Glossary Flashcards
Business-to-business (B2B)
Relating to the sale of a product/service for any use other than personal consumption. The buyer may be a manufacturer, reseller, government body, non profit, or any organisation other than one ultimate consumer.
Business-to-consumer (B2C)
Relating to the sale of products or services for personal consumption.
Competencies
An organisation’s core competencies are the functional capabilities the organisation uses on a continuing basis to achieve its mission or strategic goals
Consumer behaviour
The buying habits and patterns of consumers in the acquisition and use of products/services
Consumer buying decision-making process
The process that consumers go through when making a purchase decision
Co-ordinated mix
The elements of the 7P marketing mix designed and implemented to support and add value to each other
Corporate governance
The processes, systems and principles by which an organisation operates
Corporate social responsibility (CSR)
The process by which an organisation minimises its negative impact and maximises it’s positive impact on society
Decision-making unit
The team of people (usually in an organisation or family group) who make a buying decision
Distribution
The ‘Place’ element of the marketing mix. Concerned with joe the product/service rescues the end user based on the characteristics of the marketplace and the make-up of the product/service.
Ethics
A set of principles that take account of the moral aspects of decisions
Extended marketing mix
A further 3Ps (People, Process and Physical Evidence) added to the marketing mix to take into account the unique nature of services and provide marketers with additional tactical options
Fast-moving consumer goods (FMCG)
There include packaged food, beverages, toiletries and tobacco
Intermediaries
People who promote the products or services of one company to another company/end-consumers. They are sometimes referred to as ‘middlemen’. Retailers and wholesalers are intermediaries.
Logistics
The physical distributor of products through the channel, including warehousing and transportation
Macro environment
The external factors that affect companies’ planning and performance, and are beyond its control (PESTELE factors)
Market segmentation
The division of the marketplace into distinct sub-groups or segments, each characterised by particular shared tastes of interests and requiring a specific marketing mix
Media
The tools that can be used to deliver marketing messages - for example broadcast, digital, print, and out of home
Micro environment
The immediate context of a company’s operations, including its suppliers, customers and competitors
Not-for-profit/third sector
The charity and voluntary sector.
Organisational buying decision-making process
The process that an organisation goes through when making a buying decision
Relationship marketing
The strategy of establishing a relationship with the customer, which continues beyond the first purchase
Small to medium-sized enterprise (SME)
Org with fewer than 250, with medium 50-249. Small business (-50) include micro businesses, which can be separately defined as having up to 5 employees.
