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Business Management > Chapter Ten > Flashcards

Chapter Ten Flashcards

(58 cards)

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1
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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2
Q

Marketing Concept

A

A customers needs and wants are met while achieving the businesses objectives

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3
Q

Market Research

A

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

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4
Q

Marketing Data

A

The information, usually expressed as facts and figures, relevant to the defined marketing problem

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5
Q

Primary Data

A

The facts and figures collected from original sources

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6
Q

Survey

A

Gathers data by asking questions or interviewing people

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7
Q

Secondary Data

A

Refers to information that some other person or organisation has already collected

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8
Q

Internal Data

A

Refers to information that has already been collected from inside the business

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9
Q

External Data

A

Refers to published data from outside the business

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10
Q

Statistical Interpretation Analysis

A

Is the process of focusing on the data that represent average, typical or deviations from typical patterns

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11
Q

Market Segmentation

A

Occurs when the total market is subdivided into groups who share one or more common characteristics

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12
Q

Target Market

A

A group of customers with similar characteristics who currently purchase the product or may do so in the future

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13
Q

Primary Target Market

A

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

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14
Q

Secondary Target Market

A

Usually a smaller and less important market segment

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15
Q

Niche Market

A

A narrowly selected target market segment

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16
Q

Consumer Buying Behaviour

A

Refers to the decisions and actions of consumers when they purchase goods and services for personal or household use

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17
Q

Psychological Factors

A

Are influences within an individual that affect his/her behaviour when buying

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18
Q

Motives

A

The reasons that people do something

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19
Q

Customer Attitudes

A

Is a persons overall feeling about an object or activity

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20
Q

Personality

A

The collection of all the behaviours and characteristics that make up a person

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21
Q

Sociocultural Influences

A

Forces exerted by other people that affect customer behaviour

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22
Q

Peer Group

A

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

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23
Q

Culture

A

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

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24
Q

Market Share

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A

The businesses share of the total industry sales for a particular market

25
Product Mix
Is the total range of products offered by a business
26
Customer Service
Means responding to the needs and problems of the customer. Central to this response is making sure that desired product is delivered at the appropriate place at the right time
27
Market
The number of all actual and potential buyers of a product
28
Marketing Mix
The combination of four elements - product, price, place and promotion. That make up the marketing strategy
29
Product
Is a good or service that can be offered in an exchange for the purpose of satisfying a need or want
30
Product Positioning
The development of a product image compared with the image of competing products
31
Brand
A name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition
32
Brand Name
Is that part of the brand that can be spoken
33
Brand Symbol/Logo
A graphic representation that identifies a business or product
34
Packaging
Involves the development of a container and the graphic design for a product
35
Distribution Channels
The routes taken to get the product from the factory to the customer
36
Non-Store Retailing
Is retailing activity conducted away from the traditional store
37
E-Marketing
The practice of using the Internet to perform marketing activities
38
Market Coverage
Refers to the number of outlets a business chooses for its product
39
Promotion
The methods used by a business to inform, persuade and remind a target market about its products
40
Promotion Mix
The promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising and publicity and public relations
41
Personal Selling
The activities of a sales rep directed to a customer in an attempt to make a sale
42
Publicity
Any free news story about a businesses products
43
Public Relations
Those activities aimed at creating and maintaining favourable relations between a business and its customers
44
Advertising
Is a paid, non personal message communicated through a mass medium
45
Advertising Media
Refers to the many forms of electronic and print communication used to reach an audience
46
Product Life Cycle
Consists of the stages a product passes through, innovation, introduction, growth, maturity and decline
47
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
48
Diversification
Occurs when businesses vary their range of products of their field of operations
49
Sales Analysis
Uses sales data to evaluate the businesses current performance and the effectiveness of the marketing mix
50
Marketing Profitability Analysis
Is a method used by the business to break down its total marketing costs into specific marketing activities
51
Social Media Advertising
A form of advertising online, that uses social media channels to deliver targeted commercial messages to potential customers
52
Reach
The reach of an advertisement measures the number of people exposed to the message
53
Frequency
The frequency of an advertisement measures the average number of times someone is exposed to the message
54
Globalisation
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
55
Materialism
An individual's desire to acquire more possessions
56
Product Placement
The inclusion of product advertising in entertainment
57
Unconscionable Conduct
Any practice by a business that is not reasonable and often illegal
58
Marketing Plan
A document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service. The plan provides a template for future action aimed at reaching marketing objectives, such as establishing a customer base

Business Management (7 decks)

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