BTS Communication flashcards
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30 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Market segmentation
- Dividing a market into groups of buyers with similar characteristics or needs, such as by age, income, location or lifestyle. It lets a firm target its marketing mix more precisely and avoid wasted spending.
- Target market
- The specific group of customers a business aims its product and marketing effort at. A clearly defined target market guides pricing, promotion and distribution choices, but the wrong choice can limit sales.
- Niche market
- A small, specialised segment with particular needs that mass-market firms often ignore. It can offer high margins and customer loyalty, but sales volumes are limited and the niche may attract new competitors.
- Marketing mix
- The combination of product, price, place and promotion (the 4Ps) used to position an offer in its target market. The elements must be consistent with each other and with the chosen positioning.
- Product life cycle
- The stages a product passes through: development, introduction, growth, maturity and decline. Sales and profit patterns differ at each stage, so pricing, promotion and product decisions should change accordingly.
- Extension strategy
- An attempt to lengthen a product's maturity stage and delay decline, for example through redesign, new markets or new promotional appeals. It can extend sales but may not succeed if demand is fundamentally falling.
- Price elasticity of demand
- The responsiveness of quantity demanded to a change in price, calculated as percentage change in quantity divided by percentage change in price. Elastic demand means revenue falls when price rises; inelastic demand means revenue rises.
- Pricing strategy
- The approach used to set prices, such as cost-plus, penetration, skimming, competitive or loss-leader pricing. The choice affects sales volume, profit margin and the perceived image of the product.
- Market share
- A firm's sales expressed as a percentage of total sales in its market. Rising share can indicate competitive strength, though it may be bought through low prices that reduce profit.
- Denotation
- The descriptive recognition level in the stated analytical model, distinguished from associated cultural meanings and inferred audience responses.
- Connotation
- Associated cultural or symbolic meaning supported by context, not a universal response established for every individual audience member.
- Anchorage
- The narrowing or guiding of an image’s possible meanings through accompanying language in the stated semiotic analysis.
- Indexical sign
- A sign connected with its referent through an actual relevant physical or causal relationship under the model being used.
- Rhetorical mechanism
- The identifiable relationship through which a message persuades or creates meaning, explained using features of the actual supplied material.
- Critical synthesis
- A coherent comparison of accurately attributed positions and evidence rather than a list of names or unsupported personal assumptions.
- Effective resolution
- The available raster pixel detail relative to intended physical or display use, not a universal metadata value guaranteeing quality.
- Bleed
- Artwork extension beyond the intended trim under actual production specifications, used to accommodate relevant finishing variation.
- Production proof
- An identified representation evaluated against a stated approval basis, whose limits and version must be understood before production.
- Grammage
- Paper mass per unit area, typically expressed in grams per square metre, distinct from thickness or total sheet mass.
- Version control
- Management of identified asset revisions and approvals so the actual delivered file corresponds to the authorized content and specifications.
- Acceptance criterion
- A defined observable requirement used to judge the actual deliverable, distinct from a general wish for attractive communication.
- Ansoff matrix
- A framework classifying growth options by existing or new products and markets. It supports comparison of strategic changes, but the actual risk depends on capabilities, commitment and the particular situation.
- Business strategy
- The long-term plan of action a firm adopts to achieve its objectives and gain advantage over rivals, given its resources and environment. It involves choices about markets, products and methods of competing.
- SWOT analysis
- A review of a firm's internal strengths and weaknesses and external opportunities and threats. It informs strategy by matching capabilities to the environment, though it can become a static list if not updated.
- PEST analysis
- An examination of political, economic, social and technological influences on a business. It helps anticipate external change and shape strategy, but it is descriptive and does not by itself prescribe action.
- Takeover
- Acquiring control of another business by buying enough of its shares, often as a faster route to growth than internal expansion. It brings immediate capacity but risks overpaying and clashing cultures.
- Merger
- The joining of two businesses into a single organisation, usually presented as a partnership of equals. It can create synergies and market power, but integration problems often erode the expected benefits.
- Break-even point
- The output level at which total revenue equals total cost, so neither profit nor loss is made. It is found by dividing fixed costs by contribution per unit and helps assess risk and required sales volume.
- Contribution
- Selling price per unit minus variable cost per unit. It shows how much each sale adds towards covering fixed costs and then generating profit, and is used in break-even and decision calculations.
- Margin of safety
- The difference between current or planned output and the break-even quantity. It measures how far sales can fall before a loss is made, so a larger margin indicates lower risk.