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.