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Business Management 11 > Chapter Ten-Managing the Marketing Function > Flashcards

Chapter Ten-Managing the Marketing Function Flashcards

1
Q

Marketing Plan

A

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

A

‘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’

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3
Q

Marketing Concept

A

That a customer’s needs and wants are met while achieving the business’s objectives

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4
Q

Market Research

A

The process of systematically collecting, recording and analysing info concerning a specific marketing problem

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5
Q

Marketing Data

A

The info, usually expressed as facts and figures, relevant to the defined marketing problem

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6
Q

Primary Data

A

The facts and figures collected from original sources

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7
Q

Survey

A

A survey gathers data by asking questions or interviewing people

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8
Q

Secondary Data

A

Refers to info that some other person or organisation has already collected

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9
Q

Internal data

A

Refers to info 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

The process of focussing on the data that represents 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

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

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

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 effect 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 person’s overall feeling about an object or activity

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21
Q

Personality

A

The collection of all the behaviours 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

A group of people with whom a person closely identifies, adopting their attitudes, values and beliefs

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24
Q

Culture

A

All the learned values, beliefs, behaviours and traditions shared by a society

25
Q

Market Share

A

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

26
Q

Product Mix

A

The total range of products offered by a business

27
Q

Customer Service

A

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

28
Q

Market

A

The number of all actual and potential buyers of a product

29
Q

Marketing Mix

A

The combination of four elements – product, price, promotion and place (the four Ps) – that make up the marketing strategy

30
Q

Product

A

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

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 of using the internet to perform marketing objectives

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. Methods include personal selling, advertising, and publicity and public relations.

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 favourable relations between a business and its customers

45
Q

Advertising

A

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

46
Q

Advertising Media

A

Advertising media refers to the
many forms of electronic and print
communication used to reach an
audience

47
Q

Product Life Cycle

A

A product’s life cycle consists of the
stages a product passes through:
innovation, introduction, growth,
maturity and decline

48
Q

Exports

A 
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.
49
Q

Diversification

A

Diversification occurs when
businesses vary their range
of products or their field of
operations.

50
Q

Sales Analysis

A

Sales analysis uses sales data
to evaluate the business’s current
performance and the effectiveness of
the marketing mix

51
Q

Marketing Profitability Analysis

A

Marketing profitability analysis is a
method used by the business to break
down its total marketing costs into
specific marketing activities

52
Q

Social Media Advertising

A 
Social media advertising is 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

Globalisation

A 
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.
56
Q

Materialism

A

Materialism is an individual’s desire to

acquire more possessions.

57
Q

Product Placement

A

Product placement is the inclusion of

product advertising in entertainment.

58
Q

Unconscionable Conduct

A

Unconscionable conduct is any
practice by a business that is not
reasonable and often illegal.

Business Management 11 (8 decks)

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