U2 AOS2 Flashcards
marketing
the process that provides the link between procedures or providers of goods and services and the consumers of these
brand
a powerful business asset that is essentially a marker’s mark; it creates and brings with it awareness, desirability, and power
marketing concept
where the business focuses on satisfying the needs of the customer/consumer rather than just selling a product or service
market-oriented approach
a business strategy that focuses on the needs and wants of consumers and develops products to meet them
customer base
the people or entities that regularly purchase products or services from a business
pareto principle
referred to as the 80/20 rule- approximately 80% of the business revenue is generated by approximately 20% of the customer base
external environment
consists of two environments, the operating and the macro environment
operating environment
the environment immediately external to a business (have some control over) eg customers, competitors
macro environment
consists of factors directly affecting businesses that are outside of their control eg laws and regulations, global issues
internal environment
compromises all of the elements within a business eg stakeholders (employees, managers), business model
market
a group of customers with similar needs and desires who may purchase products or services from sellers through the exchange of money or other thigs of value
target market attributes
consumers who display similar characteristics eg age, location, income and are considered most likely to buy a business’s market offerings or are likely to be the most profitable segments for the business to service
market dimensions
size of the market for a business’s product or service
mass marketing
a marketing strategy that seeks to attract the attention of all market segments through the use of mass distribution and mass media
niche market
a subset of a larger market with its own particular needs or preferences
market segment
relatively similar groups of customers who are likely to respond in similar ways
market positioning
where a product is placed within a market with regards to its image, price and age of the target market
market segmentation
total consumer market is subdivided into groups with one or more common
characteristics or features
consumer trends and behaviour
buying habits amongst a group of consumers - the decisions they make to buy goods and services for personal or household use
businesses market to a particular group based on
demographic, geographic, psychographic, behavioural
factors that influence consumer trends nd behaviours
psychological influences, sociocultural influences, economic influences, government influences
product
a good or service in its final state after having gone through all the stages of the production process
price
the amount for which something is sold
place
encompasses the distribution channels used to market products to customers
promotion
the use of advertising, branding, sales promotion, and public relations to inform and persuade consumers
people
relates to every person in a business having contact with a customer, and the impressions these people make on the customer
physical evidence
Physical evidence can take a variety of forms including:
Evidence showing a service was performed, acting to remind the consumer that the service took place.
The physical environment in which the consumer experiences the service.
The signs and symbols of the business that supports its image and identity.
process
relates to the process through which a customer finds out about a business, researches its products, chooses and purchases the product, the actual delivery of the product or service, and the behaviour of those involved in the delivery process
product life cycle
- introduction
- growth
- maturity or saturation
- decline or extension
