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Marketing > Terms > Flashcards

Terms Flashcards

1
Q

Marketing

A

Satisfying the needs and wants through an exchange process

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2
Q

Needs

A

Something necessary for people to live a healthy, stable and safe life.

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3
Q

Wants

A

Something that is desired, wished for or aspired to, not essential for basic survival

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4
Q

Demand

A

When needs and wants are backed by the ability to pay, they have the potential to become economic demands.

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5
Q

Product

A

An article or substance that is refined for sale

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6
Q

Service

A

Useful labor that does not produce a tangible commodity

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7
Q

Goods

A

Materials that satisfy human wants and provide utility

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8
Q

Marketing mix

A

A combination of factors that can be controlled by a company to influence consumers to purchase its products.

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9
Q

Price

A

The amount of money expected, required, or given in payment for something.

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10
Q

Distribution

A

Distribution is the process of making a product or service available for the consumer or business user who needs it

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11
Q

Communication

A

The means adopted by the companies to convey messages about the products and the brands they sell, either directly or indirectly to the customers with the intention to persuade them to purchase.

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12
Q

Consumer

A

A person who purchases goods and services for personal use.

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13
Q

Target Group

A

The group people that a policy or campaign is hoping to influence in some way.

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14
Q

Customer

A

A person who buys goods or services from a shop or business.

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15
Q

Segmentation

A

The process of dividing a market of potential customers into groups, or segments, based on different characteristics.

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16
Q

Positioning

A

The consumer’s perception of a brand or product in relation to competing brands or products.

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17
Q

Brand

A

A brand is the way in which a company, organization, or individual is perceived by those who experience it.

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18
Q

Trademark

A

A symbol, word, or words legally registered or established by use as representing a company or product.

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19
Q

Marketing offer

A

A marketing offer is a package of products and/or services that addresses an untapped area of a customer’s needs and wants.

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20
Q

Segmentation variable

A

The characteristics of people that are used to determine if the people are similar are called segmentation variables.
(age, sex etc.)

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21
Q

Mass marketing

A

Mass marketing is a market strategy in which a firm decides to ignore market segment differences and appeal the whole market with one offer or one strategy, which supports the idea of broadcasting a message that will reach the largest number of people possible.

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22
Q

Differentiated marketing

A

A differentiated marketing strategy is when a company creates campaigns that appeal to at least two market segments or target groups.

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23
Q

Concentrated marketing

A

Concentrated Marketing is a strategy whereby a product is developed and marketed for a very well defined and specific segment of the consumer population. “niche”

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24
Q

Targeting

A

Target marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings.

25
Q

Positioning

A

The process of establishing the image or identity of a brand or product so that consumers perceive it in a certain way.

26
Q

Product strategy

A

A product strategy outlines a company’s strategic vision for its product offerings by stating where the products are going, how they will get there and why they will succeed.

27
Q

Core benefit

A

The dominant benefit or satisfaction that a customer expects from a good or service he or she buys.

28
Q

Actual benefit

A

Actual Product is the physical or tangible product that a consumer buys to get the CORE benefits that this product has in offering. For example, if the core benefit that a consumer seeks is READING then a BOOK is the Actual product.

29
Q

Augmented product

A

The AUGMENTED product is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium. So when you buy a car, part of the augmented product would be the warranty, the customer service support offered by the car’s manufacturer and any after-sales service.

30
Q

Inelastic demand

A

Inelastic demand in economics is when people buy about the same amount whether the price drops or rises.

31
Q

Elastic demand

A

Elastic demand is when price or other factors have a big effect on the quantity consumers want to buy.

32
Q

Supply chain

A

The marketing supply chain is the chain of suppliers that an organization relies on to produce marketing materials (print, promotional products and point of sale) to market their products and services.

33
Q

Intermediaries

A

A marketing intermediary is a link in the supply chain that links the producer or other intermediaries to the end consumer.

34
Q

Promotion

A

Any type of marketing communication used to inform or persuade target audiences of the relative merits of a product, service, brand or issue.

35
Q

Sales promotion

A

Sales promotion represents a variety of techniques used to stimulate the purchase of a product or brand. Sales promotion has a tactical, rather than strategic role in marketing communications and brand strategy, it is also a form of advertisement used within a short period of time. For example, buy two pringles cans to get a free speaker etc.

36
Q

Public relations

A

Public Relations involves a variety of programs designed to maintain or enhance a company’s image and the products and services it offers.

37
Q

Personal selling

A

Personal selling is where businesses use people (the “sales force”) to sell the product after meeting face-to-face with the customer. The sellers promote the product through their attitude, appearance and specialist product knowledge.

38
Q

Direct marketing

A

Direct marketing is any form of marketing through any media that reaches people directly or through which people can directly respond.

39
Q

Sender

A

The person who originates the message.

40
Q

Encoding

A

Encoding is the process of putting thoughts, ideas, and information into symbolic form. Through this process, companies can create symbols that are recognizable around the world.

41
Q

Decoding

A

Decoding is the process of interpreting messages and relies on correct encoding and the ability of the receiver to deconstruct transmitted meaning.

42
Q

Messaging

A

How an organization talks about itself and the value it provides.

43
Q

Media

A

The main means of mass communication (broadcasting, publishing, and the Internet) regarded collectively.

44
Q

Receiver

A

The receiver is the one making the decision after decoding the message. In other words, the receiver is your end customer/prospect.

45
Q

Noise

A

In marketing, “noise” is anything that distracts from your message.

46
Q

Feedback

A

Information about reactions to a product, a person’s performance of a task, etc. which is used as a basis for improvement.

47
Q

Brand identity

A

Brand identity is the visible elements of a brand, such as color, design, and logo, that identify and distinguish the brand in consumers’ minds.

48
Q

Brand image

A

The impression in the consumers’ mind of a brand’s total personality (real and imaginary qualities and shortcomings).

49
Q

Brand positioning

A

The conceptual place you want to own in the target consumer’s mind — the benefits you want them to think of when they think of your brand.

50
Q

No brand

A

Non-branded goods are generic goods that are not associated with any brand name but resemble goods produced by popular branded manufacturers/companies.

51
Q

Private brand, reseller brand

A

A private brand is a good that is manufactured for and sold under the name of a specific retailer, competing with brand-name products. Also referred to as “private label” or “store brand”. (K-menu etc.)

52
Q

Manufacturer branding

A

Merchandise carrying manufacturer’s brand name rather than the private label, that is, the brand is owned by the producer.

53
Q

Premium brand

A

Premium brands are the ones that give you the best features at the best value.

54
Q

Product brand

A

Product brands refer to the individual products of a company and are the foundation of its brand world.

55
Q

Corporate branding

A

Corporate branding refers to the practice of promoting the brand name of a corporate entity, as opposed to specific products or services.

56
Q

Multi brand

A

A Multi Brand strategy is defined as the approach of the company to market several similar and competitive brands of the same company under the guise of different brand names. For example VAG concern. (Audi, Volkswagen, Skoda etc.)

57
Q

Parent brand

A

A parent brand is an existing brand that gives rise to a brand extension by supporting the allied products/services by sharing its brand identity.
“Nestle Maggi which a very strong brand in the noodles category which got extended to new product categories like ketchup and soups with the names Maggi ketchup and Maggi Soups, respectively.”

58
Q

Sub-brand

A

Sub-branding is when the main brand creates a subsidiary or secondary brand. (For example, Diet Coke or Nacho Cheese Doritos)

Marketing (4 decks)

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