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business topic five

Terms in this set (62)

advertising media
the many forms of electronic and print communication used to reach an audience
advertising
a paid, non-personal message communicated through a mass medium
brand
a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition
brand name
that part of the brand that can be spoken
brand symbol or logo
a graphic representation that identifies a business or product
consumer buying behaviour
the decisions and actions of consumers when they purchase goods and services for personal or household use
crisis communication plan
outlines the policies and procedures to follow when handling unfavourable publicity and news personnel when a crisis occurs
culture
all the learned values, beliefs, behaviours and traditions shared by a society
customer attitude
a person's overall feeling about an object or activity
customer base
the group of customers who might be expected to purchase a business's goods and services
customer service
responding to the needs and problems of the customer. Central to this response is making sure the desired product is delivered at the appropriate place at the right time.
distribution channels
the routes taken to get the product from the factory to the customer
diversification
when businesses vary their range of products or their field of operations
e-marketing
the practice of using the internet to perform marketing activities
exports
goods or services sold by one country to individuals, businesses or governments in another country with the aim of extending sales and market penetration
external data
published data from outside the business
image
how a business is perceived by the world at large, especially consumers
internal data
information that has already been collected from inside the business
market
the number of all actual and potential buyers of a product
market coverage
the number of outlets a business chooses for its product
market dimensions
those broad elements that allow a potential market segment to be identified
market segmentation
when the total market is subdivided into groups who share one or more common characteristic
market share
the business's share of the total industry sales for a particular market or product
marketing
'the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives' (American Marketing Association)
marketing data
the information — usually expressed as facts and figures — relevant to the defined marketing problem
marketing mix
the combination of seven elements — product, price, place promotion, people, physical evidence and process (the 7Ps) — that make up the marketing strategy
marketing plan
a document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service. The plan provides a template for future action aimed at reaching marketing objectives, such as establishing a customer base
marketing profitability
analysis a method used by the business to break down its total marketing costs into specific marketing activities
materialism
an individual's desire to acquire more possessions
media
the assorted public relations communication strategies available to convey the image to the selected publics
motives
the reasons that individuals do something
niche market
a narrowly selected target market segment
non-store retailing
retailing activity conducted away from the traditional store
packaging
the development of a container and the graphic design for a product
peer group
a group of people with whom a person closely identifies, adopting their attitudes, values and beliefs
percentage
mark-up increase to the cost price by a fixed percentage to give the selling price
personal selling
the activities of a sales representative directed to a customer in an attempt to make a sale
personality
the collection of all the behaviours and characteristics that make up that person
price
the amount of money the customer pays to be able to enjoy a product
primary data
the facts and figures collected from original sources
primary target market
the market segment at which most of the marketing resources are directed
product
is a good, service, experience, idea or information that can be offered in an exchange for the purpose of satisfying a need or want
product mix
the total range of products offered by a business
product life cycle
the stages a product passes through: introduction, growth, maturity, decline and extension
product placement
the inclusion of product advertising in entertainment
product positioning
the development of a product image compared with the image of competing products
promotion
the methods used by a business to inform, persuade and remind a target market about its products
promotion mix
the promotion methods a business uses in its promotional campaign. Methods include personal selling, advertising, and publicity and public relations.
psychological factors
influences within an individual that affect his/her buying behaviour
public relations campaign
a series of public relations activities undertaken to achieve a specific objective
public relations
the planned and sustained effort to establish and maintain goodwill and mutual understanding between a business and its publics. It involves the activities aimed at creating and maintaining favourable relations between a business and its publics.
publicity
any free news story about a business's products or services
publics
groups that the business interacts with and that have a vested interest in, or impact on, the business's ability to achieve its objectives
quote
an estimate of the costs involved with an individual job, plus a certain amount so the business makes a profit
risk management
the process of identifying the risks to which a business is likely to be exposed and determining the best way to deal with them
sales analysis
uses sales data to evaluate the business's current performance and the effectiveness of the marketing mix
secondary data
information that some other person or business has already collected
secondary target market
usually a smaller and less important market segment
sociocultural
influences forces exerted by other people that affect customer behaviour
statistical interpretation analysis
the process of focusing on the data that represent average, typical or deviations from typical patterns
survey
gathering data by asking questions or interviewing people
target market
a group of customers with similar characteristics who currently purchase the product or may do so in the future
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