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Marketing And Customer Value > Glossary > Flashcards

Glossary Flashcards

1
Q

Marketing

A

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

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2
Q

Exchange

A

The mutually beneficial transfer of offerings of value between the buyer and seller

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3
Q

Value

A

A customers overall assessment of the utility of an offering based on perceptions of what is received and what is given

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4
Q

Market

A

A group of customers with heterogeneous (different) needs and wants

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5
Q

Marketing mix

A

Set of variables that a marketer can exercise control over in creating an offering for exchange

4 Ps

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6
Q

Marketing environment

A

All of the internal/external forces that affect a marketers ability to create, communicate, deliver and exchange offerings of value

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7
Q

Environmental analysis

A

A process that involves breaking the marketing environment into smaller parts in order to gain a better understanding of it

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8
Q

Demographics

A

Status about a population: age, gender, race, ethnicity, education, Muriel status, parental status

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9
Q

Situational analysis

A

Identifying key factors that will be used as a basis for the development of marketing strategy

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10
Q

Marketing planning

A

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

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11
Q

SWOT

A

Analysis that identifies the internal strengths/weaknesses and the external opportunities/threats in relation to an organisation

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12
Q

Strengths

A

Attributes of the organisation that help it to achieve its objectives

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13
Q

Weaknesses

A

Attributes of the organisation that hinder it in trying to achieve its objectives

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14
Q

Opportunities

A

External factors that are potentially helpful to achieve its objectives

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15
Q

Threats

A

External factors that are potentially harmful to achieving objectives

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16
Q

Market research

A

A business activity that discovers information of use in making marketing decisions

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17
Q

Marketing information system

A

The system that manages information gathered using opporations of the orginisation

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18
Q

Market research brief

A

A set of instructions that state the research problem, the information required and specifies the time frame, budget and other conditions of the project

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19
Q

Research design

A

Detailed methodology created to guide the research project and answer the research question

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20
Q

Exploratory research

A

Gathers more information about a loosely defined problem

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21
Q

Descriptive research

A

Solves a particular and well-defined problem by clarifying the characteristics of certain phenomena

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22
Q

Casual research

A

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

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23
Q

Data mining

A

Processing large data sets to identify patterns and trends not obvious or even discernible by observation

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24
Q

Neuromarketing

A

Research that reveals more information

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25
Q

Probability sampling

A

Every member of the population has a known chance of being selected in the sample that will be studied

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26
Q

Non-probability sampling

A

A sampling approach that provides no way of knowing the change of a particular member of the population

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27
Q

Digital marketing

A

All of the activities involved in planning and implementing marketing in the electronic environment

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28
Q

Profiling

A

The process of getting to know about potential customers before they make a purchase and find out more about existing customers

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29
Q

Interactivity and community

A

Other then in person interactions, digital marketing offers the most opportunity for interaction between the marketer and the customer

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30
Q

Control

A

Individuals exercise varying degrees of control over their interaction with marketing

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31
Q

Push advertising

A

Advertising sent from the marketer to the customer

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32
Q

Pull advertising

A

Advertising that the customer actively seeks out

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33
Q

Digitalisation

A

Ability to deliver a product as information or present information about a product digitising

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34
Q

Paid media

A

Any digital advertising that a business pays for

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35
Q

Owned media

A

Any digital channel owned by a business in which content is controlled and governed by the origination

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36
Q

Earned media

A

Content that is generated via people outside the business

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37
Q

Firochure sites

A

Any websites that are essentially an online advertisement for the organisation

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38
Q

Social media

A

Various websites using technologies and experiences that involve online communities where members contribute to and build the community and content

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39
Q

Viral marketing

A

The use of social networks to spread a marketing message via earned media

40
Q

Portals

A

A website that is designed to act as a gateway to other related sites

41
Q

Search engine optimisation (SEO)

A

Tailoring certain features of a website to try and achieve the best possible ranking in search results returned by a search engine

42
Q

Search engine marketing

A

Seek paid advertising to place on search results pages

43
Q

Apps

A

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

44
Q

VR

A

The new technological frontier for marketers

45
Q

E-commerce

A

When the marketing exchange occurs via the internet, mobile phone or other telecommunications technology

46
Q

Customer relationship management (CRM)

A

Focuses on using information about customers to produce digital marketing experiences that create, build and sustain long-term relationships

47
Q

Promotion

A

The creation of maintenance of communication with target markets

48
Q

Noise

A

Anything that interferes with the effectiveness of the communication process

49
Q

Fields of experience

A

What participants in the communication process know about each other and how that influences the way they encode and decode messages

50
Q

Cause-related marketing

A

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

51
Q

Integrated marketing communications (IMC)

A

Term given to the coordination of promotional efforts to maximise the communication effect

52
Q

Pull policy

A

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

53
Q

Push policy

A

An approach in which the product is promoted to the next organisation down the marketing distribution channel

54
Q

Advertising

A

Transmission of paid messages about the organisation, brand or product to a mass audience

55
Q

Product advertising

A

Aims to demonstrate the features and benefits of the product and to promote the product of group of products above competitors products

56
Q

Public relations

A

Term used to deceive promotional efforts designed to build and sustain good relations between an organisation and its stakeholders

57
Q

Publicity

A

The exposure is marketing an organisation receives when it obtains free coverage in the media

58
Q

Sales promotion

A

Offers extra value to resellers, salespeople and so summers in a bid to increase sales

59
Q

Trade sales promotion

A

Aimed at business purchases and are run by producers or industries to present products to business customers

60
Q

Personal selling

A

The use of personal communication with customers to persuade them to buy products

61
Q

Ambush marketing

A

The presentation of marketing messages at an event that is sponsee by an unrelated business or even a competitor

62
Q

Guerrilla marketing

A

Used to describe any aggressive and unconventional marketing approach

63
Q

Time utility

A

Marketing products available at the time the consumer wants to purchase them

64
Q

Place Utility

A

Making products available in the locations Gotham the consumer wants them

65
Q

Form utility

A

Customising products to the consumer particular needs

66
Q

Exchange efficiencies

A

Making transitions as economical as possible by establishing and managing efficient exchange processes

67
Q

Distribution channel 1

A

Accounts for the majority of business-to-business product transactions

Producer—organisational buyer

68
Q

Distribution channel 2

A

Features an industrial distributor

Producer—industrial distributor—organisational buyer

69
Q

Physical distribution

A

Involves order processing, inventory management, warehousing and transportation

70
Q

Transportation

A

The process of moving products from their place of manufacture to their place of consumption

71
Q

E-distribution

A

The full implementation of advanced telecommunications technologies in the physical distribution process

72
Q

Radio Frequency Identification (RFID)

A

attaching small electronic tags to items or containers, enabling their movements within a good handling facility to be tracked

73
Q

Retailing

A

Any exchange in which the buyer is the ultimate consumer of the product

74
Q

Location

A

Natural geographic are from which customers will be drawn

75
Q

Retail positioning

A

Refers to the practice of identifying a gap in the market and targeting it by creating some distinguishing features in the mind of customers

76
Q

Agents

A

Are engaged by buyers of sellers on an ongoing basis to represent them in negotiations with other marketing channel participants

77
Q

Brokers

A

Engaged on a short term one off basis to negotiate in behalf to buyers or sellers

78
Q

Wholesaling

A

Comprises exchange in which products are bought for resale, for use as inputs in other products or for some other use in business

79
Q

Wholesalers

A

Act as the connection between producers and retailers and offer benefits of both

80
Q

Merchant wholesalers

A

Are independently owned (not by producer)

81
Q

Manufacturers wholesalers

A

are similar to merchant wholesalers, but are owned by the producer itself and thus represent a form a vertical integration

82
Q

Services

A

Are products, distinguished from goods. They are not things but rather deeds, activities or performance

83
Q

Service

A

The act of delivering a product

84
Q

Consumer services

A

Those services purchased by individual consumers or households for their own private consumption

85
Q

Fiusiness-to-fiusiness services (or professional services)

A

Those services purchased by individuals and organisations for sue in the production of other products or for use in their daily business operations

86
Q

Intangibility

A

Characteristics of services that most fundamentally distinguishes them from goods

87
Q

inseparability

A

Seperate production of service and the consumption of service

88
Q

Heterogeneity

A

Characteristic given to services through their inevitable variations

89
Q

Perishability

A

Refers to the inability to store services for use at later date (time bound)

90
Q

Extended marketing mix (5)

A

Product, place, price, promotion, people

91
Q

People

A

Those coming in contact with customers who can affect customers experiences and perceived value

92
Q

Process

A

Refers to all of the systems and procedures used to create, communicate, deliver and exchange a service offering

93
Q

Physical evidence

A

The intangibility of service makes it difficult for customers to evaluate the quality and sustainability of services

94
Q

Understanding customer expectations

A

Can be achieved through the use of regular and systematic customer service research

95
Q

Establish service quality standards

A

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

96
Q

Manage customer service expectations

A

Advertising and other promotional vehicles can play an important role

97
Q

Measure employee service performance

A

Training, equipping, motivation and rewarding staff should recognise the importance of customer service as part of the employees overall job performance

Marketing And Customer Value (3 decks)

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