Marketing Flashcards
What is a market ?
A market is a situation that brings together the seller and buyer of goods or services in a well defined place.
What is marketing ?
Marketing is all the activities that enable trade to take place in the most profitable manner.
Who is an customer ?
A customer is anyone who purchases and consumes a good or a service.
What are the two types of marketing ?
- Consumer Marketing
2. Industrial Marketing
What are two types of goods that make up the consumer market ?
- Consumer Durable
2. Consumer Nondurable
What is Consumer Non durable goods ?
Consumer Non durables are frequently purchased low value goods which are consumed in one or a few uses.
What are examples of Consumer Non Durable ?
Food Beverages Clothing Shoes Newspaper Cosmetics
What are Consumer Durable good ?
Consumer durables are high value goods that do not wear out quickly and is not expected to purchased frequently.
What are examples of Consumer Durables ?
Cars Fridge Stove Television Washing Machines
What is the consumer market?
Consumer market is the market for goods and services bought by individuals.
What is the Industrial Market ?
The industrial market is the sales of goods between businesses. Industrial market involves selling capital goods, machinery, vehicles and office furniture,
What is Social Media Marketing ?
Social Media Marketing is using social media to promote and inform a person about an good or service.
What is market research ?
Market research is investigating what consumers buy and are likely to buy in the future.
What are the three aims of market research ?
- To find out what consumers want so that business do not waste resources producing goods or services that are not required.
- To assess demand s to ensure over producing does not occur.
- To discover what will influence consumers.
What is cost plus pricing ?
Cost plus pricing is taking the unit cost and and adding a profit mark up to determine the price.
What is promotion pricing ?
Promotion pricing is form of sales promotion used by some sellers that involves money off the product.
Example: Two packs for the price of one
What is marketing skimming (pricing) ?
Market skimming is charging the the highest price possible for a product or service.
Example: Technological and Pharmacetical products
What is psychological pricing ?
Psychological pricing is put prices below certain levels so that it appears to be cheaper to the customer.
Example: $11.99 instead of $12.00
What is packaging ?
Packaging is an outer wrapping or container for goods that is also used to promote it.
What is the purpose of packaging ?
The purpose of packaging are:
- Provide effective protection of goods.
- Provide essential information.
- Make it easy to use.
- Appeal to customer visually
What is branding ?
Branding is a giving a significant product a registered name or symbol or design that will be easily recognized and identified.
What is sales promotion ?
Sales promotion is the process used to persuade a potential customer to buy a product.
What is advertisement ?
Advertisement are messages paid for by a company that aim to inform influence the prospective customers.
What are the functions of advertisement ?
The functions of advertisement are:
- Introduce new products or services.
- Persuade consumers to buy.
- Educates consumers about a good or service.
- Increase demand of the product.
What are the two types of advertising ?
Two types of Advertising are:
- Informative Advertising
- Persuasive Advertising
What is informative Advertising ?
Informative advertising gives detailed information about a good and service and leaves the consumer to decide without persuasion.
What is Persuasive Advertising ?
Persuasive advertisement uses a variety of techniques to persuade someone in buying a good or a service.
What is the meaning of channel of distribution ?
The channel of distribution refers to the route by which products are distributed from the producer to the consumer.
What are four factors that influence the channel of distribution ?
- Location
- Value of the product
- Who the product is for
- Type of the product
What are the ingredients of the marketing mix ?
- Price
- Product
- Place
- Promotion
What are the 4p’s of marketing ?
- Price
- Product
- Promotion
- Place
What is product ?
The product is an item that is produced or supplied aimed at meeting the wants of consumers.
What is promotion ?
Promotion refers to ways in which consumers are made aware of the availability of the product or service.
What is place ?
Place is a location that goods can be distributed.
What is price ?
Price represents the price the customer is expected to pay for a product or service.
What is consumer behavior ?
Consumer behavior is the way that consumer reacts to those who offer goods or services.
What are the 8 factors that influence consumer behavior ?
- Price
- Quality
- Price of substitutes
- Taste
- Tradition
- Income
- Spending patterns
- Brand Loyalty
What is consumer protection ?
Consumer protection is the ways that consumers are safeguarded when making purchases.
List three ways consumers can be exploited ?
Three ways a consumer can be exploited are:
1.Goods can be incorrectly labelled.
- Incorrect weight and measures may be given.
- Advertisements can be misleading and making false claims.
What is consumerism ?
Consumerism is an organized movement with policies that aim to protect the consumer.
What does caveat emptor mean ?
Caveat emptor is a Latin word meaning buyers beware.(Meaning buyers must be vigilant when making purchases.)
What is the job of the Bureau of Standards ?
The Bureau of Standards job is to ensure that goods produced are sold in good condition and are appropriately packaged and label.
What is the Ombudsman ?
The ombudsman is an independent government appointed person that investigate issues consumers has been unable to resolve.
What is trademarks ?
Trademarks is type property consisting of an recognizable icon or symbol.
What is copyrights ?
Copyright is a law to prevent others from the stealing of intellectual creation.
What is patents ?
Patents is law that prevent the imitation of a product.
What is industrial design ?
Industrial design refers to a new registered design that has a distinctive visual appearance.
Example: Car and Plane designs
What is logistics ?
Logistics is the overall process by which goods reach the place where they are needed.
What is the supply chain ?
The supply chain is the way that businesses get its resources.
What is the distribution channel ?
The distribution channel are how a business get its finished product to the market.
What is a warehouse ?
A warehouse is commercial building where goods are temporarily stored for a business.
What is the chain of distribution ?
The distribution chain means all the channels of distribution that goods and services pass through to reach the final customer.
Who is the producer ?
A producer get the required raw materials into an end product.
Who is the wholesaler ?
The wholesaler buys in bulk from the producer or manufacturer and sells in quantities to the retailer.
Who is the retailer ?
The retailer buys from the producer or wholesaler and sell in convenient quantities to the final buyer.
Who is the consumer ?
The final purchasers of the product who are supplied in variety of ways.
What is a target market ?
Target market is a particular group at which a product or service is aimed.
What is the importance of branding ?
Branding is important because it help identifies and differentiates a product from other similar product.
What is marketing mix ?
Marketing mix is all the actions, tactics that a business uses to promote its product in the market.
What are types of sales promotion ?
- Discount vouches
- Loyalty cards
- Competion
- Giveaways
What is the supply chain operations ?
The supply chain operations is the way businesses get its resources to make a finished product.
Forms of customer service ?
- Online chat
- Customer service
- Customer feedback
- Toll free centers
- Suggestion box
