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Business Management > 'Chap 10' Managing the Marketing Function > Flashcards

'Chap 10' Managing the Marketing Function Flashcards

1
Q

Market Plan

A

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

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2
Q

Marketing

A

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).

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3
Q

Marketing Concept

A

The marketing concept is that a customer’s needs and wants are met while achieving the business’s objectives

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4
Q

Market Research

A

Market research is the process of analysing information concerning a specific marketing problem

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5
Q

Marketing Data

A

Marketing data are the information - usually expressed as facts and figures - relevant to the defined marketing problem

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6
Q

Primary Data

A

Primary data are the facts and figures collected from original sources

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7
Q

Survey

A

A survey gathers data by asking questions or interviewing people

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8
Q

Secondary Data

A

Secondary Data refers to information that some other person or organisation has already collected

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9
Q

Internal Data

A

Internal data refers to information that has already been collected from inside the business

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10
Q

External Data

A

External data refers to published data from outside the business

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11
Q

Statistical Interpretation Analysis

A

Statistical Interpretation analysis is the process of focusing on the data that represent average, typical or deviations from typical patterns

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12
Q

Market Segmantation

A

Market segmentation occurs when the total market is subdivided into groups who share one or more common characteristic.

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13
Q

Target Market

A

A target market is a group of customers with similar characteristics who currently purhase the product or may do so in the future

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14
Q

Primary Target Market

A

The primary target market is the market segment at which most of the marketing resources are directed

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15
Q

Secondary Target Market

A

A secondary target market is usually smaller and less important market segment

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16
Q

Niche Market

A

A niche market is a narrowly selected target market segment

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17
Q

Consumer Buying Behaviour

A

Consumer buying behaviour refers to the decisions and actions of consumers when they purchase goods and services for personal or household use

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18
Q

Psychological Factors

A

Psychological factors are influences within an individual that affect his/her buying behaviour

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19
Q

Motives

A

Motives are the reasons that individuals do something

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20
Q

Customer Attitude

A

Customer attitude is a person’s overall feeling about an object or activity

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21
Q

Personality

A

An individual’s personality is the collection of all the behaviours an characteristics that make up that person

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22
Q

Sociocultural Influences

A

Sociocultural Influences are forces exerted by other people that affect customer behaviour

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23
Q

Peer Group

A

A peer group of people with whom a person closely identifies, adopting their attitudes, values and beliefs

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24
Q

Culture

A

Culture is all the learned values, beliefs, behaviours and traditions shared by a society

25
Q

Market Share

A

Market share refers to the business’s share of the total industry sales for a particular market

26
Q

Product Mix

A

Product mix is the total range of products offered by a business

27
Q

Customer Service

A

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

28
Q

Market

A

Marketers define a market as the number of all actual and potential buyers of a product

29
Q

Marketing Mix

A

The marketing mix is the combination of four elements - product, price, promotion and place (the four P’s) - that make up the marketing strategy

30
Q

Product

A

A product is a good or service that can be offered in an exchange for the purpose of satisfying a need or or want

31
Q

Product Positioning

A

Product positioning is the development of a product image compared with the image of competing products

32
Q

Brand

A

A brand is a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition

33
Q

Brand Name

A

A brand name is that part of the brand that can be spoken

34
Q

Brand Symbol or Logo

A

A brand symbol or logo is a graphic representation that identifies a business or product

35
Q

Packaging

A

Packaging involved the development of a container and the graphic deign for a product

36
Q

Distribution Channels

A

Distribution channels are the routes taken to get the product from the factory to the customer

37
Q

Non-store Retailing

A

Non-store retailing is retailing activity conducted away from the traditional store

38
Q

E-marketing

A

E-marketing is the practice of using the internet to perform marketing activites

39
Q

Market Coverage

A

Market coverage refers to the number of outlets a business chooses for its product

40
Q

Promotion

A

Promotion describes the methods used by a business to inform, persuade and remind a target market about its products

41
Q

Promotion Mix

A

A promotion mix is the promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations

42
Q

Personal Selling

A

Personal selling involves the activities of a sales representative directed to a customer in an attempt to a make a sale

43
Q

Publicity

A

Publicity is any free news story about a business’s products

44
Q

Public Relations

A

Public relations are those activities aimed at creating and maintaining favourable relations between a business and its cusomters

45
Q

Advertising

A

Advertising is a paid, non-personal message communicated through a mass medium

46
Q

Advertising media

A

Advertising media refers to the many forms of electronic and print communication used to reach an audience

47
Q

Life Cycle

A

A product’s life cycle consists of the stages a product passes through: innovation, introduction, growth, maturity and decline

48
Q

Exports

A

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

49
Q

Diversification

A

Diversification occurs when businesses vary their range of products or their field of operations

50
Q

Sale Analysis

A

Sale analysis uses sales data to evaluate the business’s current performance and the effectiveness of the marketing mix

51
Q

Marketing Profitability Analysis

A

Marketing profitability analysis is a method used by the business to break down its total marketing costs into specific marketing activities

52
Q

Social Media Advertising

A

Social media advertising is a form of online advertising that uses social media channels to deliver targeted commercial massages to potential customers

53
Q

Reach

A

The reach of advertisement measures the number of people exposed to the message

54
Q

Frequency

A

The frequency of an advertisement measures the average number of times someone is exposed to the message

55
Q

Globalisation

A

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

56
Q

Materialism

A

Materialism is an individual’s desire to quire more possessions

57
Q

Product Placement

A

Product placement is the inclusion of product advertising in entertainment

58
Q

Unconscionable Conduct

A

Unconscionable conduct is any practice by a business that is not reasonable and often illegal

Business Management (9 decks)

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