Chapter Ten - MANAGING THE MARKETING FUNCTION Summaries

Question 1

Marketing Plan

Answer 1

Marketing Plan is the information usually expressed as facts and figures - relevant to the defined marketing problem.

Question 2

Primary Data

Answer 2

Primary Data are the facts and figures collected from original sources.

Question 3

Statistical Interpretation Analysis

Answer 3

Statistical Interpretation Analysis is the process of focusing on the data that represents average, typical or deviations from typical patterns.

Question 4

Personality

Answer 4

An individual’s personality is the collection of all the behaviours and characteristics that make up that person.

Question 5

Product Mix

Answer 5

Product Mix is the total range of products offered by a business.

Question 6

Survey

Answer 6

A survey gathers data by asking questions or interviewing people.

Question 7

Product Positioning

Answer 7

Product Positioning is the development of a product image compared with the image of competing products.

Question 8

Distribution Channels

Answer 8

Distribution Channels are the routes taken to get the product from the factory to the customer.

Question 9

Promotion Mix

Answer 9

A Promotion Mix is the promotion methods a business uses in its promontial campaign. Methods include personal selling, advertising and publicity and public relations

Question 10

Advertising Media

Answer 10

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

Question 11

Marketing Profitability Analysis

Answer 11

Market profitability refers to the financial factors that affect a company’s ability to make.

Question 12

Materialism

Answer 12

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

Question 13

Marketing

Answer 13

Marketing is a form of communication between you and your customers with the goal of selling your product or service to them.

Question 14

Consumer Buying Behaviour

Answer 14

Consumer Buying Behaviour refers to the decisions and actions of consumers when they purchase goods and services for personal or household use.

Question 15

Customer Service

Answer 15

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 .

Question 16

Psychological Factors

Answer 16

Psychological Factors in influences within an individual that affects his/her buying behaviour.

Question 17

Sociocultural Influences

Answer 17

Sociocultural factors are customs, lifestyles and values that characterize a society or group. Cultural aspects include concepts of beauty, education, language, law and politics, religion, social organizations, technology and material culture, values and attitudes ect.

Question 18

Market

Answer 18

Marketers define a market as the number of all actual and potential buyers of a product.

Question 19

Brand

Answer 19

coA brand is a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from it competition.

Question 20

Non-store Retailing

Answer 20

Non-store Retailing is retailing activity conducted away from the traditional store.

Question 21

Personal Selling

Answer 21

Personal Selling involves the activities of a sales representative directed to a customer in an attempt to make a sale.

Question 22

Product Life Cycle

Answer 22

A Product Life Cycle consists the stages a product passes through innovation, introduction, growth, maturity and decline.

Question 23

Social Media Advertising

Answer 23

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

Question 24

Product Placement

Answer 24

Product Placement is the inclusion of product advertising in entertainment.

Question 25

Marketing Concept

Answer 25

The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.

Question 26

Product

Answer 26

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

Question 27

Packaging

Answer 27

Packaging involves the development of a container and the graphic design for a product.

Question 28

Brand Name

Answer 28

A Brand Name is that part of the brand that can be spoken.

Question 29

E-marketing

Answer 29

E-marketing is the practise of using the internet to perform marketing activites.

Question 30

Publicity

Answer 30

Publicity is any free news story about a business’s products.

Question 31

Market Coverage

Answer 31

Market Coverage refers to the number of outlets a business chooses for its product.

Question 32

E-marketing

Answer 32

E-marketing is the practise of using the internet to perform marketing activities.

Question 33

Exports

Answer 33

Exports are goods or services sold by one country to individuals, businesses or governments in another country with aim of extending sales and marketing penetration.

Question 34

Reach

Answer 34

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

Question 35

Unconscionable Conduct

Answer 35

Unconscionability (sometimes known as unconscionable dealing/conduct in Australia) is a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience.

Question 36

Primary Target Market

Answer 36

The primary target market is the market segment that which most of the marketing resources are dirceted.

Question 37

Public Relations

Answer 37

Public Relations are those activities aimed at creating and maintaining favourable relations between a business and its customers.

Question 38

Diversification

Answer 38

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

Question 39

Sales Analysis

Answer 39

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

Question 40

Globalisation

Answer 40

Globalisation is the effect of ever more sophisticated communications technology, lower transport cost, and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system.