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Business Management > Chapter 10 > Flashcards

Chapter 10 Flashcards

1
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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2
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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3
Q

Market research

A

Market research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem.

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4
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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5
Q

Primary data

A

Primary data are the facts and figures collected from original sources.

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6
Q

Survey

A

A survey gathers data by asking questions or interviewing people.

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7
Q

Secondary data

A

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

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8
Q

Internal data

A

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

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9
Q

External data

A

External data refers to published data from outside the business.

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10
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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11
Q

Market segmentation

A

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

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12
Q

Target market

A

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

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13
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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14
Q

Secondary target market

A

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

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15
Q

Niche market

A

A niche market is a narrowly selected target market segment.

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16
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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17
Q

Psychological factors

A

Psychological factors are influences within an individual that affect his/her buying behaviour.
Motives are the reasons that individuals do something.

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18
Q

Motives

A

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

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19
Q

Customer attitude

A

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

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20
Q

Personality

A

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

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21
Q

Sociocultural influences

A

Sociocultural influences are forces exerted by other people that affect customer behaviour.

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22
Q

Peer group

A

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

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23
Q

Culture

A

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

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24
Q

Market share

A

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

25
Q

Product mix

A

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

26
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.

27
Q

Market

A

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

28
Q

Marketing mix

A

The marketing mix is the combination of four elements — product, price, promotion and place (the four Ps) — that make up the marketing strategy.

29
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 want.

30
Q

Product positioning

A

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

31
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.

32
Q

Brand name

A

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

33
Q

Brand symbol/logo

A

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

34
Q

Packaging

A

Packaging involves the development of a container and the graphic design for a product.

35
Q

Distribution channels

A

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

36
Q

Non-store re-tailing

A

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

37
Q

E-marketing

A

e-marketing is the practice of using the Internet to perform marketing activities.

38
Q

Market converge

A

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

39
Q

Promotion

A

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

40
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.

41
Q

Personal selling

A

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

42
Q

Publicity

A

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

43
Q

Public relations

A

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

44
Q

Advertising

A

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

45
Q

Advertising media

A

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

46
Q

Product life cycle

A

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

47
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.

48
Q

Diversification

A

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

49
Q

Sales analysis

A

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

50
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.

51
Q

Social media advertising

A

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

52
Q

Reach

A

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

53
Q

Frequency

A

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

54
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.

55
Q

Materialism

A

Materialism is an individual’s desire to acquire more possessions.

56
Q

Product placement

A

Product placement is the inclusion of product advertising in entertainment.

57
Q

Unconscionable

A

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

58
Q

Marketing plan

A

The marketing plan is a document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service. The plan provides a template for future action aimed at reaching marketing objectives, such as establishing a customer base

Business Management (8 decks)

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