Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

commerce > marketing > Flashcards

marketing Flashcards

1
Q

what is a market?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

who is a customer?

A

a person who buys goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

who is a consumer?

A

a person who uses up goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what are the 4 elements of a market?

A

buyers
sellers
goods or services
price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what is marketing?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what are the 2 types of markets?

A

consumer

industrial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what is the consumer market?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what is the industrial market?

A

individuals or organizations buying products or services to run bussiness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is the marketing mix?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what is a target market?

A

a specific group of customers a business wants to influence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what is a product?

A

a physical good or service that satsifies a need

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is packaging?

A

the outer wrapping or container for goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what is packaging used to do?

A 
promote
preserve
protect
prevent health hazards
enhance the appearance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is branding?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what is a Brand name?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what is price?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what is the price plateau?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what is the penetration price?

A

deliberately setting a low price to gain entry into the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
Q

what is cost plus?

A

adding unit cost, overhead cost and profit margin to arrive at the selling price

26
Q

what is market oriented pricing?

A

seller survey the market to see what customers are willing to pay before setting prices
his prices are more competitive this way

27
Q

what is price lining?

A

setting prices on the same type of product to represent the levels of quality

28
Q

what are the aims of market research?

A

find out public wants
asses likely volume of demand
discover what influences customers

29
Q

what are the factors influencing consumer behavior

A 
income
Brand Loyalty
taste
choice
tradition
30
Q

what is the market share?

A

proportion of the total sales of a product accounted y an individual brand

31
Q

market research helps :

A 
find a place to sell a product
how to sell product
product price
product promotion
who are market competitors
market size
32
Q

what is advertising?

A

a means of communication making customer aware of goods and services availialble

33
Q

types of advertising?

A

informative
persuasive
reminder

34
Q

benefit of informative advertising?

A

gives detailed info on product and lets customer decide

35
Q

benefit of persuasive buying?

A

uses techniques to persuade people to buy a product

36
Q

benefit of reminder buying?

A

reminds customers of events

37
Q

purpose of advertising?

A

makes customers aware of products available
increase demand
encourage healthy competition
provides info on goods and services

38
Q

what is an advertising campaign?

A

process a firm uses to sell its goods or services

39
Q

what are the hidden persuaders?

A
  • sex appeal
  • ambition
  • personality appeal
  • social acceptability
  • health
  • work simplification
40
Q

what is a promotion?

A

means of bringing products or services to consumers attention

41
Q

what is the promotional mix?

A

methods sellers use to inform consumers of the native attributes of the product

42
Q

sales promotion?

A

element of promotional mix used to increase sale of products

43
Q

what is sales promotion used for?

A

to introduce a new product to the market

44
Q

what is personal selling?

A

a means of increasing sales through sales reps

45
Q

what is merchandising?

A

in store promotional activities designed to stimulate sales

46
Q

what is packaging?

A

means of physically protecting and selling the product

47
Q

what is public restoration?

A

process of image promotion of a business

48
Q

what is the price ceiling?

A

price set by Gov to protect customers

49
Q

price flooring?

A

set by Gov to protect suppliers

50
Q

rights of customer?

A

the right to be: aware
informed
compensated

commerce (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions