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70 Cards in this Set
- Front
- Back
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Marketing |
the management process of getting the right prouct to the right customer a the right price to the right place and time |
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Marketing of goods |
the use of the 4Ps of product, price, place, and promotion in the marketing mix |
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Marketing of services |
the use of the 7Ps of prodcut, price, place, promotion, process, people, and physical evidence in the marketing mix |
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Product orientation |
a business approach that focuses on making the product first before attempting to sell it |
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Market orientation |
a business approach of first establishing consumer demand through market research before producing and selling a product |
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Commercial marketing |
marketing activites that determine consumer needs and wants before using appropriate strategies to market the product |
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Social marketing |
a marketing influencing a positive change in individual behaviour and improvements in societal well-being |
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Social media marketing |
the use of the Internet through social networking websites to market a firms product or service |
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Market size |
the total sales of all firms |
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Market growth |
the percentage change in the total market size over a period of time |
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Market share |
the percentage of one firms share of the total sales in the market |
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Market leader |
a firm with the highest market share in a given market |
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Marketing planning |
the process of formulation marketing objectives and devising appropriate marketing strategies to meet those objectives |
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Marketing Mix |
the key elements of a marketing strategy that ensure the succesful marketing of a product |
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Market segment |
a sub-group of consumers with similar characteristics in a given market |
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Market segementation |
the process of dividing the market into distinct groups of consumers so as to mee their desired needs and wants |
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Target market |
a group of consumers with common needs or wants that a business decides to server or sell to |
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Targeting |
the process of marketing to a specific market segment |
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Niche marketing |
a narrow, smaller or more specific market segment |
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Mass market |
a large or broad market that ignores specific market segments |
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Consumer profile |
the characteristics of consumers of a particular product in different markets based on their gender age, and income levels, among other characteristics |
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Product position map |
a visiual representation of how consumers perceive a product in relation to other competing products |
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Unique selling point |
a product's feature that differentiats it from other competing products in the market |
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Sales forecasting |
the process of predicting the future sales of a firm |
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Time series analysis |
a quantitative sales forecasting method that predicts future sales levels from past sales data |
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Moving average |
sales forcasting method that identifies and ephasizes the direction of a trend |
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Extrapolation |
an extension of a trend line to predict future sales |
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Variation |
difference between actual sales and trend values |
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Market research |
the process of collecting analysing and reporting data related to a particular market |
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Primary research |
the collection of first-hand information from the market |
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Secondary research |
the collection of second-hand information from the market |
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Quantitative research |
the collection, analysis and interpretation of numerical data or data that can be measured |
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Quantitative research |
the collection,analysis and interpretation of numerical data that can be measured |
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Qualitative research |
the collection, analysis and interpretation of data about consumer opinions, attitudes or beliefs |
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Sample |
a group of people selected to represent the population or target market under research |
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Sampling |
the process of selecting an appropriate sample space |
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price skimming |
setting a high price when introducing a new product to the market |
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penetration pricing |
setting a low initial price for a pridcut with the aim of attraction a large number of customers quickly and gaining a high market share |
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Product |
any good or service that is offered to the market with the aim of satisfying consumer needs or wants |
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Product life cycle |
the course a product passes from its development to its decline in the market |
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Extension strategies |
plans by firms to stop sales from failing by lengthening the product's life cycle |
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Boston Consulting Group Matrix |
an analysis method of a firm's product portfolio regarding its market share and market growth |
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Brand |
a name, symbol, sign or design that differentiates a firm's product from its competitors |
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Branding |
the process of distinguishing one firms product from another |
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Brand awareness |
the ability of consumers to recognize the existence and availability of a firms good or service
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Brand loyalty |
when consumers become committed to a firms brand and are willing to make repeat purchases over time |
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Brand value |
how much a brand is worth in terms of its reputation, potential income, and market value |
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Packaging |
concerns the design and production of the physical container or wrapper of a product |
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Cost-plus pricing |
refers to adding a mark-up to the average cost of producing a product |
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Physchological pricing |
when firms consider how pricing affects consumers perception of the value of their products |
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Loss leader |
charging a low price for a product ususally below its average cost, to attract consumers to buy other higher-prices products |
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price discrimination |
charging different prices to different groups of consumers for the same product |
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Competitive pricing |
charging a price that is in line with or just below the competitors' prices |
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Above-the-line promotion |
a paid form of communication that uses independent mass media to promote a firms products |
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below-the-line promotion |
a form of communication that gives a business direct control over its promotional activities so that it is not dependent on the use of independent media |
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promotional mix |
a balance of both above-the-line and below-the-line methods used by a firm to support its marketing goals |
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Social media marketing |
the use of technology to build relationships, drive repeat business, and attract new customers by individuals sharing with other individuals |
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Viral marketing |
a form of peer-to-peer communication where individuals are encouraged to pass on promotional messages within their social networks |
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Guerrilla marketing |
a low cost unconventional marketing strategy that has an innovative and significant promotiona effect |
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Channel of distribution |
the path taken by a product from the producer of manufacturer to the final consumer |
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People |
the human capital in terms of skills, attitudes, and abilities necessary in the production of goods or the provision of services |
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Processes |
the procedures and policies pertaining to how an organizations product is provided and delivered |
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Physical evidence |
the tangible or visible touch points that are observable to customers in a business |
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International marketing |
the marketing of goods and services across national boundaries |
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globalization |
the increasing worldwide competition leading to a rise in international marketing |
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Piggybacking |
the use of the existing distribution channels of on domestic business by another home country business trying to sell a new product overseas |
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E-commerce |
the buying and selling of good and services through the internet |
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Business to business |
a type of e-commerce where a business trades with another business |
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Business to consumer |
a type of e-commerce carried out from a business to a particular end user who is usually the customer or consumer |
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Consumer to consumer |
a type of e-commerce that allows for transactions from one customer or consumer to another |
