Chapter 10 Market Flashcards
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.
Marketing concept
Is that a customers needs and wants are met while achieving the businesses objectivities.
Market research
Is the process of Systematically collecting, recording and analysing information concerning a specific marketing problem.
Marketing data
Are the information usually expressed as facts and figures relevant to the defined marketing problems.
Primary data
Are the 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 organisation has already collected.
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 typical patterns.
Market segmentation
Occurs when the total market is subdivided into groups who share one or more common characteristics
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
Is usually a smaller and less important market segment.
Niche market
Is a 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
Are influences within an individual that affect his/her buying behaviour.
Motives
Are the reasons that individuals do something.
Customer attitude
Is a persons overall feelings about an object or activity.
Personality
Is the collection of all behaviours and characteristics that make up that person.
Sociocultural influences
Are forces exerted by other people that affect customer behaviour.
Peer group
Is a group of people with whom a person closely identifies, adopting their attitude, values and beliefs
Culture
Is all the learned values, beliefs, behaviours and traditions shared by a society.
Market share
Refers to the business’s share of the total industry sales for a particular market.
Product mix
Is the total range of products offered by a business.
Customer service
Responding to the needs and problems of the customer.
Market
As the number of all actual and potential buyers of a product.
Marketing mix
Is the combination of four elements - product, price, promotion and place.
Product
Is a good or service that can be offered in an exchange for the purpose of satisfying a need or want.
Marketing plan
A document that lists activities aimed to achieving particular marketing outcomes in relation to a good or service.
Product positioning
Is the development of a product image compared with the image of competing products
Brand
Is a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from competition
Brand name
Is that part of the brand that can be spoken
Packaging
Involves the development of a container and the graphic design for a product
Distribution channels
Are the routes taken to get the product from the factory to the customer.
Non-store retailing
Is retailing activity conducted away from the traditional store.
E-marketing
Is the practice of 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 in inform, persuade and remind a target market about its products.
Promotion mix
Is the promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations.
Personal selling
Involves the activities of a sale representative directed to a customer in an attempt to make a sale.
Publicity
Is any free news story about a business product
Public relations
Are those activities aimed at creating and maintaining favourable relations between a business and its customers
Advertising
Is a paid, non-personal message communicated through a mass medium.
Advertising
Is a 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.
Exports
Are goods or services sold by one country to individuals, business or government in another country with the aim extending sales and market penetration
Diversification
Occurs when business vary their range of products or their field of operations
Sale analysis
Uses sales data to evaluate the business’s current performance and the effectiveness of marketing mix
Marketing profitability analysis
Is a method used by the business to break down its total marketing costs into specific marketing activities
Social media advertising
Is a form of online advertising the uses social media channels to deliver targeted commercial messages to potential customers
Reach
Of an advertisement measures the number of people exposed to the message
Frequency
Of an advertisement measures the average number of times someone is exposed to the message
Globalisation
Is 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
Materialism
Is an individual’s desire to acquire more possessions
Product Placement
Is the inclusion of product advertising in entertainment
Unconscionable Conduct
Is any practice by a business that is not reasonable and often illegal
