Marketing Flashcards

1
Q

What is a market ?

A

A market is a situation that brings together the seller and buyer of goods or services in a well defined place.

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2
Q

What is marketing ?

A

Marketing is all the activities that enable trade to take place in the most profitable manner.

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3
Q

Who is an customer ?

A

A customer is anyone who purchases and consumes a good or a service.

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4
Q

What are the two types of marketing ?

A
  1. Consumer Marketing

2. Industrial Marketing

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5
Q

What are two types of goods that make up the consumer market ?

A
  1. Consumer Durable

2. Consumer Nondurable

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6
Q

What is Consumer Non durable goods ?

A

Consumer Non durables are frequently purchased low value goods which are consumed in one or a few uses.

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7
Q

What are examples of Consumer Non Durable ?

A
Food
Beverages
Clothing
Shoes
Newspaper
Cosmetics
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8
Q

What are Consumer Durable good ?

A

Consumer durables are high value goods that do not wear out quickly and is not expected to purchased frequently.

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9
Q

What are examples of Consumer Durables ?

A
Cars
Fridge
Stove
Television
Washing Machines
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10
Q

What is the consumer market?

A

Consumer market is the market for goods and services bought by individuals.

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11
Q

What is the Industrial Market ?

A

The industrial market is the sales of goods between businesses. Industrial market involves selling capital goods, machinery, vehicles and office furniture,

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12
Q

What is Social Media Marketing ?

A

Social Media Marketing is using social media to promote and inform a person about an good or service.

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13
Q

What is market research ?

A

Market research is investigating what consumers buy and are likely to buy in the future.

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14
Q

What are the three aims of market research ?

A
  1. To find out what consumers want so that business do not waste resources producing goods or services that are not required.
  2. To assess demand s to ensure over producing does not occur.
  3. To discover what will influence consumers.
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15
Q

What is cost plus pricing ?

A

Cost plus pricing is taking the unit cost and and adding a profit mark up to determine the price.

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16
Q

What is promotion pricing ?

A

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

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17
Q

What is marketing skimming (pricing) ?

A

Market skimming is charging the the highest price possible for a product or service.
Example: Technological and Pharmacetical products

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18
Q

What is psychological pricing ?

A

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

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19
Q

What is packaging ?

A

Packaging is an outer wrapping or container for goods that is also used to promote it.

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20
Q

What is the purpose of packaging ?

A

The purpose of packaging are:

  1. Provide effective protection of goods.
  2. Provide essential information.
  3. Make it easy to use.
  4. Appeal to customer visually
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21
Q

What is branding ?

A

Branding is a giving a significant product a registered name or symbol or design that will be easily recognized and identified.

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22
Q

What is sales promotion ?

A

Sales promotion is the process used to persuade a potential customer to buy a product.

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23
Q

What is advertisement ?

A

Advertisement are messages paid for by a company that aim to inform influence the prospective customers.

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24
Q

What are the functions of advertisement ?

A

The functions of advertisement are:

  1. Introduce new products or services.
  2. Persuade consumers to buy.
  3. Educates consumers about a good or service.
  4. Increase demand of the product.
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25
Q

What are the two types of advertising ?

A

Two types of Advertising are:

  1. Informative Advertising
  2. Persuasive Advertising
26
Q

What is informative Advertising ?

A

Informative advertising gives detailed information about a good and service and leaves the consumer to decide without persuasion.

27
Q

What is Persuasive Advertising ?

A

Persuasive advertisement uses a variety of techniques to persuade someone in buying a good or a service.

28
Q

What is the meaning of channel of distribution ?

A

The channel of distribution refers to the route by which products are distributed from the producer to the consumer.

29
Q

What are four factors that influence the channel of distribution ?

A
  1. Location
  2. Value of the product
  3. Who the product is for
  4. Type of the product
30
Q

What are the ingredients of the marketing mix ?

A
  1. Price
  2. Product
  3. Place
  4. Promotion
31
Q

What are the 4p’s of marketing ?

A
  1. Price
  2. Product
  3. Promotion
  4. Place
32
Q

What is product ?

A

The product is an item that is produced or supplied aimed at meeting the wants of consumers.

33
Q

What is promotion ?

A

Promotion refers to ways in which consumers are made aware of the availability of the product or service.

34
Q

What is place ?

A

Place is a location that goods can be distributed.

35
Q

What is price ?

A

Price represents the price the customer is expected to pay for a product or service.

36
Q

What is consumer behavior ?

A

Consumer behavior is the way that consumer reacts to those who offer goods or services.

37
Q

What are the 8 factors that influence consumer behavior ?

A
  1. Price
  2. Quality
  3. Price of substitutes
  4. Taste
  5. Tradition
  6. Income
  7. Spending patterns
  8. Brand Loyalty
38
Q

What is consumer protection ?

A

Consumer protection is the ways that consumers are safeguarded when making purchases.

39
Q

List three ways consumers can be exploited ?

A

Three ways a consumer can be exploited are:
1.Goods can be incorrectly labelled.

  1. Incorrect weight and measures may be given.
  2. Advertisements can be misleading and making false claims.
40
Q

What is consumerism ?

A

Consumerism is an organized movement with policies that aim to protect the consumer.

41
Q

What does caveat emptor mean ?

A

Caveat emptor is a Latin word meaning buyers beware.(Meaning buyers must be vigilant when making purchases.)

42
Q

What is the job of the Bureau of Standards ?

A

The Bureau of Standards job is to ensure that goods produced are sold in good condition and are appropriately packaged and label.

43
Q

What is the Ombudsman ?

A

The ombudsman is an independent government appointed person that investigate issues consumers has been unable to resolve.

44
Q

What is trademarks ?

A

Trademarks is type property consisting of an recognizable icon or symbol.

45
Q

What is copyrights ?

A

Copyright is a law to prevent others from the stealing of intellectual creation.

46
Q

What is patents ?

A

Patents is law that prevent the imitation of a product.

47
Q

What is industrial design ?

A

Industrial design refers to a new registered design that has a distinctive visual appearance.
Example: Car and Plane designs

48
Q

What is logistics ?

A

Logistics is the overall process by which goods reach the place where they are needed.

49
Q

What is the supply chain ?

A

The supply chain is the way that businesses get its resources.

50
Q

What is the distribution channel ?

A

The distribution channel are how a business get its finished product to the market.

51
Q

What is a warehouse ?

A

A warehouse is commercial building where goods are temporarily stored for a business.

52
Q

What is the chain of distribution ?

A

The distribution chain means all the channels of distribution that goods and services pass through to reach the final customer.

53
Q

Who is the producer ?

A

A producer get the required raw materials into an end product.

54
Q

Who is the wholesaler ?

A

The wholesaler buys in bulk from the producer or manufacturer and sells in quantities to the retailer.

55
Q

Who is the retailer ?

A

The retailer buys from the producer or wholesaler and sell in convenient quantities to the final buyer.

56
Q

Who is the consumer ?

A

The final purchasers of the product who are supplied in variety of ways.

57
Q

What is a target market ?

A

Target market is a particular group at which a product or service is aimed.

58
Q

What is the importance of branding ?

A

Branding is important because it help identifies and differentiates a product from other similar product.

59
Q

What is marketing mix ?

A

Marketing mix is all the actions, tactics that a business uses to promote its product in the market.

60
Q

What are types of sales promotion ?

A
  1. Discount vouches
  2. Loyalty cards
  3. Competion
  4. Giveaways
61
Q

What is the supply chain operations ?

A

The supply chain operations is the way businesses get its resources to make a finished product.

62
Q

Forms of customer service ?

A
  1. Online chat
  2. Customer service
  3. Customer feedback
  4. Toll free centers
  5. Suggestion box