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Marketing Flashcards

(67 cards)

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0
Q

What is marketing?

A

Marketing is 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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1
Q

What is a marketing plan?

A

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

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2
Q

What is the marketing concept?

A

It is that a customer’s needs and wants are met while achieving the business’s objectives

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3
Q

What is market research?

A

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

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4
Q

What is marketing data?

A

The information - usually expressed as facts and figures collected from original sources

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5
Q

What is primary data?

A

The facts and figures collected from original sources

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6
Q

What does a survey do?

A

A survey gathers data by asking questions or interviewing people

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7
Q

What are the 3 main methods of gathering primary data?

A
  1. Survey 2. Observation 3. Experimentation
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8
Q

What is secondary data?

A

Information that seem other person or organisation has already collected

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9
Q

What is internal data?

A

Information that has already been collected from inside the business eg. Financial statistics, research reports, customer feedback, sales reports

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10
Q

What is external data?

A

Published data from outside the business eg. Australian Bureau of Statistics

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11
Q

What is statistical interpretation analysis?

A

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

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12
Q

What is market segmentation?

A

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

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13
Q

What is a 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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14
Q

What is the primary target market?

A

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

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15
Q

What is a secondary target market?

A

A smaller and less important market segment

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16
Q

What is a niche market?

A

A narrowly selected target market segment

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17
Q

What is 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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18
Q

What are psychological factors?

A

Influences within an individual that affect his/her buying behaviour

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19
Q

What are motives?

A

Reasons that individuals do something

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20
Q

What is customer attitude?

A

A persons overall feeling about an object or activity

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21
Q

What is a personality?

A

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

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22
Q

What are sociocultural influences?

A

Forces exerted by other people that affect customer behaviour.

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23
Q

What is a peer group?

A

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

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24
What is culture?
All the learned values, beliefs, behaviours and traditions shared by a society
25
What are the 4 main psychological factors that influence customer choice?
Perception, motives, attitude and personality
26
What are the 4 main sociocultural influences that affect customer choice?
Family and roles, peer groups, social class and culture and subculture
27
What are 3 common marketing objectives?
Increasing market share, expanding the product range, maximising the customer service
28
What does market share mean?
Refers to the business's share of the total industry sales for a particular market
29
What is a product mix?
The total range of products offered by a business
30
What does customer service mean?
Responding to the needs and problems of the customer. Central to this response is making sure the desired product is delivered at the appropriate place at the right time
31
What is a market?
The number of all actual and potential buyers of a product
32
What is a marketing mix?
The combination of 4 elements - product, price, promotion and place (4 P's) - that make up the marketing strategy
33
What is a product?
A good or service that can be offered in an exchange for the purpose of satisfying a need or want
34
What is product positioning?
The development of a product image compared with the image of competing products
35
What is a brand?
A name, term, symbol, design or and combination of these that identifies a specific product and distinguishes it from its competition
36
What is a brand name?
That part of the brand that can be spoken
37
What is a brand symbol or logo?
A graphic representation that identifies a business or product
38
What is packaging?
Involves the development of a container and the graphic design for a product
39
What are distribution channels?
The routes taken to get the product from the factory to the customer
40
What is non store retailing?
Retailing activity conducted away from the traditional store
41
What is e marketing?
The practice of using the Internet to perform marketing activities
42
What is market coverage?
Refers to the number of outlets a business chooses for its product
43
What is promotion?
The methods used by a business to inform, persuade and remind a target market about to products
44
What is a promotion mix?
The promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations
45
What is personal selling?
Involves the activities of a sales representative directed to a customer in an attempt to make a sale
46
What is publicity?
Any free news story about a business's products
47
What is public relations?
Those activities aimed at creating and maintaining favourable relations between a business and its customers
48
What is advertising?
A paid, non-personal message communicated through a mass medium
49
What is a product's life cycle?
Stages a product phases through: innovation, introduction, growth, maturity and decline
50
What is included in each stage?
Product, price, distribution and promotion
51
What are exports?
Goods or services sold by one country to individual, businesses r governments in another country with the aim of extending sakes and market penetration
52
What is diversification?
Occurs when businesses vary their range of products or their field of operations
53
What is sales analysis?
Uses sales data to evaluate the business's current performance and the effectiveness of the marketing mix
54
What is the purpose of market research?
Creating a more accurate and responsive marketing plan therefore the risk of market failure can be reduced.
55
What means that the information gathered is useful?
If it results in marketing strategies that meet the needs of the business's target market, assists the business to achieve its marketing objectives, may be used to increase sales and profit
56
What is the main advantage of primary data?
Their collection is directed at solving a specific marketing problem
57
What is observation and how may information be gathered this way?
Involves recording the behaviour of customers. Personal observation, mechanical observation
58
What are the 4 elements in which market segmentation divides the customer market into?
Demographic (age, gender, occupation, education), geographic (urban, suburban, rural, climate, landform), psychographic (lifestyle, motives, personality, consumer opinions, interests), behavioural (regular user, first time user, brand loyalty, benefits sought, usage rate)
59
What are the 5 main benefits of a target market?
Allows the business to, use its marketing resources more efficiently, use promotional material that is more relevant to customers' needs, better understand the buying behaviour of the target market, collect data more efficiently and make comparisons within the target market over time, refine he marketing strategies used to influence customer choice
60
What is the market description and what does it include?
The section of the marketing plan which provided description of the current state of the market in which the business operates. Details of the target customer, details of the competitors
61
What are the stages which you must include in a market plan?
Establishing objectives, market description, marketing mix
62
What are the 4 traditional types of distribution channels?
Producer to customer(car repairs), producer to retailer to customer(fruit or furniture), producer to wholesaler to retailer to customer, producer to agent to wholesaler to retailer to customer
63
What are the 3 most common performance indicators?
Sales analysis, market share analysis, marketing profitability analysis
64
What is the difference between an objective and a strategy?
An objective is the overall goal that should be archived and the strategy is simply a plan of actin to ensure that goal is met
65
What is the purpose of a market share analysis?
A business can evaluate its marketing strategies as compared with those of its competitors
66
What is marketing profitability analysis?
A method used by the business to break down its total marketing costs into specific marketing activities

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