Relevant definitions Flashcards
Define Resource Market
Resource Market consists of those individuals or groups that are engaged in all forms of primary production, including mining, agriculture, forestry and fishing
Define Industrial Market
Industrial Market includes industries and businesses that purchase products to use in the production of other products or in their daily operations
Define Intermediate Market
Intermediate Market consists of wholesalers and retailers who purchase finished products and resell them to make a profit
Define Consumer Market
Consumer Market is a market that consists of individuals — that is, members of a household who plan to use or consume the products they buy
Define Mass Market
Mass Markets is where the seller mass-produces, mass-distributes and mass-promotes one product to all buyers
Define Niche Market
Niche Market is a narrowly selected target market segment
Define Profit Maximisation
Profit Maximisation occurs when there is maximum difference between total revenue coming into the business and total costs being paid out
Define Customer Orientation
Customer Orientation is the process of collecting information from customers and basing marketing decisions and practices on customers’ wants and interests
Define psychological factors
Psychological Factors are any within an individual that affects their buying behaviour
Define sociocultural factors
Sociocultural Factors are forces exerted by other people and groups that affect an individual’s buying behaviour
Define economic factors
Economic Factors are one affected by the wellbeing of the economy
Define government factors
Competition & Consumer Act 2010 (Cth)
Sales of Goods Act 1923 (NSW)
Fair Trading Act 1987 (NSW)
Define customer choice
Customer choice is the decisions and actions of customers when they search, evaluate, select, and purchase goods or services
Define perception
Perception is the process through which people select, organise and interpret information to create meaning
Define motive
Motives is the reason that makes an individual do something
Define attitude
Attitude is a person’s overall feeling about an object or activity
Define personality
Personality is the collection of all the behaviours and characteristics that make up an individual
Define self-image
Self-image is how a person views themselves
Define learning
Learning is the changes in an individual’s behaviour caused by information and experiences
Define brand loyalty
Brand Loyalty is a favourable attitude towards a single brand, resulting in repeat sales over time
Define social class
Social Class is an individual’s relative rank in society, based on education, income or occupation
Define (Sub)culture
(Sub)culture is all the learned values, belief, behaviours, and traditions shared by a society
Define family and roles
Family and roles – Individuals occupy different roles within the family and groups within the wider community.
Define reference/peer group
Reference/ peer group is a group of people with whom a person closely identifies, adopting their attitudes, values, and beliefs
Define puffery
Puffery are the exaggerated claims used for promotional purposes, that no reasonable person would take as factual
Define cartel
Cartel is when at least two businesses that normally would be in competition with each other agree to act together
Define exclusive dealing
Exclusive dealing is when one person or business trades with another and then imposes restrictions on them
Define anti-competitive agreements
Anti-competitive Agreements are contracts or arrangements containing provisions that substantially lessen competition in a market
Define resale price maintanence
Resale Price Maintenance is when a supplier forcefully sets the price at which retailers will sell the products they supply them
Define sugging
Sugging is the act of ‘selling under the guise of a survey’; a sales technique disguised as market research
Define primary data
Primary data is the facts and figures collected from original sources for the purpose of the specific research problem
Define internal data
Internal data is the information that has already been collected from inside the business
Define marketing objectives
Market Objectives are realistic and measurable goals to be achieved through the marketing plan
Define market share
Market Share is the business’s share of the total industry sales for a particular product
Define product mix
Product Mix is the total range of products offered by a business
Define customer service
Customer Service is how well a business meets and exceeds the expectations of customers in all aspects of its operations
Define mass market
Mass market is a market that seeks a large range of customers
Define market segmentation
Market Segmentation occurs when the total market is subdivided into groups of people who share one or more common characteristics
Define niche market
Niche market is a narrowly selected target market segment
Define demographic segmentation
Demographic Segmentation is the process of dividing the total market according to particular features of a population, including the size of the population, age, sex, income, cultural background and family size
Define geographic segmentation
Geographic Segmentation is the process of dividing the total market according to geographic locations
Define psychographic segmentation
Psychographic Segmentation is the process of dividing the total market according to personality characteristics, motives, opinions, socioeconomic group and lifestyles
Define behavioural segmentation
Behavioural Segmentation is the process of dividing the total market according to the customers’ relationship to the product
Define product/service differentiation
Product/service Differentiation is the process of developing and promoting differences between the business’s products or services and those of its competitors
Define total product concept
Total Product Concept is the tangible and intangible benefits (attributes) a product possesses
Define manufacturer’s brand
Manufacturer’s Brand is a brand owned by a manufacturer
Define generic brand
Generic Brands are products with no brand name at all
Define brandmark logo
Brandmark Logo is a solitary graphic that is not expressed in words. In other words, it is a pictorial mark with no text
Define wordmark logo
Wordmark Logo is where the logo is literally the name of the business
Define lettermark logo
Lettermark Logo is a typography-based logo that’s comprised of a few letters, usually a
company’s initials, to represent the brand
Define trademark
Trademark signifies that the brand name or symbol is registered and the business has exclusive right of use
Define price leader
A price leader is a major business in an industry whose pricing decisions heavily influence the pricing decisions of its competitors
Define bundle pricing
Bundle Pricing is where customers gain a ‘package’ of goods and services in addition to the tangible good they purchased
Define price skimming
Price Skimming is when a business charges the highest possible price for the product during the introduction stage of its life cycle
Define price penetration
Price Penetration is when a business charges the lowest price possible for a product or service so as to achieve a large market share
Define loss leader
Loss Leader is when the business sells a product at or below cost price
Define price points
Price Points (or price lining) is when products are sold at only certain predetermined prices
Define prestige pricing
Prestige Pricing is a pricing strategy where a high price is charged to give the product an aura of quality and status
Define public relations
Public Relations (PR) are activities aimed at creating and maintaining favourable relations between a business and its customers
Define channel
Channel is any method used for carrying a message
Define noise
Noise is any interference or distraction that affects any or all stages in the communication process
Define opinion leader
An opinion leader is a person who influences others
Define word of mouth
Word-of-mouth communication is when people influence each other during conversations
Define product/service positioning
The technique in which marketers try to create an image or identity for a product compared with the
image of competing products
Define physical distribution
Physical Distribution is all those activities concerned with the efficient movement of the products from the producer to the customer
Define inventory control
Inventory Control is a system that maintains quantities and varieties of products appropriate for the target market
Define intensive distribution
Intensive distribution. This occurs when the business wishes to saturate the market with its product. Customers can shop at local outlets and be able to purchase the product. Many convenience goods, such as milk, lollies, and newspapers, are distributed this way
Define selective distribution
Selective distribution. This involves using only a moderate proportion of all possible outlets. Clothing, furniture and electrical appliances are often distributed using this method. The customer is prepared to travel and seek out a specific retail outlet that stocks a certain brand
Define exclusive distribution
Exclusive distribution. This is the use of only one retail outlet for a product in a large geographic area. This method of distribution is commonly used for exclusive, expensive products
Define standardised global marketing approach
Standardised approach is a global marketing strategy that assumes the way the product is used and the needs it satisfies are the same the world over
Define customised global marketing approach
Customised approach is a global marketing
strategy that assumes the way the product is used and the needs it satisfies are different between
countries
Define global pricing
Global pricing is how businesses coordinate their pricing policy across different countries
Define customised global pricing
Customised pricing occurs whenever consumers in different countries are charged different prices for the same product
Define tariff
Tariff is a tax on an imported product
Define market-customised global pricing
Market-customised pricing prices that are set according to local market conditions
Define standardised global pricing
Standardised global pricing is the practice of charging customers the same price for a product anywhere in the world
Define marketing concept
Marketing Concept is a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals
