Managing The Marketing Function Flashcards
Marketing
Is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives.
Marketing concept
Is that a customers needs and wants are met while achieving the businesses objectives.
Marketing plan
Is a document that lists activities aimed at achieving particular marketing outcomes.
Market research
Is the process of systematically collecting recording and analysing information concerning a specific marketing problem.
Marketing data
Are the information usually expressed as facts and figures relevant to the outlined marketing problem.
Primary data
Are the facts and figures collected from the original source.
Survey
Gathers data by asking questions or interviewing people.
Secondary data
Refers to information that has already been collected from inside the business.
Internal data
Refers to published data from outside the business.
Statistical interpretation analysis
Is the process of focusing on the data that represent average, typical or deviations from typical patterns.
Marketing segmentation
Occurs when the total market is subdivided into groups who share one or more common characteristics.
Target market
Is a group of customers with similar characteristics who currently purchase the product or may do so in the future.
Primary target market
Is the market segment as which most of the marketing resources are directed.
Secondary target market
Is usually a smaller and less important market segment.
Niche market
Is a narrowly selected target market segment.
Consumer buying behaviour
Refers to the decisions and actions of consumers when they purchase goods and services for personal or household use.
Psychological factors
Are influences within an individual that effect his/her buying behaviour.
Motives
Are the reason that individuals do something.
Customer attitude
Is a persons overall feeling about an object or activity.
Personality
An individual’s “ “ is the collection of all the behaviours and characteristics that make up that person.
Sociocultural influences
Are forces exerted by other people that affect customer behaviour.
Peer group
Is a group of people with whom a person closely identifies, adapting their attitudes, values and beliefs.
Culture
Is all the learned values, beliefs, behaviours and traditions shared by a society.
Market share
Refers to the businesses share of the total industry sales for a particular market.
Product mix
Is the total range of products offers by a business.
Customer service
Means responding from the needs and problems of the customer.
Market
As the number of all actual and potential buyers of a product.
Marketing mix
Is the combination of four element, price, promotion, place, product.
Product
Is a good or services that is sold.
Brand
Is a name, term or symbol.
Brand name
Is the part of the brand that can be spoken.
Packaging
Involves the development of a container and the graphic design for a product.
E marketing
Is the practice of using the Internet to perform marketing activities.
Market coverage
Refers to the number of outlets a business chooses for its product.
Promotion
Describes the methods used by a business to inform, persuade and remind a target market about its products.
Promotion mix
Is the promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations.
Personal selling
Involves the activities of a sales representative directed to a customer in a n attempt to make a sale.
Publicity
Is any free news story about a businesses products.
Public relations
Are those activities aimed at creating and maintaining favourable relations between a business and its customers.
Advertising
Is a paid, non-personal message communicated through a mass medium.
Advertising media
Refers to the many forums of electronic and print communicated used to teach an audience.
Life cycle
A products life cycle consists of the stages a product passes through: innovation, introduction, growth, maturity and decline.
Exports
Are goods or services sold by one country to individuals, businesses or governments in another country with the aim of extending sales and market penetration.
Diversification
Occurs when businesses vary their range of products or their field of operations.
Sales analysis
Uses sales data to evaluate the businesses current performance and the effectiveness of the marketing mix.
Marketing profitability analysis
Is a method used by the business to break down its total marketing costs into specific marketing activities.
Social media advertising
Is a form of online advertising that uses social media channels to deliver targeted commercial messages to potential customers.
Reach
The “ “ of an advertisement measures the number of people exposed to the message.
Frequency
The “ “ of an advertisement measures the average number of times someone is exposed to the message.
Globalisation
Is the effect of ever more sophisticated communications technology, lower transport costs, and unrestricted trade and financial flows turning the whole world into a single market, producing a more interpreted global economic system.
Materialism
Is an individual’s desire to acquire more possessions.
Product placement
Is the including of product advertising in entertainment.
Unconscionable conduct
Is any practice by a business that is not reasonable and often illegal.
