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Business Management > 'Chap 10' Managing the Marketing Function > Flashcards

'Chap 10' Managing the Marketing Function Flashcards

1
Q

Market Plan

A

The marketing plan is a document the lists activities aimed at achieving particular marketing outcomes in relation to a good service. The plan provides a template for future action aimed at reaching marketing objectives such as establishing a customer base

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2
Q

Marketing

A

Marketing is ‘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’ (American Marketing Association).

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3
Q

Marketing Concept

A

The marketing concept is that a customer’s needs and wants are met while achieving the business’s objectives

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4
Q

Market Research

A

Market research is the process of analysing information concerning a specific marketing problem

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5
Q

Marketing Data

A

Marketing data are the information - usually expressed as facts and figures - relevant to the defined marketing problem

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6
Q

Primary Data

A

Primary data are the facts and figures collected from original sources

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7
Q

Survey

A

A survey gathers data by asking questions or interviewing people

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8
Q

Secondary Data

A

Secondary Data refers to information that some other person or organisation has already collected

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9
Q

Internal Data

A

Internal data refers to information that has already been collected from inside the business

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10
Q

External Data

A

External data refers to published data from outside the business

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11
Q

Statistical Interpretation Analysis

A

Statistical Interpretation analysis is the process of focusing on the data that represent average, typical or deviations from typical patterns

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12
Q

Market Segmantation

A

Market segmentation occurs when the total market is subdivided into groups who share one or more common characteristic.

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13
Q

Target Market

A

A target market is a group of customers with similar characteristics who currently purhase the product or may do so in the future

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14
Q

Primary Target Market

A

The primary target market is the market segment at which most of the marketing resources are directed

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15
Q

Secondary Target Market

A

A secondary target market is usually smaller and less important market segment

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16
Q

Niche Market

A

A niche market is a narrowly selected target market segment

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17
Q

Consumer Buying Behaviour

A

Consumer buying behaviour refers to the decisions and actions of consumers when they purchase goods and services for personal or household use

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18
Q

Psychological Factors

A

Psychological factors are influences within an individual that affect his/her buying behaviour

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19
Q

Motives

A

Motives are the reasons that individuals do something

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20
Q

Customer Attitude

A

Customer attitude is a person’s overall feeling about an object or activity

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21
Q

Personality

A

An individual’s personality is the collection of all the behaviours an characteristics that make up that person

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22
Q

Sociocultural Influences

A

Sociocultural Influences are forces exerted by other people that affect customer behaviour

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23
Q

Peer Group

A

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

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24
Q

Culture

A

Culture is all the learned values, beliefs, behaviours and traditions shared by a society

25
Market Share
Market share refers to the business's share of the total industry sales for a particular market
26
Product Mix
Product mix is the total range of products offered by a business
27
Customer Service
Customer service means responding to the needs and problems of the customer. Central to this response is making sure the desired product is delivered at the appropriate place at the right time
28
Market
Marketers define a market as the number of all actual and potential buyers of a product
29
Marketing Mix
The marketing mix is the combination of four elements - product, price, promotion and place (the four P's) - that make up the marketing strategy
30
Product
A product is a good or service that can be offered in an exchange for the purpose of satisfying a need or or want
31
Product Positioning
Product positioning is the development of a product image compared with the image of competing products
32
Brand
A brand is a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition
33
Brand Name
A brand name is that part of the brand that can be spoken
34
Brand Symbol or Logo
A brand symbol or logo is a graphic representation that identifies a business or product
35
Packaging
Packaging involved the development of a container and the graphic deign for a product
36
Distribution Channels
Distribution channels are the routes taken to get the product from the factory to the customer
37
Non-store Retailing
Non-store retailing is retailing activity conducted away from the traditional store
38
E-marketing
E-marketing is the practice of using the internet to perform marketing activites
39
Market Coverage
Market coverage refers to the number of outlets a business chooses for its product
40
Promotion
Promotion describes the methods used by a business to inform, persuade and remind a target market about its products
41
Promotion Mix
A promotion mix is the promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations
42
Personal Selling
Personal selling involves the activities of a sales representative directed to a customer in an attempt to a make a sale
43
Publicity
Publicity is any free news story about a business's products
44
Public Relations
Public relations are those activities aimed at creating and maintaining favourable relations between a business and its cusomters
45
Advertising
Advertising is a paid, non-personal message communicated through a mass medium
46
Advertising media
Advertising media refers to the many forms of electronic and print communication used to reach an audience
47
Life Cycle
A product's life cycle consists of the stages a product passes through: innovation, introduction, growth, maturity and decline
48
Exports
Exports are goods or services sold by one country to individuals, businesses or governments in another country with the aim of extending sales and market penetration
49
Diversification
Diversification occurs when businesses vary their range of products or their field of operations
50
Sale Analysis
Sale analysis uses sales data to evaluate the business's current performance and the effectiveness of the marketing mix
51
Marketing Profitability Analysis
Marketing profitability analysis is a method used by the business to break down its total marketing costs into specific marketing activities
52
Social Media Advertising
Social media advertising is a form of online advertising that uses social media channels to deliver targeted commercial massages to potential customers
53
Reach
The reach of advertisement measures the number of people exposed to the message
54
Frequency
The frequency of an advertisement measures the average number of times someone is exposed to the message
55
Globalisation
Globalisation is the effect of ever more sophisticated communications technology, lower transport costs, and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system
56
Materialism
Materialism is an individual's desire to quire more possessions
57
Product Placement
Product placement is the inclusion of product advertising in entertainment
58
Unconscionable Conduct
Unconscionable conduct is any practice by a business that is not reasonable and often illegal

Business Management (9 decks)

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