The role of marketing
A total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers.
What is Marketing?
Refers to the decisions and actions of customers when they search for, evaluate, select and purchase goods and services.
What is Customer choice (buying behaviour)?
Is a paid, non-personal message communicated through a mass medium.
What is Advertising?
Refers to the combination of people, processes and physical evidence with the four main elements of the marketing mix.
What is the extended marketing mix?
Consists of wholesalers and retailers who purchase finished products and resell them to make a profit.
What is the intermediate market?
The maximum difference between the total revenue coming into the business and total costs being paid out.
what is Profit maximisation?
Is the collection of all the behaviours and characteristics that make up that person.
What is personality?
The acronym ------ will help you remember the steps involved in developing a marketing plan.
What is SMEIDI?
Is the characteristics of individuals or groups that are used by marketing managers to divide a total market into segments.
What is segmentation variable?
The process of putting the marketing strategies into operation
What is implementation?
A document that lists activities aimed at achieving
particular marketing outcomes in relation to goods or services. The plan provides a template for future action aimed at reaching business goals, such as profit maximisation.
What is a marketing plan?
Are forces exerted by other people and groups
that affect an individual’s buying behaviour.
What are Sociocultural influences?
Is an individual’s desire to constantly acquire possessions.
What is Materialism?
Refers to the technique in which marketers try to create an image or identity for a product compared with the image of competing products.
What is Product/service positioning?
Sales analysis
Market share analysis
Marketing profitability analysis
What are some KPI's used to measure success?
Refers to the mutual dependence that the key
business functions have on one another.
What is Interdependence?
Involves advertising a few products at reduced and, therefore, enticing prices to attract customers. When the advertised products quickly run out, customers are directed to higher priced items.
What is Bait and switch advertising?
Is a system by which a business or industry controls its own activities rather than being publicly regulated by an outside organisation such as the government.
What is self-regulation?
Occurs when a business charges the highest possible price for the product during the introduction stage of its life cycle.
What is Price skimming?
The price is set according to what the market (customers) are willing to pay. This method relates to the supply and demand (e.g. high demand means customers are willing to pay more).
What is Market-based pricing?
Refers to the process of collecting information from
customers and basing marketing decisions and practices on customers’ wants and interests.
What is Customer orientation?
This occurs when one person or business trades with another and then imposes restrictions on them.
What is Exclusive dealing?
Is the comparing of actual sales with forecast sales to determine the effectiveness of the marketing strategy.
What is Sales analysis?
Are those activities aimed at creating and maintaining favourable relations between a business and its customers.
What is Public relations (PR)?
This occurs when the business wishes to saturate the market with its product. Customers can shop at local outlets and be able to purchase the product.
What is Intensive distribution?