Chapter 10 Flashcards
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.
Marketing concept
A customers needs and wants are met while achieving the business’s objectives.
Market research
The process of systematically collecting, recording and analyzing information concerning a specific marketing problem.
Marketing data
The information - usually expressed as facts and figures - relevant to the defined marketing problem.
Primary data
Facts and figures collected from original sources.
Survey
Gathers data by asking questions or interviewing people.
Secondary data
Refers to information that some other person or organization has already collected.
Marketing
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.
Internal data
Refers to information that has already been collected from inside the business.
External data
Refers to published data from outside the business.
Statistical interpretation analysis
Is the process of focusing on the data that represent average, typical or deviations from typical patterns.
Market segmentation
Occurs when the total market is subdivided into groups who share one or more common characteristic.
Target market
Is a group of customers with similar characteristics who currently purchase the product or may do so in the future.
Primary target market
Is the market segment at which most of the marketing resources are directed.
Secondary target market
Usually a smaller and less important market segment.
Niche market
Narrowly selected target market segment.
Consumer buying behaviour
Refers to the decisions and actions of consumers when they purchase goods and services for personal or household use.
Psychological factors
Influences within an individual that affect his/her buying behaviour.
Motives
The reasons that individuals do something.
Customer attitude
A persons overall feeling about an object or activity.
Personality
Is the collection of all the behaviors and characteristics that make up that person.
Sociocultural influences
Forces exerted by other people that affect customer behaviour.
Peer group
Group of people with whom a person closely identifies, adopting their attitudes, values and beliefs.
Culture
Is all learned values, beliefs, behaviors and traditions shared by a society.
Market share
Refers to the business share of the total industry sales for a particular market.
Product mix
Is the total range of products offered by a business.
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.
Market
The number of all actual and potential buyers of a product.
Marketing mix
Combination of four elements. PRODUCTS PRICE PROMOTION PLACE
Product
Good or service that can be offered in an exchange for the purpose of satisfying a need or want.
Product positioning
The development of a product image compared with the image of competing products.
Brand
A name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it fro, its completion.
Brand name
That part of the brand that can be spoken.
Brand symbol / logo
A graphic representation that identifies a business or product.
Packaging
Involves the development of a container and the graphic design for a product.
Distribution channels
The routes taken to get the product from the factory to the customer.
Non-store retailing
Retailing activity conducted away from the traditional store.
E-marketing
The practice using the Internet to perform marketing activities.
Market coverage
Refers to the number of outlets a business chooses for its product.
Promotion
Describes the methods used by a business to inform, persuade and remind a target market about its products.
Promotion mix
The promotion methods a business uses in its promotional campaign.
Personal selling
Involves the activities of a sales rep directed to a customer in an attempt to make a sale.
Publicity
Any free news story about a business’s products.
Public relations
Those activities aimed at creating and maintaining favorable relations between a business and its customers.
Advertising
Paid, non-personal message communicated through a mass medium.
advertising media
Refers to the many forms of electronic and print communication used to reach an audience.
Life cycle
Consists of the stages a product passes through: innovation, introduction, growth, maturity and decline.
Exports
Goods or services sold by one country to individuals, businesses or governments in another country with the aim of extending sales and market penetration.
Diversification
Occurs when businesses vary their range of products or their field of operations.
Sales analysis
Uses sales data to evaluate the business’s current performance and the effectiveness of the marketing mix.
Marketing profitability analysis
A method used by the business to break down its total marketing costs into specific marketing activities.
Social media advertising
A form of online advertising that uses social media channels to deliver targeted commercial messages to potential customers.
Reach
The reach of an advertisement measures the number of people exposed to the message.
Frequency
The frequency of an advertisement measures the average number of times someone is exposed to the message.
Globalization
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.
Materialism
An individual’s desire to acquire more possessions.
Product placements
Is the inclusion of product advertising in entertainment.
Unconscionable conduct
Any practice by a business that is not reasonable and often illegal.
