Glossary

Question 1

Business-to-business (B2B)

Answer 1

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.

Question 2

Business-to-consumer (B2C)

Answer 2

Relating to the sale of products or services for personal consumption.

Question 3

Competencies

Answer 3

An organisation’s core competencies are the functional capabilities the organisation uses on a continuing basis to achieve its mission or strategic goals

Question 4

Consumer behaviour

Answer 4

The buying habits and patterns of consumers in the acquisition and use of products/services

Question 5

Consumer buying decision-making process

Answer 5

The process that consumers go through when making a purchase decision

Question 6

Co-ordinated mix

Answer 6

The elements of the 7P marketing mix designed and implemented to support and add value to each other

Question 7

Corporate governance

Answer 7

The processes, systems and principles by which an organisation operates

Question 8

Corporate social responsibility (CSR)

Answer 8

The process by which an organisation minimises its negative impact and maximises it’s positive impact on society

Question 9

Decision-making unit

Answer 9

The team of people (usually in an organisation or family group) who make a buying decision

Question 10

Distribution

Answer 10

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.

Question 11

Ethics

Answer 11

A set of principles that take account of the moral aspects of decisions

Question 12

Extended marketing mix

Answer 12

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

Question 13

Fast-moving consumer goods (FMCG)

Answer 13

There include packaged food, beverages, toiletries and tobacco

Question 14

Intermediaries

Answer 14

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.

Question 15

Logistics

Answer 15

The physical distributor of products through the channel, including warehousing and transportation

Question 16

Macro environment

Answer 16

The external factors that affect companies’ planning and performance, and are beyond its control (PESTELE factors)

Question 17

Market segmentation

Answer 17

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

Question 18

Media

Answer 18

The tools that can be used to deliver marketing messages - for example broadcast, digital, print, and out of home

Question 19

Micro environment

Answer 19

The immediate context of a company’s operations, including its suppliers, customers and competitors

Question 20

Not-for-profit/third sector

Answer 20

The charity and voluntary sector.

Question 21

Organisational buying decision-making process

Answer 21

The process that an organisation goes through when making a buying decision

Question 22

Relationship marketing

Answer 22

The strategy of establishing a relationship with the customer, which continues beyond the first purchase

Question 23

Small to medium-sized enterprise (SME)

Answer 23

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.