Marketing Flashcards
(145 cards)
1
Q
strategy
A
long-term, broad aims affecting all key business areas; that is, the strategic role of each key business function involves the managers of each function contributing to the strategic direction or strategic plan of the business
2
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
3
Q
profit maximisation
A
occurs when there is maximum difference between the total revenue coming into the business and total costs being paid out
4
Q
marketing plan
A
a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services. The plan provides a template for future action aimed at reaching business goals, such as profit maximisation.
5
Q
interdependence
A
the mutual dependence that the key business functions have on one another
6
Q
marketing concept
A
a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals
7
Q
production approach
A
a marketing approach that focuses on the production of goods and services
8
Q
sales approach
A
a marketing approach that emphasises selling because of increased competition
9
Q
marketing approach
A
focuses on finding out what customers want — through market research — and then satisfying that need
10
Q
customer orientation
A
the process of collecting information from customers and basing marketing decisions and practices on customers’ wants and interests
11
Q
customer satisfaction
A
measures how goods and services supplied by a business meet or exceed customer expectation
12
Q
relationship marketing
A
the development of long-term and cost-effective relationships with individual customers
13
Q
societal marketing approach
A
a marketing approach that emphasises social responsibilities, as well as the importance of maintaining and improving the wellbeing of customers and society
14
Q
market
A
a group of individuals, organisations or both that: need or want products (goods or services), have the money (purchasing power) to purchase the product, are willing to spend their money to obtain the product, are socially and legally authorised to purchase the product
15
Q
resource market
A
consists of those individuals or groups that are engaged in all forms of primary production, including mining, agriculture, forestry and fishing
16
Q
industrial market
A
includes industries and businesses that purchase products to use in the production of other products or in their daily operations
17
Q
intermediate market
A
consists of wholesalers and retailers who purchase finished products and resell them to make a profit
18
Q
consumer market
A
a market that consists of individuals — that is, members of a household who plan to use or consume the products they buy
19
Q
mass markets
A
in mass markets, the seller mass-produces, mass-distributes and mass-promotes one product to all buyers
20
Q
niche market
A
a narrowly selected target market segment (also known as a concentrated or micro market)
21
Q
customer choice (buying
behaviour)
A
the decisions and actions of customers when they search for, evaluate, select and purchase goods and services
22
Q
psychological factors
A
influences within an individual that affect his or her buying behaviour
23
Q
perception
A
the process through which people select, organise and interpret information to create meaning
24
Q
motive
A
an individual’s reason for doing something
25
attitude
a person’s overall feeling about an object or activity
26
personality
the collection of all the behaviours and characteristics that make up an individual
27
self-image
how a person views himself or herself
28
learning
changes in an individual’s behaviour caused by information and experiences
29
brand loyalty
when a favourable attitude towards a single brand results in repeat sales over time
30
sociocultural influences
forces exerted by other people and groups that affect an individual’s buying behaviour
31
social class or socioeconomic
status
a person’s relative rank in society, based on his or her education, income or occupation
32
reference or peer group
a group of people with whom a person closely identifies, adopting their attitudes, values and beliefs
33
unconscionable conduct
any practice by a business that is not reasonable and often illegal
34
price discrimination
the setting of different prices for a product in separate markets
35
implied conditions
the unspoken and unwritten terms of a contract
36
consumer guarantees
provide consumers with rights to certain remedies from retailers and manufacturers where goods purchased fail to comply with the consumer guarantee provisions in the ACL
37
acceptable quality
products that are safe, lasting and with no faults, look acceptable and do all the things someone would normally expect them to do
38
warranty
a promise made by a business that they will correct any defects in the goods they produce or services they deliver
39
materialism
an individual’s desire to constantly acquire possessions
40
product placement
the inclusion of advertising in entertainment
41
advertising
a paid, non-personal message communicated through a mass medium
42
puffery
exaggerated claims used for promotional purposes, that no reasonable person would take as factual
43
sugging
‘selling under the guise of a survey’; a sales technique disguised as market research
44
self-regulation
a system by which a business or industry controls its own activities rather than being publicly regulated by an outside organisation such as the government
45
SWOT analysis
involves the identification and analysis of the internal strengths and weaknesses of the business, and the opportunities in, and threats from, the external environment
46
product life cycle
the stages a product passes through: introduction, growth, maturity and decline
47
market research
the process of systematically collecting, recording and analysing information concerning a specific marketing problem
48
marketing data
the information relevant to the defined marketing problem
49
primary data
the facts and figures collected from original sources for the purpose of the specific research problem
50
survey
the gathering of data by asking or interviewing people
51
secondary data
information that has already been collected by some other person or organisation
52
statistical interpretation
analysis the process of focusing on the data that represents average, typical or deviations from typical patterns
53
marketing objectives
the realistic and measurable goals to be achieved through the marketing plan
54
market share
the business’s share of the total industry sales for a particular product
55
product mix
the total range of products offered by a business
56
customer service
how well a business meets and exceeds the expectations of customers in all aspects of its operations
57
target market
a group of present and potential customers to which a business intends to sell its product
58
primary target market
the market segment at which most of the marketing resources are directed
59
secondary target market
a smaller and less important market segment than the primary target market
60
mass marketing approach
a marketing approach that seeks a large range of customers
61
market segmentation
occurs when the total market is subdivided into groups of people who share one or more common characteristics
62
marketing strategies
actions undertaken to achieve the business’s marketing objectives through the marketing mix
63
marketing mix
refers to the combination of the four elements of marketing, the four Ps — product, price, promotion and place — that make up the marketing strategy
64
implementation
process of putting marketing strategies into operation
65
monitoring
the process of measuring actual performance against planned performance
66
controlling
involves the comparison of planned performance against actual performance and taking corrective action to make sure the objectives are attained
67
financial forecast
the business’s predictions about the future
68
sales analysis
the comparing of actual sales with forecast sales to determine the effectiveness of the marketing strategy
69
marketing ROI
measures how much revenue a marketing campaign is generating compared to the cost of running that campaign
70
product deletion
the elimination of some lines of products
71
extended marketing mix
the combination of people, processes and physical evidence with the four main elements of the marketing mix
72
market segmentation
occurs when the total market is subdivided into groups of people who share one or more common characteristics
73
segmentation variable
a characteristic of an individual or group that is used by marketing managers to divide a total market into segments
74
demographic segmentation
the process of dividing the total market according to particular features of a population, including the size of the population, age, sex, income, cultural background and family size
75
psychographic segmentation
the process of dividing the total
market according to personality characteristics, motives, opinions, socioeconomic group and lifestyles
76
behavioural segmentation
the process of dividing the total market according to the customers’ relationship to the product
77
product/service differentiation
the process of developing and promoting differences between the business’s products or services and those of its competitors
78
value for money
the desire to obtain the best quality, features and performance for a given price of a product
79
ethical consumerism
involves buying products that are not harmful to the environment, animals and society
80
Fair Trade movement
an alternative method of international trade that promotes environmentalism, fair wages, alleviation of global poverty and a fair price for farmers and work
81
product/service positioning
the technique in which marketers try to create an image or identity for a product compared with the image of competing products
82
products
goods or services that can be offered in an exchange for the purpose of satisfying a need or want
83
total product concept
the tangible and intangible benefits (attributes) a product possesses
84
brand
a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition
85
brand name
that part of the brand that can be spoken
86
trademark
signifies that the brand name or symbol is registered and the business has exclusive right of use
87
brand symbol or logo
a graphic representation that identifies a business or product
88
manufacturer’s brand or national
brand
a brand owned by a manufacturer
89
private or house brand
a brand that is owned by a retailer or wholesaler
90
generic brands
products with no brand name at all
91
packaging
the development of a container and the graphic design for a product
92
labelling
the presentation of information on a product or its package
93
label
that part of the package that contains information
94
price
the amount of money a customer is prepared to offer in exchange for a product
95
cost-based pricing
a pricing method derived from the cost
of producing or purchasing a product and then adding a mark-up
96
mark-up
a predetermined amount (usually expressed as a percentage) that a business adds to the cost of a product to determine its basic price
97
supply
the quantity of a product businesses are willing to offer for sale at a particular price
98
demand
the quantity of a product consumers are willing to purchase at a particular price
99
market-based pricing
a method of setting prices according to the interaction between the levels of supply and demand — whatever the market is prepared to pay
100
competition-based pricing
where the price covers costs (cost of raw materials and the cost of operating the business) and is comparable to the competitor’s price
101
price leader
a major business in an industry whose pricing decisions heavily influence the pricing decisions of its competitors
102
bundle pricing
where customers gain a ‘package’ of goods and services in addition to the tangible good they purchased
103
price skimming
when a business charges the highest possible price for the product during the introduction stage of its life cycle
104
price penetration
when a business charges the lowest price possible for a product or service so as to achieve a large market share
105
loss leader
a product sold at or below cost price
106
price points (or price lining)
selling products only at certain predetermined prices
107
prestige or premium pricing
a pricing strategy where a high price is charged to give the product an aura of quality and status
108
promotion
the methods used by a business to inform, persuade and remind a target market about its products
109
promotion mix
the various promotion methods a business uses in its promotional campaign. Methods include:
* advertising
* personal selling and relationship marketing
* sales promotions
* publicity and public relations
110
advertising media
refers to the many forms of communication used to reach an audience
111
personal selling
the activities of a sales representative directed to a customer in an attempt to make a sale
112
relationship marketing
the development of long-term and cost-effective relationships with individual customers
113
loyalty program
a rewards-based program offered by a business to customers who frequently make purchases
114
sales promotion
the use of activities or materials as direct inducements to customers
115
publicity
any free news story about a business’s products
116
public relations (PR)
those activities aimed at creating and maintaining favourable relations between a business and its customers
117
channel
any method used for
carrying a message
118
noise
any interference or distraction that affects any or all stages in the communication process
119
opinion leader
a person who influences others
120
word-of-mouth communication
when people influence each other during conversations
121
place or distribution
activities that make the products available to customers when and where they want to purchase them
122
distribution channels or marketing channels
the routes taken to get the product from the factory to the customer
123
non-store retailing
retailing activity conducted away from the traditional store
124
market coverage
refers to the number of outlets a firm chooses for its product
125
physical distribution
all those activities concerned with the efficient movement of the products from the producer to the customer
126
inventory control
a system that maintains quantities and varieties of products appropriate for the target market
127
people
the people element refers to the quality of interaction between the customer and those within the business who will deliver the service
128
processes
refers to the flow of activities that a business will follow in its delivery of a service
129
physical evidence
everything that the customer sees when interacting with a business
130
e-marketing
(electronic marketing) the practice of using the internet to perform marketing activities
131
podcasting
the distribution of digital audio or video files over the internet
132
blog
an online journal that can be added to by readers
133
social media advertising (SMA)
a form of online advertising using social media platforms such as Facebook, YouTube and Twitter to deliver targeted commercial messages to potential customers
134
reach
the number of people exposed to the message of an advertisement
135
frequency
the average number of times someone is exposed to the message of an advertisement
136
transnational corporations (TNCs)
any businesses that have production facilities in two or more countries and that operate on a worldwide scale
137
global branding
the worldwide use of a name, term, symbol or logo to identify the seller’s products
138
standardised approach
a global marketing strategy that assumes the way the product is used and the needs it satisfies are the same the world over
139
customised approach or local
approach
a global marketing strategy that assumes the way the product is used and the needs it satisfies are different between countries
140
global pricing
how businesses coordinate their pricing policy across different countries
141
customised pricing
occurs whenever consumers in different countries are charged different prices for the same product
142
tariff
a tax on an imported product
143
market-customised pricing
prices that are set according to local market conditions
144
standardised pricing
the practice of charging customers the same price for a product anywhere in the world
145
competitive positioning
relates to how a business will differentiate its products
