marketing Flashcards

(50 cards)

1
Q

what is a market?

A

any situation that brings together the buyers and sellers of goods or services

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2
Q

who is a customer?

A

a person who buys goods

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3
Q

who is a consumer?

A

a person who uses up goods

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4
Q

what are the 4 elements of a market?

A

buyers
sellers
goods or services
price

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5
Q

what is marketing?

A

the process of determining a customers needs and wants then providing them with goods and services.

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6
Q

what are the 2 types of markets?

A

consumer

industrial

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7
Q

what is the consumer market?

A

refers to households or persons who buy goods for their personal use

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8
Q

what is the industrial market?

A

individuals or organizations buying products or services to run bussiness

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9
Q

list the steps involved in mareting

A
  • conduct market research
  • design a product
  • do product testing
  • determine brand name, packaging design and price
  • select distribution system
  • design promotional program
  • build relationship with customers
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10
Q

what is the marketing mix?

A

the range of marketing activities, techniques,and strategies a firm uses to reach its target market

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11
Q

what is a target market?

A

a specific group of customers a business wants to influence

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12
Q

what is a product?

A

a physical good or service that satsifies a need

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13
Q

what is packaging?

A

the outer wrapping or container for goods

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14
Q

what is packaging used to do?

A
promote
preserve
protect
prevent health hazards
enhance the appearance
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15
Q

what is branding?

A

giving a product a distinctive term, name or symbol to make it easily recognizeable

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16
Q

what is a Brand name?

A

the letters, words or group of words which make up the name of the product

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17
Q

what is price?

A

the amount of money required or expected for a product or service

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18
Q

what are the aims of pricing?

A
to achieve a target return or investment
to maximize profit
to increase sales volume
to achieve a greater market share
helps with creating an image
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19
Q

what is the price plateau?

A

the price a customer expects to pay for a good or service

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20
Q

what is the penetration price?

A

deliberately setting a low price to gain entry into the market

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21
Q

what is market skimming?

A

setting a high price for a product in order to secure a large profit margin

22
Q

what is loss lending?

A

sells goods below cost in order to entice customers

23
Q

what is promotional pricing?

A

(below the line promotion)- used as a LURE OF LOSS LEADERS

eg. bogo

24
Q

what is psychological pricing?

A

when a firm keeps their prices just below a certain level so that they appear cheaper

25
what is cost plus?
adding unit cost, overhead cost and profit margin to arrive at the selling price
26
what is market oriented pricing?
seller survey the market to see what customers are willing to pay before setting prices his prices are more competitive this way
27
what is price lining?
setting prices on the same type of product to represent the levels of quality
28
what are the aims of market research?
find out public wants asses likely volume of demand discover what influences customers
29
what are the factors influencing consumer behavior
``` income Brand Loyalty taste choice tradition ```
30
what is the market share?
proportion of the total sales of a product accounted y an individual brand
31
market research helps :
``` find a place to sell a product how to sell product product price product promotion who are market competitors market size ```
32
what is advertising?
a means of communication making customer aware of goods and services availialble
33
types of advertising?
informative persuasive reminder
34
benefit of informative advertising?
gives detailed info on product and lets customer decide
35
benefit of persuasive buying?
uses techniques to persuade people to buy a product
36
benefit of reminder buying?
reminds customers of events
37
purpose of advertising?
makes customers aware of products available increase demand encourage healthy competition provides info on goods and services
38
what is an advertising campaign?
process a firm uses to sell its goods or services
39
what are the hidden persuaders?
- sex appeal - ambition - personality appeal - social acceptability - health - work simplification
40
what is a promotion?
means of bringing products or services to consumers attention
41
what is the promotional mix?
methods sellers use to inform consumers of the native attributes of the product
42
sales promotion?
element of promotional mix used to increase sale of products
43
what is sales promotion used for?
to introduce a new product to the market
44
what is personal selling?
a means of increasing sales through sales reps
45
what is merchandising?
in store promotional activities designed to stimulate sales
46
what is packaging?
means of physically protecting and selling the product
47
what is public restoration?
process of image promotion of a business
48
what is the price ceiling?
price set by Gov to protect customers
49
price flooring?
set by Gov to protect suppliers
50
rights of customer?
the right to be: aware informed compensated