Marketing in Business - Unit 1 Vocabulary Flashcards

Comprehensive vocabulary flashcards covering key definitions, marketing mix elements, research methods, and external business influences from Unit 1.

Marketing

Identifying, anticipating and satisfying customer requirements while understanding customers and creating value.

Marketing vs Sales

Marketing creates awareness and interest, whereas sales completes the purchase.

Customer Needs

Essential items required for survival or basic living, such as food and water.

Customer Wants

Non-essential items that individuals desire, such as the latest phone.

Value

The benefits customers get compared to the cost.

Marketing Skills

Key competencies required in marketing, including communicating, creativity, negotiation, computer skills, and organisation.

Limited Company

A form of business ownership characterized by having a separate legal identity.

Business Aim

A long-term target for a business, such as becoming the market leader.

Business Objective

A short-term and specific goal set to help a business achieve its aims.

SMART Objectives

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

The 7Ps of the Marketing Mix

The core operational elements of marketing: Product, Price, Place, Promotion, People, Process, and Physical evidence.

Marketing Plan

A document outlining what the business will do, who the target market is, the budget, and how success will be measured.

Implementation

The stage of putting a marketing plan into action.

Digital Marketing

Promotional activities conducted through online platforms, such as social media and websites.

Offline Marketing

Traditional marketing conducted outside digital channels, such as TV, radio, and print.

Business to Consumer (B2C)

A commercial model where a business sells products or services directly to individual consumers.

Business to Business (B2B)

A commercial model where a business sells products or services directly to other businesses.

Niche Marketing

A strategy that targets a small, specific group of customers.

Market Segmentation

Dividing the market into distinct customer groups based on criteria such as age, gender, location, and lifestyle.

Market Research

The process of finding out what customers think.

Primary Research

Collection of new, original data using methods such as surveys, interviews, focus groups, and observations.

Secondary Research

Gathering existing data from previously published sources, such as internet research and reports.

Sampling

The specific group of people chosen to take part in market research.

Validity and Reliability

Key standards in research specifying that results should be accurate (validity) and consistent (reliability).

PESTLE Influences

External environmental influences on a business consisting of Economic, Social, Technological, Environmental, and Legal factors.

Unique Selling Proposition (USP)

A unique feature or benefit that sets a product or business apart from its competitors.

Pricing strategies