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Business Year 11 > Chapter 10 > Flashcards

Chapter 10 Flashcards

1
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

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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

Is the process of systematically collecting, recording and analysing information concerning a specific marketing problem

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4
Q

Marketing data

A

Are the information - usually expressed as facts and figures - relevant to the defined marketing problem

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5
Q

Primary data

A

Are the facts and figures collected from original sources

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6
Q

Secondary data

A

Refers to information that some other person or organisation has already collected

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7
Q

Internal data

A

Refers to information that has already been collected from inside the business

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8
Q

External data

A

Refers to published data from outside the business

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9
Q

Statistical interpretation analysis

A

Is the process of focusing on the data that represents average, typical or deviations from typical patterns

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10
Q

Market segmentation

A

Occurs when the total market is subdivided into groups who share one or more common characteristics

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11
Q

Target market

A

Is a group of customers with similar characteristics who currently purchase the products or may do so in the future

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12
Q

Primary target market

A

Is the market segment at which most of the marketing resources are directed

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13
Q

Secondary target market

A

Is usually a smaller and less important market segment

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14
Q

Niche market

A

Is a narrowly selected target market segment

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15
Q

Consumer buying behaviour

A

Refers to the decisions and actions of consumers when they purchase goods and services for personal or household use

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16
Q

Psychological factors

A

Are influences within an individual that affect his/her biting behaviour

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17
Q

Motives

A

Are the reasons that individuals do something

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18
Q

Customer attitudes

A

Is a person’s overall feeling about an object or activity

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19
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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20
Q

Sociocultural influences

A

Are forces exerted by other people that affect customer behaviour

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21
Q

Peer group

A

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

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22
Q

Culture

A

Is all the learned values, beliefs, behaviours and radiations shared by a society

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23
Q

Market share

A

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

24
Q

Product mix

A

Is the total range of products offered by a business

25
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
26
Market
Marketers define a market as the number if all actual and potential buyers of a product
27
Marketing mix
Is the combination of four elements - product, price, promotion and place - that make up the marketing strategy
28
Product
Is a good or service that can be offered in an exchange for the purpose of satisfying a need or want
29
Product positioning
Is the development of a product image compared with the image of competing products
30
Brand
Is a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition
31
Brand name
Is that part of the brand that can be spoken
32
Brand name/logo
Is a graphic representation that identifies a business or product
33
Packaging
Involves the development of a container and the graphic design for a product
34
Distribution channels
Are the routes taken to get the product from the factory to the customer
35
Promotion
Describes the methods used by a business to inform, persuade and remind a target market about its products
36
Non-store retailing
Is retailing activity conducted away from the traditional store
37
e-marketing
Is the practice of using the Internet to perform marketing activities
38
Market coverage
Refers to the number of outlets a business chooses for its product
39
Promotion mix
Is the promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations
40
Personal selling
Involves the activities of a sales representative directed to a customer in an attempt to make a sale
41
Publicity
Is any free news story about a business's products
42
Public relations
Are those activities aimed at creating and maintaining favourable relations between a business and its customer
43
Advertising
Is a paid, non-personal message, communicated through a mass medium
44
Advertising media
Refers to the many forms of electronic and print communication used to reach an audience
45
Product life cycle
Consists of the stages a product passes through innovation, introduction, growth, maturity and decline
46
Exports
Are goods and services sold by one country to individuals, businesses or governments in another country with the aim of extending sales and market penetration
47
Diversification
Occurs when businesses vary their range of products or their field of operations
48
Sales analysis
Uses sales data to evaluate the business's current performance and the effectiveness of the marketing mix
49
Marketing profitability analysis
Is a method used by the business to break down its total marketing costs into specific marketing activities
50
Social media advertising
Is a form of online advertising that uses social media channels to deliver targeted commercial messages to potential customers
51
Reach
The reach of an advertisement measures the number of people exposed to the message
52
Frequency
Of an advertisement measures the average number of times someone is exposed to the message
53
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
54
Materialism
Is an individual's desire to acquire more possessions
55
Product placement
Is the inclusion of product advertising in entertainment
56
Unconscionable conduct
Is any practice by a business that is not reasonable and often illegal
57
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

Business Year 11 (8 decks)

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