Intro to Marketing Key Concepts

Question 1

Brand

Answer 1

A collection of symbols such as name, logo, slogan and design intended to create an image in the customer’s mind that differentiates a product from the competitor’s product.

Question 2

bundle of attributes

Answer 2

The features and functions of a product that benefit the customer

Question 3

clients

Answer 3

‘Customers’ of the products of not-for-profit organisations.

Question 4

Consumers

Answer 4

People who use good and services

Question 5

Corporate social Responsibility

Answer 5

The obligation of the businesses to act in the interest of the societies that sustain them.

Question 6

Customers

Answer 6

People who purchase goods and services for their own or other people’s use.

Question 7

demand

Answer 7

A want that a consumer has an ability to satisfy.

Question 8

distribution(or place)

Answer 8

The means of making the offering available to the customer and right time and place.

Question 9

ethics

Answer 9

A set of moral principles that guide attitude and behaviour.

Question 10

exchange

Answer 10

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

Question 11

good

Answer 11

A physical (tangible) offering capable of being delivered to a customer

Question 12

greenwashing

Answer 12

the dissemination (spreading of the information) of questionable or misleading information by the organisation in relation to its products, in order for the organisation and its products to be viewed as environmental friendly.

Question 13

logistics

Answer 13

part of the marketing process concerned with supply and transport.

Question 14

market

Answer 14

a group of customers with heterogenous needs and wants

Question 15

marketing

Answer 15

the activity, set of institutions and processes for creating, communicating, delivering and exchanging an offerings that have value to the customers, clients, partners and society at large.

Question 16

marketing mix

Answer 16

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

Question 17

marketing process

Answer 17

A process that involves understanding the market to create, communicate and deliver offering for an exchange.

Question 18

need

Answer 18

a day to day survival requirement: food, shelter and clothing.

Question 19

partners

Answer 19

organisations or individuals who are involved in creating, communicating and delivering offerings for exchange.

Question 20

physical evidence

Answer 20

tangible cues that can be used as a means to evaluate service quality prior to the purchase.

Question 21

process

Answer 21

systems used to create, communicate and deliver an offering for exchange.

Question 22

product

Answer 22

A good, service or idea offered to the market for exchange.

Question 23

service

Answer 23

An intangible offering that does not involve ownership.

Question 24

social marketing

Answer 24

a process that uses commercial marketing principles and techniques to influence target audience that will benefit society as well as the individual.

Question 25

stakeholders

Answer 25

Individuals, organisations and other groups that have rightful interest in the activities of a business.

Question 26

supply chain

Answer 26

the parties that involve in providing all the raw materials and services that go into getting a product to the market.

Question 27

sustainable development

Answer 27

development that meets the need of the present without compromising the ability of future generations to meet their own needs.

Question 28

sustainable marketing

Answer 28

The ‘way and means’ of combining ecological and economic elements through innovative products and systems.

Question 29

target market

Answer 29

A group of people with similar needs and wants

Question 30

value

Answer 30

A customer’s overall assessment of the utility of an offering based on perceptions of what is received and what is given.

Question 31

want

Answer 31

A desire, but not necessary for day-to-day survival.

Question 32

promotion

Answer 32

the marketing activities that make potential customers, partners and society aware of and attracted towards the business’s offerings.