Marketing (Chapter 6) Flashcards
What is a market?
Is a where buyers and sellers come together for the solo purpose of exchanging goods and services
What is Marketing ?
Is the process of identifying, creating, communicating and delivering values to consumers so that their needs and wants can be stasified at a point
What is social media marketing?
Is when a business creates content on social media platforms in order to market their product to existing and new customers
What are the Four P in the Marketing Mix?
Product
Price
Promotion
Place
What is the Promotional Mix?
Advertising
Sale Promotion
Direct Marketing
Public Relations
Personal Selling
What are the Marketing Activities?
Pricing
Packaging
Branding
Sales Promotion
Advertising
Distribution
What is Market research?
Is the collection, analysis and interpretation of information relevant to a market
What is Pricing?
Is setting the product prices that contributes to the business goals such as
~Increasing sales
~Expanding market share
~Earning a profit
What is Packaging?
Is the outer wrapper for an item
What is Branding ?
Is identifying the symbol, colour, name and image that distinguishes a product from its competitors
What is Sales Promotion?
Is when the product is promoted using short term attractive to refresh its demand and increase its sales
What is Distribution?
Is an activity where both selling and delivering products and services from manufacturer to customers
What is a Wholesaler?
Buys product in bluk from manufacturers, stores and then break up the bulk into smaller quantities for retailer to buy
What are the Function of a Wholesaler?
~ promote the product to retailer
~ is passed the cost of warehouse
~ produce feedback to the manufacturers of needs of the market
~ is passed cost of storing large and quantities of goods
What is a retailer?
Is an organization that specialises in selling a variety of products from different manufacturers to consumer
What are the function of a Retailer
~ stock variety of goods
~ located close to consumer
~ provide advice to consumer on their purchases
~ might sell goods on credit to consumer
What is term of Sale?
When a product price and quantity is agreed between the seller and the customer and how payment will be made
What are the different terms of Sale?
Cash
Credit
Hire purchase
Layaway
Consignment
Credit in Terms of Sale is
When the price of the product is broken up into several payment
Hire purchase in terms of Sale is
For large and expensive items it’s when the buyer make sa down payment and the outstanding balance is paid for the over a longer period
What is Advertising in Market Activities ?
Is a way of marketing the business in order to increase sales
What Distribution chain/channel?
Is to ensure that the customer can purchase the product when an where he wants it
Channel 1# in Distribution chain is called
Zero level Channel
Zero level Channel is from
Manufactures to Consumer
Channel 2# is from
Manufacturers to retailer to consumer
Channel 3# is from
Manufacturers to wholesaler to customer
Channel 4# is from
Manufacturers to wholesaler to retailer to customer
What is Channel 2# is called
One level channel
Channel 3# is called
One level channel
Channel 4# is called a
Two level channel
