Hearing the words Business Studies Stage 2 2009

Hearing the words: Stage 2 Business Studies These are words you will hear your teacher use in relation to the topic Marketing.

target market Young people are the target market for the new range of phones.

customer choice Many factors influence customer choice.

market plan The company developed a market plan to improve sales.

consumers The people who pay for goods and services are the consumers.

producer The company which produces the goods is the producer.

wholesaler The company which supplies the product to the shops is the wholesaler.

retailer The company which sells the product to the consumer is the retailer.

niche The restaurant provided meals for the niche market of vegetarians.

marketing mix The successful business had a good marketing mix of excellent product, place, price and promotional material.

market research Market research was conducted by the entrepreneurs before opening the café at the beach. brand A new brand needs to be promoted through advertising.

image The image of the business must appeal t potential customers.

resource market Agriculture produces raw materials for the resource market.

industrial market Component manufacturers supply processed materials for the industrial market. raw material Wheat is a raw material.

processed materials Flour is a processed material.

distribution chain Goods move from producers to consumers through a distribution chain.

consumer market Companies study the habits of people who will buy their goods on the consumer market.

mass market Coca-Cola has successfully developed a mass market for their drinks.

purchasing habits The purchasing habits of consumers are influenced by their age and income. Hearing the words Business Studies Stage 2 2009

market potential Research helped McDonalds decide if their new product had market potential. product orientation Nike had a successful product-orientation campaign to promote their new shoes. customer orientation The manager conducted a customer-orientation survey to identify customer needs before designing a new product. promoting The Internet is a useful place for promoting a product. monitoring sales Monitoring its sales helped the company see its strengths and weaknesses. product portfolio Sony has a large range of goods in its product portfolio. market share Toyota has a big market share of the car industry. competitors Toyota has strong competitors such as Honda and Mitsubishi. customer service A reputation for excellent customer service is good marketing. geographical Hyundai expanded its outlets to ensure geographical representation in representation all states of Australia. market penetration The company increased its ranges of product to try to improve market penetration.