Terms Flashcards
Benefit
This is the actual reason(benefit) why a consumer buys a product
Demand
The willingness and ability to purchase products one needs
Marketing
Human activity directed at satisfying needs and wants through exchange processes
Marketing mix
Specific collection of certain levels of elements of a brands 4Ps- product, price, place, promotion
Marketing philosophies
Concepts or guides used by marketers to guide their market effort
Needs
Are products and services that a consumer need to survive
Want
The desire for a product/service that a consumers does not necessarily need but rather want
Competitors
Any company or entity that is viewed as a rival and is part of the company’s micro-environment
Macro environment
The uncontrollable factor within the marketing environment that consists of demographic, social,economic, technological and legal factors
Marketing ethics
Principles and standards that define acceptable marketing conduct as determined by various stakeholders
Micro environment
Factors that’s re closer to the company and consists of suppliers,customers and competitors and which have the ability to influence how a company satisfies needs and wants
Attitude
Predisposition to behave in a positive or negative way towards an object
Brand personality
A set of human characteristics that are attributed to a brand name
Consumer behaviour
The activities that are undertaken by a consumer in searching for, acquiring and disposing of need-satisfying good and services
Opinion leaders
A well-known individual or organisation that has the ability to influence public opinion on the subject matter
