Marketing Flashcards
What is a market?
A market is anywhere sellers and potential and actual buyers are found for the exchange of a good or service
The 5 elements of a market
buyers, sellers, good/service, exchange process and price
What is marketing?
Marketing is all the activities facilitating trade including activities that identify and satisfy consumers’ needs
Marketing Mix
product, pricing, promotion, place
Marketing Activities
distribution, market research, packaging, branding, pricing, sales promotion, advertising
Types of Markets
consumer, commodity, money, capital, foreign exchange, labour
Types of Market Research
consumer research, product research, distribution, advertising
Pricing Strategies
Markup, market oriented, promotional, market skimming, psychological, penetration
Factors Affecting Packaging
product type, target audience, cost, quantity, method of distribution
copyright
an intellectual property right that legally protects a creator and their original works so others must be permitted to use it and can be fined for using it without permission
patent
an intellectual property right protecting innovation excluding others from selling or making that innovation for some years
trademark
an intellectual property right protecting brand names giving the seller the exclusive rights to use the particular brand name
Terms of Sale
cash, credit, hire purchase, cash discount, trade discount
Methods of Retailing
department stores, convenience stores, mail order, e-commerce, telemarketing, vending machines
Three suitable types of retailing outlets
e-commerce, telemarketing and shops
