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Principles of Business > Section Six - Marketing > Flashcards

Section Six - Marketing Flashcards

1
Q

Market

A

Any situation in which the buyer and seller interact in order to exchange goods or services

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2
Q

Elements of a Market

A

Buyer
Seller
Product
Price

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3
Q

Types of Market

A

Consumer market
Commodity market
Money market
Capital market
Foreign exchange market
Labour market

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4
Q

Consumer market

A

Provides goods that satisfy our basic needs

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5
Q

Commodity market

A

Deals with extremely large quantities of agricultural produce and raw materials

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6
Q

Money market

A

Financial institutions engaged in short term lending

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7
Q

Capital market

A

Financial institutions engaged in long-term lending

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8
Q

Marketing

A

The management process responsible for identifying, anticipating, and satisfying consumer’s requirements profitability

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9
Q

Marketing aims

A

Identify consumer wants and needs

Raise consumer awareness

Customer loyalty

Increase sales

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10
Q

Marketing strategy process

A
  1. Understanding customer
  2. Analysing SWOT
  3. Market competition
  4. Marketing network
  5. Planning marketing mix
  6. Design and execution
  7. Review and revise
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11
Q

Integrated Marketing

A

A unified holistic approach to communication in marketing combining all aspects of marketing

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12
Q

Marketing Activities

A

Market research
Pricing
Packaging
Branding
Sales promotion
Advertising
Distribution

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13
Q

Market Research

A

The process of finding out about a particular market problem or situation by gathering, analyzing and interpreting information in a systematic way

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14
Q

Market Segmentation

A

The process of identifying common characteristics among consumers in the market. The market is then segmented or divided into groups of buyers based on needs, characteristics, or behavior

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15
Q

Market Targeting

A

This involves evaluating the market segments’ attractiveness and selecting which segment to enter.

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16
Q

Market Positioning

A

This involves developing the marketing strategy involving the use of the marketing mix to help the product get noticed by the consumer

17
Q

4 P’s of Marketing

A

Promotion
Product
Price
Place

18
Q

Product

A

The good or service that is needed by the targeted group or the product, idea, or service that the firm wishes the target group to buy

19
Q

Price

A

The monetary value customers are willing to pay for the item. The firm must be willing to sell at that price in order to make a profit

20
Q

Promotion

A

The act of attracting the attention and interest of the target market to the product or service offered for sale.

21
Q

Place

A

The system of distribution to get the commodity to the consumer

22
Q

Factors affecting pricing

A

Cost of producing item
Level of demand
Degree of competition

23
Q

Pricing Strategies

A

Cost-plus pricing
Penetration pricing
Market-skimming pricing
Psychological pricing
Differential pricing
Dumping
Going rate pricing
Competition based pricing

24
Q

Cost-plus Pricing

A

This involves taking the unit cost, adding overheads, and a profit margin to arrive at the selling price.

25
Q

Penetration Pricing

A

A new firm entering the market may price its product below that of its competitors. The aims are to gain entry into the market and increase market share.

26
Q

Market-skimming Pricing

A

This involves charging a relatively high, introductory price for a product in order to secure a large profit margin.

27
Q

Psychological Pricing

A

Firms keep prices just below certain levels so that they appear cheaper to the customer.

28
Q

Differential Pricing

A

This is where the same product is sold at different prices to different market segment

29
Q

Dumping

A

Products may be sold below cost or at a loss just to obtain some income from them.

30
Q

Going rate pricing

A

This involves setting a price equal to the prevailing market price for similar or identical products

31
Q

Competition based pricing

A

Setting prices at or below the price of rival products

32
Q

Advertising

A

An advertisement is a message that is used to provide information on the availability of a product or to encourage or convince potential buyers.

33
Q

Function of Advertising

A
  1. To introduce new products on the market
  2. To create awareness of promotional activities
  3. To build loyalty towards a brand
34
Q

Types of Advertising

A

Informative
Persuasive
Competitive
Defensive
Reminder

35
Q

Persuasive advertising

A

This type tries to entice the consumer to purchase the product by using emotional and psychological appeals

36
Q

Competitive advertising

A

This type aims to gain market share by telling the good points about a product and comparing these with the competitors.

37
Q

Defensive advertising

A

This form of advertising reacts to competitive advertising by a competitor.

38
Q

Reminder marketing

A

Used in the maturity stage of the product life cycle, where the product is well known, and the customer is reminded of its availability. Used to maintain presence in the market

39
Q

Merchandising

A

The act of displaying products that are for sale in a creative way that entices customers to purchase more items or products.

Principles of Business (13 decks)

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