HSC Business Studies: Marketing

Comprehensive vocabulary flashcards covering HSC Business Studies syllabus topics including marketing influences, the marketing process, and marketing strategies.

Factors Influencing Customer Choice

Psychological, sociocultural, economic, and government

Consumer Laws (Marketing)

deceptive and misleading advertising, price discrimination, implied conditions, and warranties.

Ethical Influences in Marketing

truth, accuracy, and good taste in advertising, addressing products that may damage health, engaging in fair competition, and avoiding sugging.

Sugging

Selling Under the Guise of market research

Marketing Process

situational analysis, market research, establishing market objectives, identifying target markets, developing marketing strategies, and implementation, monitoring, and controlling.

Situational Analysis

The first step of the marketing process, which evaluates the current state of a business using SWOT analysis and the product life cycle.

SWOT Analysis

A situational analysis tool used to identify a business's internal Strengths and Weaknesses, as well as external Opportunities and Threats.

Product Life Cycle

The stages of introduction, growth, maturity, and decline through which a product progresses over time.

Market Research

The systematic collection, recording, and analysis of data related to marketing goods and services.

Establishing Market Objectives

Setting specific, measurable, and realistic goals that a business intends to achieve through its marketing plan.

Identifying Target Markets

Selecting the specific group of potential customers that a business intends to target with its marketing efforts.

Implementation, Monitoring and Controlling

The final stage of the marketing process, involving developing a financial forecast, comparing actual results against planned results, and revising the marketing strategy.

Market Segmentation

Dividing the total market into distinct groups of consumers who share similar needs and characteristics.

Product/Service Differentiation and Positioning

Developing unique features to distinguish a product from competitors and creating a distinct image or perception of the product in consumers' minds.

Branding

A product strategy utilizing a distinct name, term, symbol, or design to identify a business's products and differentiate them from rivals.

Packaging

The physical container or presentation designed to protect, preserve, and promote a product.

Pricing Methods

The fundamental approaches used to calculate base prices: cost-based, market-based, and competition-based.

Pricing Strategies

Tactical pricing actions used to achieve market goals, including price skimming, penetration pricing, loss leaders, and price points.

Price Skimming

A pricing strategy where a business charges the highest possible price for a product during the introduction stage of its life cycle.

Penetration Pricing

A pricing strategy where a business sets a low initial price to rapidly attract customers and secure a large market share.

Loss Leaders

A pricing strategy where a product is sold at or below cost price to draw customers into a store.

Price Points

Selling products at predetermined specific price levels within a product category.

Price and Quality Interaction

The psychological relationship where consumers infer that higher prices reflect superior product quality.

Promotion Mix

The combination of promotional methods used by a business, comprising advertising, personal selling and relationship marketing, sales promotions, and publicity and public relations.

The Communication Process (Promotion)

Channels used to transmit marketing messages, particularly utilizing opinion leaders and word of mouth.

Opinion Leaders

Respected individuals within a community whose opinions and endorsements influence consumer purchasing decisions.

Word of Mouth

Informal communication about a business and its products shared directly between friends, family, and associates.

Channel Choice

The distribution coverage strategy adopted by a business, classified as intensive, selective, or exclusive distribution.

Physical Distribution Issues

Logistical considerations involved in moving goods from producer to consumer, specifically transport, warehousing, and inventory control.

People, Processes and Physical Evidence

The extended 3 Ps of the marketing mix applied mainly to services: the staff delivering the service, the operational systems involved, and the tangible environment where the service takes place.

E-marketing

The practice of using the internet and digital electronic media to promote and sell products.

Global Marketing

Coordinating marketing activities across national borders through global branding, standardisation, customisation, global pricing, and competitive positioning.

Global Branding

The worldwide use of a uniform brand name, logo, and image to establish global recognition.

Standardisation

A global marketing strategy where the product and its marketing mix are kept identical across all international markets.

Customisation

A global marketing strategy where a product and marketing approach are adapted to suit local needs, tastes, and cultures in different countries.

Global Pricing

A strategy that determines how a business prices its goods and services across different international markets.

Competitive Positioning

How a business defines its unique value and differentiates its brand relative to international competitors in the global marketplace.