'Chap 10' Managing the Marketing Function Flashcards
Market Plan
The marketing plan is a document the lists activities aimed at achieving particular marketing outcomes in relation to a good service. The plan provides a template for future action aimed at reaching marketing objectives such as establishing a customer base
Marketing
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’ (American Marketing Association).
Marketing Concept
The marketing concept is that a customer’s needs and wants are met while achieving the business’s objectives
Market Research
Market research is the process of analysing information concerning a specific marketing problem
Marketing Data
Marketing data are the information - usually expressed as facts and figures - relevant to the defined marketing problem
Primary Data
Primary data are the facts and figures collected from original sources
Survey
A survey gathers data by asking questions or interviewing people
Secondary Data
Secondary Data refers to information that some other person or organisation has already collected
Internal Data
Internal data refers to information that has already been collected from inside the business
External Data
External data refers to published data from outside the business
Statistical Interpretation Analysis
Statistical Interpretation analysis is the process of focusing on the data that represent average, typical or deviations from typical patterns
Market Segmantation
Market segmentation occurs when the total market is subdivided into groups who share one or more common characteristic.
Target Market
A target market is a group of customers with similar characteristics who currently purhase the product or may do so in the future
Primary Target Market
The primary target market is the market segment at which most of the marketing resources are directed
Secondary Target Market
A secondary target market is usually smaller and less important market segment
Niche Market
A niche market is a narrowly selected target market segment
Consumer Buying Behaviour
Consumer buying behaviour refers to the decisions and actions of consumers when they purchase goods and services for personal or household use
Psychological Factors
Psychological factors are influences within an individual that affect his/her buying behaviour
Motives
Motives are the reasons that individuals do something
Customer Attitude
Customer attitude is a person’s overall feeling about an object or activity
Personality
An individual’s personality is the collection of all the behaviours an characteristics that make up that person
Sociocultural Influences
Sociocultural Influences are forces exerted by other people that affect customer behaviour
Peer Group
A peer group of people with whom a person closely identifies, adopting their attitudes, values and beliefs
Culture
Culture is all the learned values, beliefs, behaviours and traditions shared by a society
Market Share
Market share refers to the business’s share of the total industry sales for a particular market
Product Mix
Product mix is the total range of products offered by a business
Customer Service
Customer service means 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
Market
Marketers define a market as the number of all actual and potential buyers of a product
Marketing Mix
The marketing mix is the combination of four elements - product, price, promotion and place (the four P’s) - that make up the marketing strategy
Product
A product is a good or service that can be offered in an exchange for the purpose of satisfying a need or or want
Product Positioning
Product positioning is the development of a product image compared with the image of competing products
Brand
A brand is a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition
Brand Name
A brand name is that part of the brand that can be spoken
Brand Symbol or Logo
A brand symbol or logo is a graphic representation that identifies a business or product
Packaging
Packaging involved the development of a container and the graphic deign for a product
Distribution Channels
Distribution channels are the routes taken to get the product from the factory to the customer
Non-store Retailing
Non-store retailing is retailing activity conducted away from the traditional store
E-marketing
E-marketing is the practice of using the internet to perform marketing activites
Market Coverage
Market coverage refers to the number of outlets a business chooses for its product
Promotion
Promotion describes the methods used by a business to inform, persuade and remind a target market about its products
Promotion Mix
A promotion mix is the promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations
Personal Selling
Personal selling involves the activities of a sales representative directed to a customer in an attempt to a make a sale
Publicity
Publicity is any free news story about a business’s products
Public Relations
Public relations are those activities aimed at creating and maintaining favourable relations between a business and its cusomters
Advertising
Advertising is a paid, non-personal message communicated through a mass medium
Advertising media
Advertising media refers to the many forms of electronic and print communication used to reach an audience
Life Cycle
A product’s life cycle consists of the stages a product passes through: innovation, introduction, growth, maturity and decline
Exports
Exports are goods or services sold by one country to individuals, businesses or governments in another country with the aim of extending sales and market penetration
Diversification
Diversification occurs when businesses vary their range of products or their field of operations
Sale Analysis
Sale analysis uses sales data to evaluate the business’s current performance and the effectiveness of the marketing mix
Marketing Profitability Analysis
Marketing profitability analysis is a method used by the business to break down its total marketing costs into specific marketing activities
Social Media Advertising
Social media advertising is a form of online advertising that uses social media channels to deliver targeted commercial massages to potential customers
Reach
The reach of advertisement measures the number of people exposed to the message
Frequency
The frequency of an advertisement measures the average number of times someone is exposed to the message
Globalisation
Globalisation is the effect of ever more sophisticated communications technology, lower transport costs, and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system
Materialism
Materialism is an individual’s desire to quire more possessions
Product Placement
Product placement is the inclusion of product advertising in entertainment
Unconscionable Conduct
Unconscionable conduct is any practice by a business that is not reasonable and often illegal
