Term
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Definition
| Where buyers and selleres come together to exchange products for money. |
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Term
| What is the difference between market orientated and product orientated business? |
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Definition
| A product-orientated business is when main focus of activity is on the product itself. A market-orientatted carries out market research to find out what consumer wantes before a product a product is produced. |
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Term
| 4 possible objectives of marketing: |
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Definition
1. To find consumer reequirements.
2. To predict future consumer requirements.
3. To help to make profits for the business.
4. To satistify consumer needs. |
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Term
| What is the difference between mass market niche market? |
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Definition
| A mass market is where there's a very large number of sales of a product, but a niche market is a small, usually specialised, segment of a larger market. |
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Term
| Why does a business carry out a SWOT analysis? |
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Definition
| It helps the marketing department to assess a product. |
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Term
| List and explain 4 different types of products. |
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Definition
Consumer goods - goods consumed by people.
Consumer sercvices - services that are produced for people
Producer goods - goods that are produced for other businesses to use.
Producer services - services that are produced to help other businesses. |
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Term
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Definition
| It is the unique name of a product that distinguishes it from other brands. |
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Term
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Definition
| When consumers keep buying the same brrand again instead of choosing a competitors' brand. |
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Term
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Definition
| An image of identity ggiven to a product which gives it a personality of its own and distinguishes if from other brands. |
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Term
| Explain what factors might influence the length or shape of the life cycle of a product. |
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Definition
1. Type of product - fashinable items will most likely last longer than food products.
2. New developments - original products will be obselete and their life cycle will be short. |
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Term
| List four factors thaat affect the position of the supply curve. |
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Definition
1. Changes in the costs of supplying the product to the market.
2. Improvements in technology
3. Taxes
4. Climate and weather |
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Term
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Definition
| Demand is what people what to buy and can afford. |
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Term
| What is meant by elastic demand and inelastic demand? |
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Definition
An elastic demand curve is the percentage change in quantity demanded is greater than the percentage change in price.
An inelastic demand is when the percentage change in quantity is less than the percenttage change in price. |
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