Marketing and Business Concepts

Flashcards covering key business concepts from lecture notes, including marketing mix, leadership, and forecasting.

How is market share calculated?

Market share is calculated by dividing a business's sales by the total market sales and multiplying by 100.

What is extrapolation in business forecasting?

Extrapolation is a method where a business identifies past trends to forecast future outcomes, often used by organizations like the government for planning.

How does autocratic leadership relate to the Tannenbaum and Schmidt continuum?

Autocratic leadership corresponds to Stage 1 ('Tells') on the Tannenbaum and Schmidt continuum, where the manager solely makes decisions without employee input.

What is multi-channel distribution?

Multi-channel distribution occurs when a business uses different channels to distribute its products, such as online stores, physical retail outlets, and partner stores.

What is an Integrated Marketing Mix?

An Integrated Marketing Mix means that the individual elements of the marketing mix complement each other to communicate a coherent message.

Why is an Integrated Marketing Mix important?

It is important to give a clear message to the target market, position the product effectively, protect and promote the brand promise, and achieve marketing objectives.

How does the product lifecycle influence the Integrated Marketing Mix?

For a new product, promotion is heavy using informative and persuasive techniques. For a product reaching maturity or decline, strategies might involve lowering prices or implementing extension strategies.