Glossary Flashcards
Marketing
The activity, set of institutions, and processes for creating, community, delivering and exchanging offerings that have value for customers, clients, patterns and society at large
Exchange
The mutually beneficial transfer of offerings of value between the buyer and seller
Value
A customers overall assessment of the utility of an offering based on perceptions of what is received and what is given
Market
A group of customers with heterogeneous (different) needs and wants
Marketing mix
Set of variables that a marketer can exercise control over in creating an offering for exchange
4 Ps
Marketing environment
All of the internal/external forces that affect a marketers ability to create, communicate, deliver and exchange offerings of value
Environmental analysis
A process that involves breaking the marketing environment into smaller parts in order to gain a better understanding of it
Demographics
Status about a population: age, gender, race, ethnicity, education, Muriel status, parental status
Situational analysis
Identifying key factors that will be used as a basis for the development of marketing strategy
Marketing planning
And ongoing process that combines organisational objectives situational analysis to formulate a plan that moves the organisation from where it currently is to where it wants to be
SWOT
Analysis that identifies the internal strengths/weaknesses and the external opportunities/threats in relation to an organisation
Strengths
Attributes of the organisation that help it to achieve its objectives
Weaknesses
Attributes of the organisation that hinder it in trying to achieve its objectives
Opportunities
External factors that are potentially helpful to achieve its objectives
Threats
External factors that are potentially harmful to achieving objectives
Market research
A business activity that discovers information of use in making marketing decisions
Marketing information system
The system that manages information gathered using opporations of the orginisation
Market research brief
A set of instructions that state the research problem, the information required and specifies the time frame, budget and other conditions of the project
Research design
Detailed methodology created to guide the research project and answer the research question
Exploratory research
Gathers more information about a loosely defined problem
Descriptive research
Solves a particular and well-defined problem by clarifying the characteristics of certain phenomena
Casual research
Assumes that a particular variable causes a specific outcome and then, by holding everything else constant, test whether the variable does indeed effect that outcome
Data mining
Processing large data sets to identify patterns and trends not obvious or even discernible by observation
Neuromarketing
Research that reveals more information
Probability sampling
Every member of the population has a known chance of being selected in the sample that will be studied
Non-probability sampling
A sampling approach that provides no way of knowing the change of a particular member of the population
Digital marketing
All of the activities involved in planning and implementing marketing in the electronic environment
Profiling
The process of getting to know about potential customers before they make a purchase and find out more about existing customers
Interactivity and community
Other then in person interactions, digital marketing offers the most opportunity for interaction between the marketer and the customer
Control
Individuals exercise varying degrees of control over their interaction with marketing
Push advertising
Advertising sent from the marketer to the customer
Pull advertising
Advertising that the customer actively seeks out
Digitalisation
Ability to deliver a product as information or present information about a product digitising
Paid media
Any digital advertising that a business pays for
Owned media
Any digital channel owned by a business in which content is controlled and governed by the origination
Earned media
Content that is generated via people outside the business
Firochure sites
Any websites that are essentially an online advertisement for the organisation
Social media
Various websites using technologies and experiences that involve online communities where members contribute to and build the community and content
Viral marketing
The use of social networks to spread a marketing message via earned media
Portals
A website that is designed to act as a gateway to other related sites
Search engine optimisation (SEO)
Tailoring certain features of a website to try and achieve the best possible ranking in search results returned by a search engine
Search engine marketing
Seek paid advertising to place on search results pages
Apps
Phenomenon that has coincided with the increased availability’s affordability and consumer uptake of smartphones has been the development of application software to run on these mobile devises
VR
The new technological frontier for marketers
E-commerce
When the marketing exchange occurs via the internet, mobile phone or other telecommunications technology
Customer relationship management (CRM)
Focuses on using information about customers to produce digital marketing experiences that create, build and sustain long-term relationships
Promotion
The creation of maintenance of communication with target markets
Noise
Anything that interferes with the effectiveness of the communication process
Fields of experience
What participants in the communication process know about each other and how that influences the way they encode and decode messages
Cause-related marketing
When promotional efforts that include marketing communications designed to increase general awareness about goodwill towards organisations are actually tired to the purchase of a product
Integrated marketing communications (IMC)
Term given to the coordination of promotional efforts to maximise the communication effect
Pull policy
An approach in which the producer promotes its product t consumers, usually through advertising and sales promotion, which generates demand upward through the marketing distribution channel
Push policy
An approach in which the product is promoted to the next organisation down the marketing distribution channel
Advertising
Transmission of paid messages about the organisation, brand or product to a mass audience
Product advertising
Aims to demonstrate the features and benefits of the product and to promote the product of group of products above competitors products
Public relations
Term used to deceive promotional efforts designed to build and sustain good relations between an organisation and its stakeholders
Publicity
The exposure is marketing an organisation receives when it obtains free coverage in the media
Sales promotion
Offers extra value to resellers, salespeople and so summers in a bid to increase sales
Trade sales promotion
Aimed at business purchases and are run by producers or industries to present products to business customers
Personal selling
The use of personal communication with customers to persuade them to buy products
Ambush marketing
The presentation of marketing messages at an event that is sponsee by an unrelated business or even a competitor
Guerrilla marketing
Used to describe any aggressive and unconventional marketing approach
Time utility
Marketing products available at the time the consumer wants to purchase them
Place Utility
Making products available in the locations Gotham the consumer wants them
Form utility
Customising products to the consumer particular needs
Exchange efficiencies
Making transitions as economical as possible by establishing and managing efficient exchange processes
Distribution channel 1
Accounts for the majority of business-to-business product transactions
Producer—organisational buyer
Distribution channel 2
Features an industrial distributor
Producer—industrial distributor—organisational buyer
Physical distribution
Involves order processing, inventory management, warehousing and transportation
Transportation
The process of moving products from their place of manufacture to their place of consumption
E-distribution
The full implementation of advanced telecommunications technologies in the physical distribution process
Radio Frequency Identification (RFID)
attaching small electronic tags to items or containers, enabling their movements within a good handling facility to be tracked
Retailing
Any exchange in which the buyer is the ultimate consumer of the product
Location
Natural geographic are from which customers will be drawn
Retail positioning
Refers to the practice of identifying a gap in the market and targeting it by creating some distinguishing features in the mind of customers
Agents
Are engaged by buyers of sellers on an ongoing basis to represent them in negotiations with other marketing channel participants
Brokers
Engaged on a short term one off basis to negotiate in behalf to buyers or sellers
Wholesaling
Comprises exchange in which products are bought for resale, for use as inputs in other products or for some other use in business
Wholesalers
Act as the connection between producers and retailers and offer benefits of both
Merchant wholesalers
Are independently owned (not by producer)
Manufacturers wholesalers
are similar to merchant wholesalers, but are owned by the producer itself and thus represent a form a vertical integration
Services
Are products, distinguished from goods. They are not things but rather deeds, activities or performance
Service
The act of delivering a product
Consumer services
Those services purchased by individual consumers or households for their own private consumption
Fiusiness-to-fiusiness services (or professional services)
Those services purchased by individuals and organisations for sue in the production of other products or for use in their daily business operations
Intangibility
Characteristics of services that most fundamentally distinguishes them from goods
inseparability
Seperate production of service and the consumption of service
Heterogeneity
Characteristic given to services through their inevitable variations
Perishability
Refers to the inability to store services for use at later date (time bound)
Extended marketing mix (5)
Product, place, price, promotion, people
People
Those coming in contact with customers who can affect customers experiences and perceived value
Process
Refers to all of the systems and procedures used to create, communicate, deliver and exchange a service offering
Physical evidence
The intangibility of service makes it difficult for customers to evaluate the quality and sustainability of services
Understanding customer expectations
Can be achieved through the use of regular and systematic customer service research
Establish service quality standards
Once an organisation has determined its customer service expectations, it can translate the into service benchmarks, which can be built into staff training and evaluation process
Manage customer service expectations
Advertising and other promotional vehicles can play an important role
Measure employee service performance
Training, equipping, motivation and rewarding staff should recognise the importance of customer service as part of the employees overall job performance
