Chapter Ten-Managing the Marketing Function

Question 1

Marketing Plan

Answer 1

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.

Question 2

Marketing

Answer 2

‘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’

Question 3

Marketing Concept

Answer 3

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

Question 4

Market Research

Answer 4

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

Question 5

Marketing Data

Answer 5

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

Question 6

Primary Data

Answer 6

The facts and figures collected from original sources

Question 7

Survey

Answer 7

A survey gathers data by asking questions or interviewing people

Question 8

Secondary Data

Answer 8

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

Question 9

Internal data

Answer 9

Refers to info that has already been collected from inside the business

Question 10

External data

Answer 10

Refers to published data from outside the business

Question 11

Statistical Interpretation Analysis

Answer 11

The process of focussing on the data that represents average, typical or deviations from typical patterns

Question 12

Market Segmentation

Answer 12

Occurs when the total market is subdivided into groups who share one or more common characteristic

Question 13

Target Market

Answer 13

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

Question 14

Primary Target Market

Answer 14

The market segment at which most of the marketing resources are directed

Question 15

Secondary Target Market

Answer 15

Usually a smaller and less important market segment

Question 16

Niche Market

Answer 16

A narrowly selected target market segment

Question 17

Consumer Buying Behaviour

Answer 17

Refers to the decisions and actions of consumers when they purchase goods and services for personal or household use

Question 18

Psychological Factors

Answer 18

Influences within an individual that effect his/her buying behaviour

Question 19

Motives

Answer 19

The reasons that individuals do something

Question 20

Customer Attitude

Answer 20

A person’s overall feeling about an object or activity

Question 21

Personality

Answer 21

The collection of all the behaviours and characteristics that make up that person

Question 22

Sociocultural Influences

Answer 22

Forces exerted by other people that affect customer behaviour

Question 23

Peer Group

Answer 23

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

Question 24

Culture

Answer 24

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

Question 25

Market Share

Answer 25

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

Question 26

Product Mix

Answer 26

The total range of products offered by a business

Question 27

Customer Service

Answer 27

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

Question 28

Market

Answer 28

The number of all actual and potential buyers of a product

Question 29

Marketing Mix

Answer 29

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

Question 30

Product

Answer 30

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

Question 31

Product Positioning

Answer 31

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

Question 32

Brand

Answer 32

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

Question 33

Brand Name

Answer 33

That part of the brand that can be spoken

Question 34

Brand Symbol/Logo

Answer 34

A graphic representation that identifies a business or product

Question 35

Packaging

Answer 35

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

Question 36

Distribution Channels

Answer 36

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

Question 37

Non-store Retailing

Answer 37

Retailing activity conducted away from the traditional store

Question 38

e-marketing

Answer 38

The practice of using the internet to perform marketing objectives

Question 39

Market Coverage

Answer 39

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

Question 40

Promotion

Answer 40

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

Question 41

Promotion Mix

Answer 41

The promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations.

Question 42

Personal Selling

Answer 42

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

Question 43

Publicity

Answer 43

Any free news story about a business's products

Question 44

Public Relations

Answer 44

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

Question 45

Advertising

Answer 45

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

Question 46

Advertising Media

Answer 46

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

Question 47

Product Life Cycle

Answer 47

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

Question 48

Exports

Answer 48

``` 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. ```

Question 49

Diversification

Answer 49

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

Question 50

Sales Analysis

Answer 50

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

Question 51

Marketing Profitability Analysis

Answer 51

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

Question 52

Social Media Advertising

Answer 52

``` Social media advertising is a form of online advertising that uses social media channels to deliver targeted commercial messages to potential customers. ```

Question 53

Reach

Answer 53

The reach of an advertisement measures the number of people exposed to the message

Question 54

Frequency

Answer 54

The frequency of an advertisement measures the average number of times someone is exposed to the message

Question 55

Globalisation

Answer 55

``` 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. ```

Question 56

Materialism

Answer 56

Materialism is an individual’s desire to | acquire more possessions.

Question 57

Product Placement

Answer 57

Product placement is the inclusion of | product advertising in entertainment.

Question 58

Unconscionable Conduct

Answer 58

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