Business Unit 3.3 and 3.4

What is the focus of relationship marketing?

To build long-term, lasting relationships with customers by providing consistent satisfaction.

What does a 'marketing objective' entail?

Measurable and time-specific targets set for the marketing function, such as increasing sales by a certain percentage within a set time frame.

What is 'primary marketing research'?

Data collection and analysis that is conducted first hand for marketing purposes.

What is meant by 'confidence level' in research?

The probability that the research findings are correct.

What are 'direct costs' in financial terms?

Expenditure that can clearly be allocated to a particular product or area of the business.

Define 'Corporate Social Responsibility'.

The extent to which a business considers stakeholder views and accepts its obligations to society beyond legal requirements.

What does 'out sourcing' mean?

Using an external business or organization to complete part of the work for another organization.

What is 'Capacity Utilization'?

Measures existing output over a given period as a percentage of the maximum output.

What is 'Lean Production'?

A management approach that focuses on reducing waste and increasing operational efficiency.

Define 'mass customization' in operations management.

Producing on a large scale while still meeting individual customer preferences.

What are non-current assets?

Assets such as property, vehicles, and machinery that are used for a considerable time by the business.

What is sales growth?

The percentage change in sales volume or value over a given period.

What is external influence on marketing objectives?

Factors outside the business, such as the state of the economy, that affect marketing decisions.

What is big data?

The ability to combine large and complex datasets from various sources to support analysis.

What is lean production?

An approach focused on reducing waste and increasing efficiency in operations.

What is quality assurance?

The maintenance of target quality by paying attention to detail at every stage of the production process.

What is mass customization?

Producing on a large scale while still meeting individual customer preferences.

What is vertical integration?

When one business joins together with another at a different stage of the same production process.

What is outsourcing?

The practice of using separate businesses to complete parts of work for an organization, such as cleaning.

What is inventory?

The stock a business holds, including raw materials and finished products.

What is capacity?

The maximum output of a business at a given moment, based on its resources.

What is customer retention?

The strategy of keeping existing customers by ensuring their satisfaction and loyalty.

What is business ethics?

The moral principles that guide the actions and decisions of a business.

What is market growth?

The percentage change in total sales in the market over a specified period.

What are internal influences on marketing objectives?

Factors within a business, such as employees and resources, that can affect marketing decisions.

What is competitiveness?

The ability of a business to offer good value for money relative to its competitors.

What is a confidence level in research?

The probability that the research findings accurately represent the true situation.

What is a trademark?

A sign that distinguishes a business's goods or services from those of competitors.

What is JIT (Just In Time) production?

An inventory strategy to increase efficiency by receiving goods only as they are needed.

What is Kaizen?

A Japanese term for continuous improvement within a company.

What does 'fit for purpose' mean regarding quality?

A quality standard indicating that a product or service meets customer requirements effectively

What is sales value?

A measure of the total monetary amount of sales during a specific period.

What is a sample in market research?

A group selected to represent the target population for data collection.

What is market mapping?

An analysis that identifies the position of a product or brand relative to competitors based on specific criteria.

What is a confidence interval?

The range of values within which the true population parameter is expected to fall, based on a given confidence level.

What are temporary staff?

Employees who work for a limited duration, often for seasonal needs or short-term projects.

What is a competitive advantage?

A superiority that allows a business to achieve greater success than its rivals.

What is labour productivity?

A measure of the output produced per employee over a specific time.

What does Andon refer to in operations?

A visual management tool used in production to signal that there is a problem.

What is the role of technology in big data?

Technological advancements make it easier to analyze large and complex data sets.

What is capital-intensive production?

A method that uses a higher proportion of capital equipment compared to labor in the production process.

What is qualitative research?

Research focusing on understanding consumers' motivations and attitudes through non-numeric data.

What is quantitative research?

Research that relies on numeric data and statistical analysis to draw conclusions.

What is segmentation in marketing?

The process of dividing a market into distinct groups of buyers with different needs or characteristics.

What is demographic segmentation?

Dividing a market based on variables such as age, gender, income, and education.

What is psychographic segmentation?

Segmentation based on personality traits, interests, values, and lifestyles.

What is a Unique Selling Proposition (USP)?

A specific benefit or feature that makes a product or service stand out from competitors.

What is market positioning?

The strategy of creating a specific image or identity for a product or brand in the consumer's mind.

What is brand loyalty?

The tendency of consumers to continuously purchase the same brand's products over time.

What is direct marketing?

A form of advertising that allows brands to communicate directly with consumers through various channels.

What is a SWOT analysis?

A tool for identifying the Strengths, Weaknesses, Opportunities, and Threats facing an organization