Terminology
The activity and processes for creating, communicating, delivering, and exchanging offerings that have value for consumers
What is Marketing?
This type of Consumer Choice Factor involves planned or impulse buying, emotions, celebrations, advertisements
What is a Psychological Factor?
The process of dividing a market of potential customers into groups, or segments, based on different characteristics
What is Market Segmentation
This government organisation manages the complaint resolution process of the advertising self-regulation system in Australia.
What is Ad Standards?
This Market Pricing strategy involves charging the highest possible price in the short term to earn a high profit on each item sold and gradually decreasing the price in the longer term
What is Price Skimming?
This refers to any type of promotion, advertising or campaign that has been in use by companies for years, and that has a proven success rate
What is Traditional Marketing?
The Marketing Mix involves these 4P's
What are Product, Price, Place and Promotion?
The Market Segment which includes lifestyle, activity, interest, opinion, concerns, personality, values and attitudes
What is the Psychographic Segment (in Market Segmentation)
A method of direct marketing in which a salesperson solicits prospective customers to buy products or services over the phone
What is Telemarketing?
This type of marketing delivered electronically and is more cost-effective than traditional marketing
What is Digital Marketing?
A statement that explains how your business is different from everyone else in the market
What is a Unique Selling Proposition?
This sets out what a business wants to achieve from its marketing activities and must be consistent with overall aims and objectives of the business. They also provide an important focus for the marketing team.
What are Marketing Objectives?
Within Total Product Concept, this level comprises all the attributes offered in the actual product. Includes design of the product, packaging, quality levels, features and brand names
What is the Expected Product (out of Core, Expected, Augmented and Potential)
When you care enough to send the very best is the USP of this company
What is Hallmark?
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Marketers use this as a way of viewing a product as the total of value and benefits it provides to the customer
What is Total Product Concept?
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An emerging trend where savvy Snapchatters and YouTubers create digital content around products and brands
What is Social Influencing?
Once upon a time, people would tag it as snail mail and throw it out. But now, this scores on creativity, personalising and targeting a particular audience
What is Direct Mail?
This marketing discipline focused on growing visibility in non-paid search engine results and encompasses both the technical and creative elements required to improve rankings, drive traffic, and increase awareness in search engines
What is Search Engine Optimization (SEO)?
This government organisation promotes competition and fair trading and regulates national infrastructure to make markets work for everyone
What is the Australian Competition and Consumer Commission (ACCC)?
This type of external research focuses on information about any political, legal, economic, social and cultural issues or trends that can affect a business
What is Industry and Market Environment Research?
Each individual section of a PESTLE analysis
What is Political, Economic, Social, Technological, Legal and Environmental?
What company featured a now banned advertisement where a woman was depicted smashing an Easter bunny shaped pinata after receiving bad news about rising insurance premiums
What is iSelect?
This Market Price Strategy involves charging a very low price to generate higher sales volumes and meet sales objectives
What is Penetration Pricing?