business theme 1

Brand name

a name, term, sign, symbol, design or any other feature that allows consumers identify goods and services of a business and to differentiate them from those of competitors

E-commerce

conducting business transactions online

online retailing

the retailing of goods online

Market

a set of arrangements that allows buyers and sellers communicate and trade in a particular range of goods and services

Marketing

a management process involved in identifying, anticipating, and satisfying consumer requirements profitably

Market share

the proportion of total sales in a particular market for which one or more businesses or brands are responsible. It is expressed as a percentage and can be calculated by value or volume

Mass Market

a very large market in which products with mass apeal are targeted

Niche market

a smaller market, usually within a large market or industry

consumer panels

groups of consumers are asked for feedback about products over a period of time

Database

an organised collection of data stored electronically with instant access, searching and sorting facilities

focus groups

where a number of customers are invited to attend a discussion about a product led by market researchers

market orientation

an approach to business which places the needs if customers at the centre of the decision making-process

market research

the collection, presentation and analysis of information relating to the marketing and consumption of goods and services

market segment

part of a whole market where a particular customer group has similar characteristics

primary research

the gathering of “new” information which does not already exist

product orientation

an approach to business which places the emphasis upon the production process and the product itself

qualitative research

the collection of data about attitudes, beliefs and intentions

quantitative research

the collection of data that can be quantified

respondent

a person or organisation that answers questions in a survey

sample

a small group of people who must represent a proportion of a total market when carrying out market research

secondary research or desk research

the collection of data that is already in existence

socio economic groups

division of people according to social class

added value

the extra features that may be offered by a business when selling a product, such as high quality customer service, which helps to exceed customer expectations

competitive advantage

an advantage that enables a business to perform better than its rivals in the market

market maps

a two dimensional diagram that shows two of the attributes ir characteristics of a brand and those of rival brands in the market

market positioning

the view conumers have about the quality, value for money and image of a product in relation to those of competitors

product differentiation

an attempt by a business to distinguish its products from those of competitors

reposition

change the view consumers have about a product by altering some of its characteristics

unique selling point (proposition)

the aspect or feature of a product that clearly distinguishes it from its rivals

complementary goods

goods that are purchased together because they are consumed together

demand

the quantity of a product bought at a given price over a given period of time

demand curve

a line drawn on a graph that shows how much of a good will be bought at different prices

inferior goods

goods for which demand will fall if income rises or rise if income falls

normal goods

goods for which demand will rise if income rise or fall if income falls

substitute goods

goods that can be bought as an alternative to others, but perform the same the same function

subsidy

a grant given to producers, usually to encourage production of a certain good

supply

the amount of a product that suppliers make available to the market at any given price in a given period of time

supply curve

a line drawn on a graph that shows how much of a good sellers are willing to supply at different prices

equilibrium price

the price where supply and demand are equal

excess demand

the position where demand is greater than supply at a given price and there are shortages in the market

excess supply

the position where supply is greater than demand at a given price and there are unsold goods in the market

total revenue

the amount of revenue generated from the sale of goods calculated by multiplying price by quantity in a given period of time

price elastic demand

a change in price results in greater change in demand

price elasticity of demand

the responsiveness of demand to a change in price

price inelastic demand

a change in price results in a proportionately smaller change in demand

discretionary expenditure

non essential spending

income elastic demand

the % change in demand for a product is proportionately greater than the % change in income

income elasticity of demand

the responsiveness of demand to a change in income

income inelastic demand

where the percentage change in demand is proportionately less than the % change in income

consumer durables

goods that can be used repeatedly over a period of time, such as cars and household appliances

design mix

the range of features that are important when designing a product