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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
Q

Customer service

A

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
Q

Market

A

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

27
Q

Marketing mix

A

Is the combination of four elements - product, price, promotion and place - that make up the marketing strategy

28
Q

Product

A

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

29
Q

Product positioning

A

Is the development of a product image compared with the image of competing products

30
Q

Brand

A

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

31
Q

Brand name

A

Is that part of the brand that can be spoken

32
Q

Brand name/logo

A

Is a graphic representation that identifies a business or product

33
Q

Packaging

A

Involves the development of a container and the graphic design for a product

34
Q

Distribution channels

A

Are the routes taken to get the product from the factory to the customer

35
Q

Promotion

A

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

36
Q

Non-store retailing

A

Is retailing activity conducted away from the traditional store

37
Q

e-marketing

A

Is the practice of using the Internet to perform marketing activities

38
Q

Market coverage

A

Refers to the number of outlets a business chooses for its product

39
Q

Promotion mix

A

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

40
Q

Personal selling

A

Involves the activities of a sales representative directed to a customer in an attempt to make a sale

41
Q

Publicity

A

Is any free news story about a business’s products

42
Q

Public relations

A

Are those activities aimed at creating and maintaining favourable relations between a business and its customer

43
Q

Advertising

A

Is a paid, non-personal message, communicated through a mass medium

44
Q

Advertising media

A

Refers to the many forms of electronic and print communication used to reach an audience

45
Q

Product life cycle

A

Consists of the stages a product passes through innovation, introduction, growth, maturity and decline

46
Q

Exports

A

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
Q

Diversification

A

Occurs when businesses vary their range of products or their field of operations

48
Q

Sales analysis

A

Uses sales data to evaluate the business’s current performance and the effectiveness of the marketing mix

49
Q

Marketing profitability analysis

A

Is a method used by the business to break down its total marketing costs into specific marketing activities

50
Q

Social media advertising

A

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

51
Q

Reach

A

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

52
Q

Frequency

A

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

53
Q

Globalisation

A

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
Q

Materialism

A

Is an individual’s desire to acquire more possessions

55
Q

Product placement

A

Is the inclusion of product advertising in entertainment

56
Q

Unconscionable conduct

A

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

57
Q

Marketing

A

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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