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BS > Marketing > Flashcards

Marketing Flashcards

1
Q

strategy

A

long-term, broad aims affecting all key business areas; that is, the strategic role of each key business function involves the managers of each function contributing to the strategic direction or strategic plan of the business

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2
Q

marketing

A

the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives

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3
Q

profit maximisation

A

occurs when there is maximum difference between the total revenue coming into the business and total costs being paid out

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4
Q

marketing plan

A

a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services. The plan provides a template for future action aimed at reaching business goals, such as profit maximisation.

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5
Q

interdependence

A

the mutual dependence that the key business functions have on one another

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6
Q

marketing concept

A

a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals

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7
Q

production approach

A

a marketing approach that focuses on the production of goods and services

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8
Q

sales approach

A

a marketing approach that emphasises selling because of increased competition

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9
Q

marketing approach

A

focuses on finding out what customers want — through market research — and then satisfying that need

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10
Q

customer orientation

A

the process of collecting information from customers and basing marketing decisions and practices on customers’ wants and interests

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11
Q

customer satisfaction

A

measures how goods and services supplied by a business meet or exceed customer expectation

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12
Q

relationship marketing

A

the development of long-term and cost-effective relationships with individual customers

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13
Q

societal marketing approach

A

a marketing approach that emphasises social responsibilities, as well as the importance of maintaining and improving the wellbeing of customers and society

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14
Q

market

A

a group of individuals, organisations or both that: need or want products (goods or services), have the money (purchasing power) to purchase the product, are willing to spend their money to obtain the product, are socially and legally authorised to purchase the product

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15
Q

resource market

A

consists of those individuals or groups that are engaged in all forms of primary production, including mining, agriculture, forestry and fishing

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16
Q

industrial market

A

includes industries and businesses that purchase products to use in the production of other products or in their daily operations

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17
Q

intermediate market

A

consists of wholesalers and retailers who purchase finished products and resell them to make a profit

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18
Q

consumer market

A

a market that consists of individuals — that is, members of a household who plan to use or consume the products they buy

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19
Q

mass markets

A

in mass markets, the seller mass-produces, mass-distributes and mass-promotes one product to all buyers

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20
Q

niche market

A

a narrowly selected target market segment (also known as a concentrated or micro market)

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21
Q

customer choice (buying
behaviour)

A

the decisions and actions of customers when they search for, evaluate, select and purchase goods and services

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22
Q

psychological factors

A

influences within an individual that affect his or her buying behaviour

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23
Q

perception

A

the process through which people select, organise and interpret information to create meaning

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24
Q

motive

A

an individual’s reason for doing something

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25
Q

attitude

A

a person’s overall feeling about an object or activity

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26
Q

personality

A

the collection of all the behaviours and characteristics that make up an individual

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27
Q

self-image

A

how a person views himself or herself

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28
Q

learning

A

changes in an individual’s behaviour caused by information and experiences

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29
Q

brand loyalty

A

when a favourable attitude towards a single brand results in repeat sales over time

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30
Q

sociocultural influences

A

forces exerted by other people and groups that affect an individual’s buying behaviour

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31
Q

social class or socioeconomic
status

A

a person’s relative rank in society, based on his or her education, income or occupation

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32
Q

reference or peer group

A

a group of people with whom a person closely identifies, adopting their attitudes, values and beliefs

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33
Q

unconscionable conduct

A

any practice by a business that is not reasonable and often illegal

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34
Q

price discrimination

A

the setting of different prices for a product in separate markets

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35
Q

implied conditions

A

the unspoken and unwritten terms of a contract

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36
Q

consumer guarantees

A

provide consumers with rights to certain remedies from retailers and manufacturers where goods purchased fail to comply with the consumer guarantee provisions in the ACL

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37
Q

acceptable quality

A

products that are safe, lasting and with no faults, look acceptable and do all the things someone would normally expect them to do

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38
Q

warranty

A

a promise made by a business that they will correct any defects in the goods they produce or services they deliver

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39
Q

materialism

A

an individual’s desire to constantly acquire possessions

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40
Q

product placement

A

the inclusion of advertising in entertainment

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41
Q

advertising

A

a paid, non-personal message communicated through a mass medium

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42
Q

puffery

A

exaggerated claims used for promotional purposes, that no reasonable person would take as factual

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43
Q

sugging

A

‘selling under the guise of a survey’; a sales technique disguised as market research

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44
Q

self-regulation

A

a system by which a business or industry controls its own activities rather than being publicly regulated by an outside organisation such as the government

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45
Q

SWOT analysis

A

involves the identification and analysis of the internal strengths and weaknesses of the business, and the opportunities in, and threats from, the external environment

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46
Q

product life cycle

A

the stages a product passes through: introduction, growth, maturity and decline

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47
Q

market research

A

the process of systematically collecting, recording and analysing information concerning a specific marketing problem

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48
Q

marketing data

A

the information relevant to the defined marketing problem

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49
Q

primary data

A

the facts and figures collected from original sources for the purpose of the specific research problem

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50
Q

survey

A

the gathering of data by asking or interviewing people

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51
Q

secondary data

A

information that has already been collected by some other person or organisation

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52
Q

statistical interpretation

A

analysis the process of focusing on the data that represents average, typical or deviations from typical patterns

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53
Q

marketing objectives

A

the realistic and measurable goals to be achieved through the marketing plan

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54
Q

market share

A

the business’s share of the total industry sales for a particular product

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55
Q

product mix

A

the total range of products offered by a business

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56
Q

customer service

A

how well a business meets and exceeds the expectations of customers in all aspects of its operations

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57
Q

target market

A

a group of present and potential customers to which a business intends to sell its product

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58
Q

primary target market

A

the market segment at which most of the marketing resources are directed

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59
Q

secondary target market

A

a smaller and less important market segment than the primary target market

60
Q

mass marketing approach

A

a marketing approach that seeks a large range of customers

61
Q

market segmentation

A

occurs when the total market is subdivided into groups of people who share one or more common characteristics

62
Q

marketing strategies

A

actions undertaken to achieve the business’s marketing objectives through the marketing mix

63
Q

marketing mix

A

refers to the combination of the four elements of marketing, the four Ps — product, price, promotion and place — that make up the marketing strategy

64
Q

implementation

A

process of putting marketing strategies into operation

65
Q

monitoring

A

the process of measuring actual performance against planned performance

66
Q

controlling

A

involves the comparison of planned performance against actual performance and taking corrective action to make sure the objectives are attained

67
Q

financial forecast

A

the business’s predictions about the future

68
Q

sales analysis

A

the comparing of actual sales with forecast sales to determine the effectiveness of the marketing strategy

69
Q

marketing ROI

A

measures how much revenue a marketing campaign is generating compared to the cost of running that campaign

70
Q

product deletion

A

the elimination of some lines of products

71
Q

extended marketing mix

A

the combination of people, processes and physical evidence with the four main elements of the marketing mix

72
Q

market segmentation

A

occurs when the total market is subdivided into groups of people who share one or more common characteristics

73
Q

segmentation variable

A

a characteristic of an individual or group that is used by marketing managers to divide a total market into segments

74
Q

demographic segmentation

A

the process of dividing the total market according to particular features of a population, including the size of the population, age, sex, income, cultural background and family size

75
Q

psychographic segmentation

A

the process of dividing the total
market according to personality characteristics, motives, opinions, socioeconomic group and lifestyles

76
Q

behavioural segmentation

A

the process of dividing the total market according to the customers’ relationship to the product

77
Q

product/service differentiation

A

the process of developing and promoting differences between the business’s products or services and those of its competitors

78
Q

value for money

A

the desire to obtain the best quality, features and performance for a given price of a product

79
Q

ethical consumerism

A

involves buying products that are not harmful to the environment, animals and society

80
Q

Fair Trade movement

A

an alternative method of international trade that promotes environmentalism, fair wages, alleviation of global poverty and a fair price for farmers and work

81
Q

product/service positioning

A

the technique in which marketers try to create an image or identity for a product compared with the image of competing products

82
Q

products

A

goods or services that can be offered in an exchange for the purpose of satisfying a need or want

83
Q

total product concept

A

the tangible and intangible benefits (attributes) a product possesses

84
Q

brand

A

a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition

85
Q

brand name

A

that part of the brand that can be spoken

86
Q

trademark

A

signifies that the brand name or symbol is registered and the business has exclusive right of use

87
Q

brand symbol or logo

A

a graphic representation that identifies a business or product

88
Q

manufacturer’s brand or national
brand

A

a brand owned by a manufacturer

89
Q

private or house brand

A

a brand that is owned by a retailer or wholesaler

90
Q

generic brands

A

products with no brand name at all

91
Q

packaging

A

the development of a container and the graphic design for a product

92
Q

labelling

A

the presentation of information on a product or its package

93
Q

label

A

that part of the package that contains information

94
Q

price

A

the amount of money a customer is prepared to offer in exchange for a product

95
Q

cost-based pricing

A

a pricing method derived from the cost
of producing or purchasing a product and then adding a mark-up

96
Q

mark-up

A

a predetermined amount (usually expressed as a percentage) that a business adds to the cost of a product to determine its basic price

97
Q

supply

A

the quantity of a product businesses are willing to offer for sale at a particular price

98
Q

demand

A

the quantity of a product consumers are willing to purchase at a particular price

99
Q

market-based pricing

A

a method of setting prices according to the interaction between the levels of supply and demand — whatever the market is prepared to pay

100
Q

competition-based pricing

A

where the price covers costs (cost of raw materials and the cost of operating the business) and is comparable to the competitor’s price

101
Q

price leader

A

a major business in an industry whose pricing decisions heavily influence the pricing decisions of its competitors

102
Q

bundle pricing

A

where customers gain a ‘package’ of goods and services in addition to the tangible good they purchased

103
Q

price skimming

A

when a business charges the highest possible price for the product during the introduction stage of its life cycle

104
Q

price penetration

A

when a business charges the lowest price possible for a product or service so as to achieve a large market share

105
Q

loss leader

A

a product sold at or below cost price

106
Q

price points (or price lining)

A

selling products only at certain predetermined prices

107
Q

prestige or premium pricing

A

a pricing strategy where a high price is charged to give the product an aura of quality and status

108
Q

promotion

A

the methods used by a business to inform, persuade and remind a target market about its products

109
Q

promotion mix

A

the various promotion methods a business uses in its promotional campaign. Methods include:
* advertising
* personal selling and relationship marketing
* sales promotions
* publicity and public relations

110
Q

advertising media

A

refers to the many forms of communication used to reach an audience

111
Q

personal selling

A

the activities of a sales representative directed to a customer in an attempt to make a sale

112
Q

relationship marketing

A

the development of long-term and cost-effective relationships with individual customers

113
Q

loyalty program

A

a rewards-based program offered by a business to customers who frequently make purchases

114
Q

sales promotion

A

the use of activities or materials as direct inducements to customers

115
Q

publicity

A

any free news story about a business’s products

116
Q

public relations (PR)

A

those activities aimed at creating and maintaining favourable relations between a business and its customers

117
Q

channel

A

any method used for
carrying a message

118
Q

noise

A

any interference or distraction that affects any or all stages in the communication process

119
Q

opinion leader

A

a person who influences others

120
Q

word-of-mouth communication

A

when people influence each other during conversations

121
Q

place or distribution

A

activities that make the products available to customers when and where they want to purchase them

122
Q

distribution channels or marketing channels

A

the routes taken to get the product from the factory to the customer

123
Q

non-store retailing

A

retailing activity conducted away from the traditional store

124
Q

market coverage

A

refers to the number of outlets a firm chooses for its product

125
Q

physical distribution

A

all those activities concerned with the efficient movement of the products from the producer to the customer

126
Q

inventory control

A

a system that maintains quantities and varieties of products appropriate for the target market

127
Q

people

A

the people element refers to the quality of interaction between the customer and those within the business who will deliver the service

128
Q

processes

A

refers to the flow of activities that a business will follow in its delivery of a service

129
Q

physical evidence

A

everything that the customer sees when interacting with a business

130
Q

e-marketing

A

(electronic marketing) the practice of using the internet to perform marketing activities

131
Q

podcasting

A

the distribution of digital audio or video files over the internet

132
Q

blog

A

an online journal that can be added to by readers

133
Q

social media advertising (SMA)

A

a form of online advertising using social media platforms such as Facebook, YouTube and Twitter to deliver targeted commercial messages to potential customers

134
Q

reach

A

the number of people exposed to the message of an advertisement

135
Q

frequency

A

the average number of times someone is exposed to the message of an advertisement

136
Q

transnational corporations (TNCs)

A

any businesses that have production facilities in two or more countries and that operate on a worldwide scale

137
Q

global branding

A

the worldwide use of a name, term, symbol or logo to identify the seller’s products

138
Q

standardised approach

A

a global marketing strategy that assumes the way the product is used and the needs it satisfies are the same the world over

139
Q

customised approach or local
approach

A

a global marketing strategy that assumes the way the product is used and the needs it satisfies are different between countries

140
Q

global pricing

A

how businesses coordinate their pricing policy across different countries

141
Q

customised pricing

A

occurs whenever consumers in different countries are charged different prices for the same product

142
Q

tariff

A

a tax on an imported product

143
Q

market-customised pricing

A

prices that are set according to local market conditions

144
Q

standardised pricing

A

the practice of charging customers the same price for a product anywhere in the world

145
Q

competitive positioning

A

relates to how a business will differentiate its products

BS (6 decks)

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