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Business Management Unit 2 > Chapter 6 Glossary Terms > Flashcards

Chapter 6 Glossary Terms Flashcards

1
Q

Marketing Plan

A

The marketing plan is a document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service.

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2
Q

Marketing

A

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’.

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3
Q

Market

A

A market is the number of all actual and potential buyers of a product.

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4
Q

Market Share

A

Market share refers to the business’s share of the total industry sales for a particular market.

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5
Q

Product Mix

A

Product mix is the total range of products offered by a business.

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6
Q

Customer Service

A

Customer service means responding to the needs and problems of the customer.

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7
Q

Sales Analysis

A

Sales analysis uses sales data to evaluate the business’s current performance and the effectiveness of the marketing mix.

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8
Q

Marketing Profitability Analysis

A

Marketing profitability analysis is a method used by the business to break down its total marketing costs into specific marketing activities.

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9
Q

Market Research

A

Market research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem.

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10
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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11
Q

Primary Data

A

Primary data are the facts and figures collected from original sources.

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12
Q

Survey

A

A survey gathers data by asking questions or interviewing people.

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13
Q

Secondary Data

A

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

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14
Q

Internal Data

A

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

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15
Q

External Data

A

External data refers to published data from outside the business.

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16
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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17
Q

Market Segmentation

A

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

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18
Q

Target Market

A

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

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19
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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20
Q

Secondary Target Market

A

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

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21
Q

Niche Market

A

A niche market is a narrowly selected target market segment.

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22
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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23
Q

Psychological factors

A

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

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24
Q

Motives

A

Motives are the reasons that individuals do something.

25
Q

Customer Attitude

A

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

26
Q

Personality

A

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

27
Q

Sociocultural influences

A

Sociocultural influences are forces exerted by other people that affect customer behaviour.

28
Q

Peer group

A

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

29
Q

Culture

A

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

30
Q

Marketing Mix

A

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.

31
Q

Product

A

A product is a good or service that can be offered in an exchange for the purpose of satisfying a need or want.

32
Q

Product Positioning

A

Product positioning is the development of a product image compared with the image of competing products.

33
Q

Brand

A

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

34
Q

Brand Name

A

A brand name is that part of the brand that can be spoken.

35
Q

Brand Symbol/Logo

A

A brand symbol or logo is a graphic representation that identifies a business or product.

36
Q

Packaging

A

Packaging involves the development of a container and the graphic design for a product.

37
Q

Distribution Channels

A

Distribution channels are the routes taken to get the product from the factory to the customer.

38
Q

Non-store retailing

A

Non-store retailing is retailing activity conducted away from the traditional store.

39
Q

E-marketing

A

e-marketing is the practice of using the Internet to perform marketing activities.

40
Q

Market coverage

A

Market coverage refers to the number of outlets a business chooses for its product.

41
Q

Promotion

A

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

42
Q

Promotion Mix

A

A promotion mix is the promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations.

43
Q

Personal Selling

A

Personal selling involves the activities of a sales representative directed to a customer in an attempt to make a sale.

44
Q

Publicity

A

Publicity is any free news story about a business’s products.

45
Q

Public Relations

A

Public relations is the planned and sustained effort to establish and maintain goodwill and mutual understanding between an organisation and its publics.

46
Q

Advertising

A

Advertising is a paid, non-personal message communicated through a mass medium.

47
Q

Advertising Media

A

Advertising media refers to the many forms of electronic and print communication used to reach an audience.

48
Q

Life Cycle

A

A product’s life cycle consists of the stages a product passes through: innovation, introduction, growth, maturity and decline.

49
Q

Exports

A

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.

50
Q

Diversification

A

Diversification occurs when businesses vary their range of products or their field of operations.

51
Q

Publics

A

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.

52
Q

Image

A

Image refers to how a business is perceived by the world at large, especially consumers.

53
Q

Public Relations Campaign

A

A public relations campaign is a series of public relations activities undertaken to achieve a specific objective.

54
Q

Media

A

Media are the assorted public relations communication strategies available to convey the image to the selected publics.

55
Q

Risk Management

A

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.

56
Q

Crisis Communication Plan

A

A crisis communication plan outlines the policies and procedures to follow when handling unfavourable publicity and news personnel when a crisis occurs.

57
Q

Materialism

A

Materialism is an individual’s desire to acquire more possessions.

58
Q

Product Placement

A

Product placement is the inclusion of product advertising in entertainment.

Business Management Unit 2 (3 decks)

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