Flashcards in Chapter 6 Glossary Terms Deck (58)
The marketing plan is a document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service.
Marketing is ‘the process of planning and executing the pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy customer and organisational objectives’.
A market is the number of all actual and potential buyers of a product.
Market share refers to the business’s share of the total industry sales for a particular market.
Product mix is the total range of products offered by a business.
Customer service means responding to the needs and problems of the customer.
Sales analysis uses sales data to evaluate the business’s current performance and the effectiveness of the marketing mix.
Marketing Profitability Analysis
Marketing profitability analysis is a method used by the business to break down its total marketing costs into specific marketing activities.
Market research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem.
Marketing data are the information — usually expressed as facts and figures — relevant to the defined marketing problem.
Primary data are the facts and figures collected from original sources.
A survey gathers data by asking questions or interviewing people.
Secondary data refers to information that some other person or organisation has already collected.
Internal data refers to information that has already been collected from inside the business.
External data refers to published data from outside the business.
Statistical interpretation Analysis
Statistical interpretation analysis is the process of focusing on the data that represent average, typical or deviations from typical patterns.
Market segmentation occurs when the total market is subdivided into groups who share one or more common characteristic.
A target market is a group of customers with similar characteristics who currently purchase the product or may do so in the future.
Primary Target Market
The primary target market is the market segment at which most of the marketing resources are directed.
Secondary Target Market
A secondary target market is usually a smaller and less important market segment.
A niche market is a narrowly selected target market segment.
Consumer buying behaviour
Consumer buying behaviour refers to the decisions and actions of consumers when they purchase goods and services for personal or household use.
Psychological factors are influences within an individual that affect his/her buying behaviour.
Motives are the reasons that individuals do something.
Customer attitude is a person’s overall feeling about an object or activity.
An individual’s personality is the collection of all the behaviours and characteristics that make up that person.
Sociocultural influences are forces exerted by other people that affect customer behaviour.
A peer group is a group of people with whom a person closely identifies, adopting their attitudes, values and beliefs.
Culture is all the learned values, beliefs, behaviours and traditions shared by a society.
The marketing mix is the combination of seven elements — product, price, place, promotion, people, physical evidence and process (the seven Ps) — that make up the marketing strategy.
A product is a good or service that can be offered in an exchange for the purpose of satisfying a need or want.
Product positioning is the development of a product image compared with the image of competing products.
A brand is a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition.
A brand name is that part of the brand that can be spoken.
A brand symbol or logo is a graphic representation that identifies a business or product.
Packaging involves the development of a container and the graphic design for a product.
Distribution channels are the routes taken to get the product from the factory to the customer.
Non-store retailing is retailing activity conducted away from the traditional store.
e-marketing is the practice of using the Internet to perform marketing activities.
Market coverage refers to the number of outlets a business chooses for its product.
Promotion describes the methods used by a business to inform, persuade and remind a target market about its products.
A promotion mix is the promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations.
Personal selling involves the activities of a sales representative directed to a customer in an attempt to make a sale.
Publicity is any free news story about a business’s products.
Public relations is the planned and sustained effort to establish and maintain goodwill and mutual understanding between an organisation and its publics.
Advertising is a paid, non-personal message communicated through a mass medium.
Advertising media refers to the many forms of electronic and print communication used to reach an audience.
A product’s life cycle consists of the stages a product passes through: innovation, introduction, growth, maturity and decline.
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.
Diversification occurs when businesses vary their range of products or their field of operations.
Publics are groups that the organisation interacts with and that have a vested interest in, or impact on, the organisation’s ability to achieve its objectives.
Image refers to how a business is perceived by the world at large, especially consumers.
Public Relations Campaign
A public relations campaign is a series of public relations activities undertaken to achieve a specific objective.
Media are the assorted public relations communication strategies available to convey the image to the selected publics.
Risk management is the process of identifying the risks to which a business is likely to be exposed and determining the best way to deal with them.
Crisis Communication Plan
A crisis communication plan outlines the policies and procedures to follow when handling unfavourable publicity and news personnel when a crisis occurs.
Materialism is an individual’s desire to acquire more possessions.