Term
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Definition
| Total ystem of interacting activities designed to plan, promote, price and distribute products to present and potential customers |
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Term
| Four main features of marketing ? |
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Definition
1- A wide range of activities
2-Directed at a wide range of goods, services and ideas
3- Stresses the importance of satisfying exchanges
4-is not limited to the activites of the business |
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Term
| What is the strategic role of marketing ? |
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Definition
To translate the business goal of profit maximisation into reality through a marketing plan |
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Term
| What is a Marketing plan ? |
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Definition
A document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services.
A template for future action to achieve business goals, such as profit maximisation |
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Term
| The business plan should focus on short and long term planning for three reasons ? |
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Definition
1 - outline strategies to bring buyer and seller together - where ? who ? why? how often ?
2- Core of marketing is satisfying customer wants - which leads to repeat sales - create customer base
3 - Marketing is a revenue function. |
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Term
| What is the marketing concept ? |
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Definition
| A philisophy that states all sections of the business are involved in satisfying customer needs and wants WHILST achieving business goals |
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Term
| What are the Three approuches to marketing ? |
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Definition
1- Production - focused on the production of products
2- Sales approach- Empashised selling due to increased competition
3- Marketing stage one- Focused on market research and and then satisfying the need.
Stage two - CSR- Customer orientation - Relationship marketing |
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Term
| What is customer orientation ? |
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Definition
| - collecting information from customers and basing Marketing practises on customers wants and interests |
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Term
| What is relationship marketing ? |
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Definition
| - Thee development of long term and cost effective relationships with individual customers |
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Term
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Definition
- A group of individuals or organiseations or both that:
*Needs/wants
*Have purchasing power
*Willing to spend money to obtain the products
*Socially and legally authorised to purchase the product |
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Term
| What are the 6 main types of markets ? |
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Definition
Resource
Industrial
Intermediate
Mass
Consumer
Niche |
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Term
What is the resource market ?
What is the Industrial market ? |
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Definition
- thoes involved in all forms of primary production
- Thoes involved in purchasing products to use in the production of other products or in daily operation |
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Term
What is the intermediate market ?
What is the Consumer market ? |
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Definition
- Wholesalers and retailers that purchase a finished product and resell it
- members of a household that plan to consume to products they buy |
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Term
What is Mass market ?
What is Niche market ? |
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Definition
- Mass produce/ Mass distribte to one buyer asuming they have the same needs- electricity / milk/ water
- A narrowly selected market segment / micro market /concentrated
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