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Business Managment > Chapter 10 > Flashcards

Chapter 10 Flashcards

1
Q

Marketing plan

A

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

A customers needs and wants are met while achieving the business’s objectives.

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3
Q

Market research

A

The process of systematically collecting, recording and analyzing information concerning a specific marketing problem.

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4
Q

Marketing data

A

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

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5
Q

Primary data

A

Facts and figures collected from original sources.

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6
Q

Survey

A

Gathers data by asking questions or interviewing people.

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7
Q

Secondary data

A

Refers to information that some other person or organization has already collected.

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8
Q

Marketing

A

The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange that satisfy individuals and organizational objectives.

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9
Q

Internal data

A

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

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10
Q

External data

A

Refers to published data from outside the business.

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11
Q

Statistical interpretation analysis

A

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

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12
Q

Market segmentation

A

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

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

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14
Q

Primary target market

A

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

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15
Q

Secondary target market

A

Usually a smaller and less important market segment.

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16
Q

Niche market

A

Narrowly selected target market segment.

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17
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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18
Q

Psychological factors

A

Influences within an individual that affect his/her buying behaviour.

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19
Q

Motives

A

The reasons that individuals do something.

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20
Q

Customer attitude

A

A persons overall feeling about an object or activity.

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21
Q

Personality

A

Is the collection of all the behaviors and characteristics that make up that person.

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22
Q

Sociocultural influences

A

Forces exerted by other people that affect customer behaviour.

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23
Q

Peer group

A

Group of people with whom a person closely identifies, adopting their attitudes, values and beliefs.

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24
Q

Culture

A

Is all learned values, beliefs, behaviors and traditions shared by a society.

25
Q

Market share

A

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

26
Q

Product mix

A

Is the total range of products offered by a business.

27
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.

28
Q

Market

A

The number of all actual and potential buyers of a product.

29
Q

Marketing mix

A 
Combination of four elements. 
PRODUCTS 
PRICE 
PROMOTION
PLACE
30
Q

Product

A

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

31
Q

Product positioning

A

The development of a product image compared with the image of competing products.

32
Q

Brand

A

A name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it fro, its completion.

33
Q

Brand name

A

That part of the brand that can be spoken.

34
Q

Brand symbol / logo

A

A graphic representation that identifies a business or product.

35
Q

Packaging

A

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

36
Q

Distribution channels

A

The routes taken to get the product from the factory to the customer.

37
Q

Non-store retailing

A

Retailing activity conducted away from the traditional store.

38
Q

E-marketing

A

The practice using the Internet to perform marketing activities.

39
Q

Market coverage

A

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

40
Q

Promotion

A

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

41
Q

Promotion mix

A

The promotion methods a business uses in its promotional campaign.

42
Q

Personal selling

A

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

43
Q

Publicity

A

Any free news story about a business’s products.

44
Q

Public relations

A

Those activities aimed at creating and maintaining favorable relations between a business and its customers.

45
Q

Advertising

A

Paid, non-personal message communicated through a mass medium.

46
Q

advertising media

A

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

47
Q

Life cycle

A

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

48
Q

Exports

A

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

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

50
Q

Sales analysis

A

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

51
Q

Marketing profitability analysis

A

A method used by the business to break down its total marketing costs into specific marketing activities.

52
Q

Social media advertising

A

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

53
Q

Reach

A

The reach of an 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

Globalization

A

Is the effect of ever more sophisticated communications technology, lower transport costs, and unrestricted trade and financial flows Turning the whole word into a single market, producing a more integrated global economic system.

56
Q

Materialism

A

An individual’s desire to acquire more possessions.

57
Q

Product placements

A

Is the inclusion of product advertising in entertainment.

58
Q

Unconscionable conduct

A

Any practice by a business that is not reasonable and often illegal.

Business Managment (8 decks)

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