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Principles of Business > Marketing > Flashcards

Marketing Flashcards

(62 cards)

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1
Q

What is a market ?

A

A market is a situation that brings together the seller and buyer of goods or services in a well defined place.

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2
Q

What is marketing ?

A

Marketing is all the activities that enable trade to take place in the most profitable manner.

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3
Q

Who is an customer ?

A

A customer is anyone who purchases and consumes a good or a service.

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4
Q

What are the two types of marketing ?

A
  1. Consumer Marketing

2. Industrial Marketing

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5
Q

What are two types of goods that make up the consumer market ?

A
  1. Consumer Durable

2. Consumer Nondurable

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6
Q

What is Consumer Non durable goods ?

A

Consumer Non durables are frequently purchased low value goods which are consumed in one or a few uses.

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7
Q

What are examples of Consumer Non Durable ?

A 
Food
Beverages
Clothing
Shoes
Newspaper
Cosmetics
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8
Q

What are Consumer Durable good ?

A

Consumer durables are high value goods that do not wear out quickly and is not expected to purchased frequently.

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9
Q

What are examples of Consumer Durables ?

A 
Cars
Fridge
Stove
Television
Washing Machines
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10
Q

What is the consumer market?

A

Consumer market is the market for goods and services bought by individuals.

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11
Q

What is the Industrial Market ?

A

The industrial market is the sales of goods between businesses. Industrial market involves selling capital goods, machinery, vehicles and office furniture,

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12
Q

What is Social Media Marketing ?

A

Social Media Marketing is using social media to promote and inform a person about an good or service.

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13
Q

What is market research ?

A

Market research is investigating what consumers buy and are likely to buy in the future.

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14
Q

What are the three aims of market research ?

A
  1. To find out what consumers want so that business do not waste resources producing goods or services that are not required.
  2. To assess demand s to ensure over producing does not occur.
  3. To discover what will influence consumers.
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15
Q

What is cost plus pricing ?

A

Cost plus pricing is taking the unit cost and and adding a profit mark up to determine the price.

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16
Q

What is promotion pricing ?

A

Promotion pricing is form of sales promotion used by some sellers that involves money off the product.
Example: Two packs for the price of one

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17
Q

What is marketing skimming (pricing) ?

A

Market skimming is charging the the highest price possible for a product or service.
Example: Technological and Pharmacetical products

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18
Q

What is psychological pricing ?

A

Psychological pricing is put prices below certain levels so that it appears to be cheaper to the customer.
Example: $11.99 instead of $12.00

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19
Q

What is packaging ?

A

Packaging is an outer wrapping or container for goods that is also used to promote it.

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20
Q

What is the purpose of packaging ?

A

The purpose of packaging are:

  1. Provide effective protection of goods.
  2. Provide essential information.
  3. Make it easy to use.
  4. Appeal to customer visually
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21
Q

What is branding ?

A

Branding is a giving a significant product a registered name or symbol or design that will be easily recognized and identified.

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22
Q

What is sales promotion ?

A

Sales promotion is the process used to persuade a potential customer to buy a product.

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23
Q

What is advertisement ?

A

Advertisement are messages paid for by a company that aim to inform influence the prospective customers.

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24
Q

What are the functions of advertisement ?

A

The functions of advertisement are:

  1. Introduce new products or services.
  2. Persuade consumers to buy.
  3. Educates consumers about a good or service.
  4. Increase demand of the product.
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25
What are the two types of advertising ?
Two types of Advertising are: 1. Informative Advertising 2. Persuasive Advertising
26
What is informative Advertising ?
Informative advertising gives detailed information about a good and service and leaves the consumer to decide without persuasion.
27
What is Persuasive Advertising ?
Persuasive advertisement uses a variety of techniques to persuade someone in buying a good or a service.
28
What is the meaning of channel of distribution ?
The channel of distribution refers to the route by which products are distributed from the producer to the consumer.
29
What are four factors that influence the channel of distribution ?
1. Location 2. Value of the product 3. Who the product is for 4. Type of the product
30
What are the ingredients of the marketing mix ?
1. Price 2. Product 3. Place 4. Promotion
31
What are the 4p's of marketing ?
1. Price 2. Product 3. Promotion 4. Place
32
What is product ?
The product is an item that is produced or supplied aimed at meeting the wants of consumers.
33
What is promotion ?
Promotion refers to ways in which consumers are made aware of the availability of the product or service.
34
What is place ?
Place is a location that goods can be distributed.
35
What is price ?
Price represents the price the customer is expected to pay for a product or service.
36
What is consumer behavior ?
Consumer behavior is the way that consumer reacts to those who offer goods or services.
37
What are the 8 factors that influence consumer behavior ?
1. Price 2. Quality 3. Price of substitutes 4. Taste 5. Tradition 6. Income 7. Spending patterns 8. Brand Loyalty
38
What is consumer protection ?
Consumer protection is the ways that consumers are safeguarded when making purchases.
39
List three ways consumers can be exploited ?
Three ways a consumer can be exploited are: 1.Goods can be incorrectly labelled. 2. Incorrect weight and measures may be given. 3. Advertisements can be misleading and making false claims.
40
What is consumerism ?
Consumerism is an organized movement with policies that aim to protect the consumer.
41
What does caveat emptor mean ?
Caveat emptor is a Latin word meaning buyers beware.(Meaning buyers must be vigilant when making purchases.)
42
What is the job of the Bureau of Standards ?
The Bureau of Standards job is to ensure that goods produced are sold in good condition and are appropriately packaged and label.
43
What is the Ombudsman ?
The ombudsman is an independent government appointed person that investigate issues consumers has been unable to resolve.
44
What is trademarks ?
Trademarks is type property consisting of an recognizable icon or symbol.
45
What is copyrights ?
Copyright is a law to prevent others from the stealing of intellectual creation.
46
What is patents ?
Patents is law that prevent the imitation of a product.
47
What is industrial design ?
Industrial design refers to a new registered design that has a distinctive visual appearance. Example: Car and Plane designs
48
What is logistics ?
Logistics is the overall process by which goods reach the place where they are needed.
49
What is the supply chain ?
The supply chain is the way that businesses get its resources.
50
What is the distribution channel ?
The distribution channel are how a business get its finished product to the market.
51
What is a warehouse ?
A warehouse is commercial building where goods are temporarily stored for a business.
52
What is the chain of distribution ?
The distribution chain means all the channels of distribution that goods and services pass through to reach the final customer.
53
Who is the producer ?
A producer get the required raw materials into an end product.
54
Who is the wholesaler ?
The wholesaler buys in bulk from the producer or manufacturer and sells in quantities to the retailer.
55
Who is the retailer ?
The retailer buys from the producer or wholesaler and sell in convenient quantities to the final buyer.
56
Who is the consumer ?
The final purchasers of the product who are supplied in variety of ways.
57
What is a target market ?
Target market is a particular group at which a product or service is aimed.
58
What is the importance of branding ?
Branding is important because it help identifies and differentiates a product from other similar product.
59
What is marketing mix ?
Marketing mix is all the actions, tactics that a business uses to promote its product in the market.
60
What are types of sales promotion ?
1. Discount vouches 2. Loyalty cards 3. Competion 4. Giveaways
61
What is the supply chain operations ?
The supply chain operations is the way businesses get its resources to make a finished product.
62
Forms of customer service ?
1. Online chat 2. Customer service 3. Customer feedback 4. Toll free centers 5. Suggestion box

Principles of Business (6 decks)

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