Business Functions: Marketing Flashcards
What is marketing?
The art and science of choosing target markets and growing customers through delivering and communicating superior customer value
How does the marketing system work?
Sellers exchange with buyers goods and services for money and communication for information
What is market research?
A narrow and specific approach applied to research that addresses a particular market’s needs and scope
What is the market research process?
- Problem definition
- Research design
- Sampling design
- Data collection
- Data analysis and interpretations
- Report presentation
How can consumers be classified?
Personal, individuals representing themselves or their households
Organisational, businesses and organisations
What is brand equity?
The added value endowed on products and services
What are the two types of factors that influence consumer behaviour?
Individual factors and group factors
What is LSM?
The living standards measure is a model of lifestyle and socio-economic status classification
What 3 components is marketing strategy built from?
Market segmentation, targeting and positioning
What is a target market?
A collective that represents a group of individuals that have similar needs, interests and perceptions
What is positioning?
Designing a company’s offering and image to occupy a distinct place in the minds of the target market
What is UVP?
Unique value proposition
What are the 4 P’s of marketing?
Product
Place
Price
Promotion
What is product mix width?
The number of different lines across several categories
What is product mix depth?
The number of product variations within each line
