supply

The amount of a product businesses are willing to offer at a specific price in a certain period.

Equilibrium

The price level where demand equals supply, resulting in no shortages or surpluses.

Added Value

The difference between the selling price and the cost of raw materials, which can enhance profits.

Mass Marketing

Selling the same standardized products to the entire market to achieve economies of scale.

Niche Marketing

Targeting a small segment of a larger market by offering customized products.

Market Segmentation

The process of dividing a market into distinct groups of consumers with common needs or characteristics.

Local Market

Markets where businesses sell to customers within a specific local area.

National Market

Markets where businesses expand to sell across an entire country.

International Market

Markets that provide opportunities for businesses to sell in multiple countries.

Consumer Marketing (B2C)

Goods and services sold directly to end users.

Industrial Marketing (B2B)

Goods or services sold to other businesses for operational use.

Market Orientation

An outward-focused approach to product development based on consumer demand and market research.

Product Orientation

An inward-focused approach that emphasizes creating superior products, often ignoring market needs.

Market Size

The total value or quantity of sales across all firms within a market over a specified period.

Market Share

The percentage of total market sales that a business earns relative to its competitors.

Customer Relation Marketing (CRM)

Marketing activities aimed at creating and maintaining good relationships with customers to enhance loyalty.