Chapter Ten-Managing the Marketing Function Flashcards
Marketing Plan
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
‘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
That a customer’s needs and wants are met while achieving the business’s objectives
Market Research
The process of systematically collecting, recording and analysing info concerning a specific marketing problem
Marketing Data
The info, usually expressed as facts and figures, relevant to the defined marketing problem
Primary Data
The facts and figures collected from original sources
Survey
A survey gathers data by asking questions or interviewing people
Secondary Data
Refers to info that some other person or organisation has already collected
Internal data
Refers to info that has already been collected from inside the business
External data
Refers to published data from outside the business
Statistical Interpretation Analysis
The process of focussing on the data that represents 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
A group of customers with similar characteristics who currently purchase the product or may do so in the future
Primary Target Market
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
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
Influences within an individual that effect his/her buying behaviour
Motives
The reasons that individuals do something
Customer Attitude
A person’s overall feeling about an object or activity
Personality
The collection of all the behaviours and characteristics that make up that person
Sociocultural Influences
Forces exerted by other people that affect customer behaviour
Peer Group
A group of people with whom a person closely identifies, adopting their attitudes, values and beliefs
Culture
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
The total range of products offered by a business
Customer Service
Responding to the needs and problems of a 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
The combination of four elements – product, price, promotion and place (the four Ps) – that make up the marketing strategy
Product
A 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, item, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition
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 of using the internet to perform marketing objectives
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. Methods include personal selling, advertising, and publicity and public relations.
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 favourable relations between a business and its customers
Advertising
A paid, non-personal message communicated through a mass medium
Advertising Media
Advertising media refers to the
many forms of electronic and print
communication used to reach an
audience
Product Life Cycle
A product’s life cycle consists of the
stages a product passes through:
innovation, introduction, growth,
maturity and decline
Exports
Exports are 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
Diversification occurs when
businesses vary their range
of products or their field of
operations.
Sales Analysis
Sales analysis uses sales data
to evaluate the business’s current
performance and the effectiveness of
the marketing mix
Marketing Profitability Analysis
Marketing profitability analysis is a
method used by the business to break
down its total marketing costs into
specific marketing activities
Social Media Advertising
Social media advertising is 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
Globalisation
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.
Materialism
Materialism is an individual’s desire to
acquire more possessions.
Product Placement
Product placement is the inclusion of
product advertising in entertainment.
Unconscionable Conduct
Unconscionable conduct is any
practice by a business that is not
reasonable and often illegal.
