U2AOS2 - Business Management

Marketing

Is the process of implementing strategies to price, promote, and distribute products to current and potential customers.

Customer base

Is a group of consumers who continuously purchase goods and services from a business.

Business objectives 

Are the goals a business intends to achieve.

Internal environment 

Involves factors within a business that a business has control over.

Corporate culture

Is the shared values and beliefs of a business and its employees.

Operating Factors

Are the primary external factors impacting a business which it has some control over.

Macro Factors

Are social, legal, technological and economic conditions a business operates in and has no control over

Market Research

Is the process of investigating and behaviors customers and competitors in a specific industry.

Market Dimensions

Are an indication of the total number of potential customers who could purchase a product from a business in a particular market.

Market segmentation

Is the process of dividing a market into different groups of consumers that share similar characteristics.

Target market 

Is a specific group of consumers that a business aims its marketing efforts towards

Consumer Behavior

Is the actions of those who purchase goods and services for consumption

Consumer trends

Are developed patterns in consumer behaviors, attitudes, and values

Product

Is a good or service that is offered to consumers to satisfy a need or want.

Price

Is the amount that a customer pays for the good or service

Place

Is an element of the marketing mix relating to how a business distributes its product to customers.

Promotion

Is the marketing communications used by a business to inform, promote, and remind its target market about its product

People

Are the individuals that influence a customer’s perception of a business and its products

Physical evidence 

Is the environment in which the business and customer interact.

Process

Is the procedure set in place throughout the entire customer purchasing experience at a business.

The product life cycle

Is a series of stages that a product will pass through from the moment it is introduced to the market until it becomes obsolete or replaced.

Customer relations

Is the way a business creates, builds, and maintains customer relationships

Quality customer service

Is a business consistently going above and beyond expected performance to ensure customers are satisfied with their experience.

Customer loyalty programs

Are marketing initiatives that enable customers to gain benefits for frequently purchasing from a business.

Technological developments

Are the invention and innovation of tools that solve problems and enhance processes.

Social media

Is the online platforms that can be used to connect with others and share content.

Email marketing

Is the process of sending personalized electronic messages to existing customers to promote a business’s goods and services.

Search engine optimisation 

is a process used by businesses to ensure their website ranks higher in search results when customers search for goods or services related to the business online.

Artificial intelligence

Is software that is able to mimic the behavior of humans

Data analytics

Is the process of examining information that has been collected by businesses in order to draw conclusions and make effective decisions.

Management of data

Is the practice of collecting, organizing, using, and storing data securely so businesses can use this information to make effective decisions.

Public relations (PR) 

Is communicating an intended message to the public to create and sustain a positive business reputation

Planned public relations

is a business proactively communicating intended messages to various publics.

Crisis public relations 

Is a business reactively communicating to various publics in response to an issue that can negatively affect its reputation