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Flashcards in Exam MC Deck (48):

The marketing environment

All of the internal, external forces that affect a marketer's ability to create, communicate, deliver and exchange offerings of value.


The marketing environment

All of the internal, external forces that affect a marketer's ability to create, communicate, deliver and exchange offerings of value.


the internal environment

the parts of the organisation the people and the processes used to communicate, create


micro environment

The forces within an organisations industry, that affect its ability to serve its customers and clients - target markets, partners and competitors.


macro environment

the factors outside of the industry that influence the survival of the company; these factors are not directly controlled by the organisation.


Target market

A group of customers with similar needs and wants.


Target marketing

an approach to marketing based on identifying, understanding and developing an offering for those segments within the total market that theorganisation can best serve.


Mass marketing

buyers have common wants and needs and demands. A single product will meet the needs of most people in the market, with an undifferentiated approach.


One-to-one marketing

providing a unique, customised offering to meet individual customer needs.


Differentiated targeting strategy

A marketing approach that involves developing a different marketing mix for each target segment.


The marketing process

involves understanding the market to create, communicate and deliver an offering for exchange.



is a good, service, idea or person, offered to the market for exchange.


new development phase

the organisation develops the ideas, does research, and prepared prototypes to pre-test the product.


product adoption process

awareness - become aware
interest - seek interest
evaluation - decide whether they should try
trial - decide if it will satisfy them
adoption - purchase


demand considerations

the relationship between the price of a particular product and the quantity of the product, that consumers are willing to buy.



on average, prices must exceed costs over the long-term.


long-term prosperity

well run businesses put their survival ahead of short-term profit considerations


market share

pricing can be used to increase or defend market share



the pricing is a fundamental tool of positioning


what they are prepared to pay

if the price is too high buyers will stay away.



an approach to pricing in which prices are set based on the level of demand in the market


penetration pricing

a price tactic based on setting a low price in order to gain rapid market share and turn over for a new product


price skimming

charging the highest price that customers who most desire the product are willing to pay. And then lowering the price to bring in large numbers of buyers.


integrated marketing communication

the coordination of the promotional efforts to maximise the communication effect.


push policy

an approach in which a product is promoted to the next institution in the marketing channel. To "push" goods through the marketing channel.


pull policy

an approach in which a product is promoted to consumers to create a demand to "pull" goods through the marketing channel.


intensive distribution

distributes products via every suitable intermediary. Everyday purchases such as milk.


selective distribution

distributes products through intermediaries chosen for some specific reason.


exclusive distribution

distributes products through a single intermediary for any given geographic region. Prestige cars and designer furniture are typical examples


marketing channels

is the people, organization and activities necessary to transfer ownership of goo



the activity, set of institutions an processes for creating, communicating, delivering and exchanging offerings of value for customers, clients, partners and society.


The marketing mix

Product - a bundle of attributes that when exchanged have value for customers, clients and society.
Price - the amount of money a business demands in exchange for its offerings.
Place - the means of making the offering available to the target market at the right time and place while managing the costs of making the products available.
Promotion - describes the marketing activities that make potential customers, partners and society aware of and attracted to the benefits of a businesses products.
People - all the people that may meet the customer and affect their experience of the product.
Process - the system used to create, communicate, deliver and exchange an offering.
Physical evidence - the tangible cues and physical environment a marketer can produce to help potential customers evaluate service quality.


Market research

links customers, clients, partners and society at large with the marketer through information.


consumer behaviour

the study of individuals and households who buy products for personal consumption.


situational factors

the circumstance in which a person find themselves in when making a consumption decision e.g. physical, social, time, motivational and mood factors.


group factors

cultural - the system of knowledge, beliefs, values, rituals, and artefacts. Subculture - individuals who share common attitudes, values, and behaviours that distinguish them from the culture in which they are immersed. Social class- a social ranking.

and social influences - reference groups including aspirational groups, membership groups and dissociative reference groups.


individual factors

Personal factors - demographic, lifestyle and personal factors.
Psychological - internal factors that shape the thinking, aspirations, expectations and behaviours of individuals.



a group of customers with heterogenous needs and wants.


market segments

are groups within the total market that are relatively similar in regards to certain characteristics.


total product concept

core product - the fundamental benefit of the product that makes is valuable.
expected product - describes those attributes that actually deliver the benefit that forms the core product.
augmented product - includes a bundle of benefits that the buyer may not require as part of the basic fulfillments of their needs.
potential product - compromises all possibilities that could become part of the augmented product.


Digital marketing

refers to all of the activities involved in planning and implementing marketing in the electronic environment, including the internet and web on computers, tablets and smartphones, and other information and telecommunications technologies.


Profiling (digital marketing)

refers to the process of getting to know about potential customers before they make a purchase and to find out more about existing customers.


Interaction (digital marketing)

refers to the ongoing exchange of information between marketer and customer (or potential customer). Interactivity can occur in many ways including: a virtual customer service officer, email newsletters, survey participation and online communities.


Comparability (digital marketing)

means that access to a variety of websites enables the individual to compare products, brands and options, and seek the opinions of others.


Control (digital marketing)

ability of the customer to determine how they interact with the marketing message and to influence the presentation and content of the marketing message.



ability to deliver a product as information or to present information about a product digitally


fragmented market

occurs when the market increasingly comprises smaller niches with specific needs. For example, between the few mobile phone companies offering services, there are thousands of plans to choose from, each trying to provide an ideal combination of price and services for a small number of potential customers.


saturation market

The existence of so many competitive offerings in the marketplace that it becomes virtually impossible to differentiate an offering or create a competitive advantage.