Section 6 Flashcards
Define market
Market is a place or situation whereby buyers and sellers meet to exhange goods or services for a price
Define marketing
Marketing refers to the process responsible for identifying, anticipating and satisfying consumer’s wants and needs. It involves many techniques and elements which work together in getting goods and services to consumers.
What is market research
Market research refers to the gather, recording and analyzing of data about problems which can apply to a marketing situation. It also identifies consumer tastes, competition and consumer behaviour
What is distribution
Distribution refers to the movement of goods and services through a distribution channel as well as the movement of payment .
What is the marketing mix
Marketing mix refers to making decisions concering the 4 P’s(Place,Price,Product,Promotion)
What is Product
Product refers to the type of goods or services produced(eg. price,size,quantity). It also involves packaging and branding as well as in store merchandizing.
What is branding
Branding is the process of giving a product a distinctive and easily recognizable name. This can possibly reduce cost in making the public aware of the qualtities of the product.
What is packaging
Packaging is the way in which a product is wrapped, displayed and presented to the customer. It includes display,descriptions, safety precautions and use of the product.
What are some functions of packaging
Enviromentally Friendly
Transportation
Identification
Distribution
Protection
Attraction
Promotional
Convenience
What is merchandizing
Merchandizing is a technique of using in store presentation of products. This can be done by eye catching window displays, attractive packaging and careful layout of premises allowing customers to find goods easily
What is Price
Price can be described as a measure of value for the customer. Price is mainly influenced by supply and demand of the market.
What are some factors which influence consumer behaviour
Price of the product
Price of substitutes
Quality of product
Income
Spending patterns
Brand loyalty
Tradition and culture
What is advertising
Advertising is a non personal technique of promotion in which the firm pays for
What are the functions of advertising
- Educate costumers about the product
- Highlights unique feature about product
- Increases market share by stimulating demand
- Builds firm’s image around product
- Informs potential buyers on availability of goods and services
- Highlights special events such as sales or late openings
What are the types of advertising
Informative-Informs audience about product
Comparative-Compares product to another
Reminder-Reminds audience that product is still available
Persuasive-Entices audience to purchase product using emotional and psychological appeal
What is sales promotion
Sales promotion can be defined as short term incentives used to persuade customers to purchase a good or service eg. coupons,sampling,discounts
What are some advantages of sales promotion
Creates customer awareness
Increased customer loyalty
Customers can examine quality of product
What are some disadvantages of sales promotion
Can be expensive there increasing price of good or service
Profits made via the promotion may not always be realized
What is personal selling
Personal selling is a means of trying to increase sales by involving direct contact between firm representative and possible costumers. It also addresses and concerns and feedback from the costumer
What is public relations
Public relations is the process of promoting a company’s image to encourage other’s to purchase the company’s goods or services or invest in the company.
What are the techniques of selling
Direct Selling
Display of Products(Merchandising)
Jingle or Rhyme
Sample
Discount
Selling patterns( eg. selling from same location)
Good after sales services
What are some forms of customers service
Warranty
After sales service
Feedback
Toll free numbers
Surveys
Suggestion Boxes
Online chat
What is intellectual property
Intellectual property is the creation of the mind( eg.songs,books, machines etc). People may attempt to take credit for the creation of this but laws protect it through the use of patents and copyrights.
