week 3 Flashcards
(20 cards)
Developing, pricing, promoting and distributing products, services or ideas that are tailored to the market; this process includes all activities that create value and systematically lead to increased sales or another desired response, establish a good reputation and ongoing relationships with customers, so that all stakeholders achieve their objectives.
Marketing
Combination of four controllable marketing variables – product, promotion, price and place (or distribution) – developed to appeal to a particular target market.
Marketing mix
The selected market segments on which a company focuses its marketing efforts.
Target market
A direct exchange between parties of products or services, without any money changing hands.
Bartering
Role of the marketing system in distributing goods and services to society to ensure that its scarce resources will satisfy people’s needs as effectively as possible.
Macromarketing
The series of persons and organizations – from the manufacturer to the consumer – involved in the production, distribution and consumption of products and services.
Supply chain
Horizontal section or link in the supply chain, made up of companies that perform the same function in the production or trade of a certain product.
Sector
A group of organizations within a sector with similar production techniques and products.
Branch of industry
All activities developed by collaborating organizations within a supply chain or sector to match supply and demand, meet a certain need and realize their shared marketing objectives.
Mesomarketing
The analysis, planning, implementation and constant evaluation of all activities to ensure that a company’s products and services are tailored to the needs and wants of potential customers.
Marketing management
The marketing activities of an individual organization.
Micromarketing
Business philosophy that emphasizes an efficient production process designed to maximise product output and reduce cost, often at the expense of meeting marketplace needs.
Production concept
Management orientation that focuses on improving product quality, while regarding marketing as unnecessary and assuming that ‘a good product will sell itself’.
Product concept
Market in which demand exceeds supply, giving sellers an advantage over customers.
Sellers’ market
Market in which supply exceeds demand so that buyers are in a stronger position than suppliers and resulting in aggressive selling efforts to win over prospects.
Buyers’ market
Market approach in which a company’s emphasis is on the selling function (‘selling what we make’) instead of other marketing activities.
Selling concept
The financial ability of a consumer to purchase products and services.
Buying power
Business philosophy in which companies consider not only customers, but also intermediaries and competitors in making decisions at all levels of the organization.
Market orientation
Extension of the marketing concept in which management considers the broader societal consequences of its production and marketing activities and tries to balance the long-term interests of the consumer, the company and society as a whole.
Societal marketing concept
Strategy that focuses on developing long-term relationships with customers – to earn and retain their business – as well as with distributors, suppliers and society at large.
Relationship marketing
