Business Studies · Ch 6 — Marketing
Key Terms
Key Terms
- Marketing: The performance of business activities that direct the flow of goods and services from producers to consumers — broader than mere shopping or selling, and not merely a post-production activity.
- Marketing Management: Planning, organising, directing and controlling the activities that facilitate exchange of goods and services between producers and consumers, so as to achieve desired exchange outcomes with the target market.
- Marketing Mix: The set of controllable tools — Product, Price, Place, and Promotion (the four Ps) — that a firm blends to achieve its marketing objectives in a target market.
- Consumer Product: A product purchased by the ultimate consumer or user for satisfying personal needs and desires, not for resale or business use.
- Convenience Product: A consumer product purchased frequently, immediately, and with the least time and effort, such as toothpaste or a newspaper.
- Shopping Product: A consumer product for which the buyer devotes considerable time to compare quality, price, and style across several stores before purchase, such as clothes or furniture.
- Brand: A name, term, sign, symbol, design, or combination of these, used to identify the goods or services of one seller and differentiate them from competitors.
- Trade Mark: A brand, or part of a brand, that has been given legal protection, giving the registering firm the exclusive right to use it.
- Labelling: Designing and developing the label to be put on a product's package, ranging from a simple tag to complex graphics.
- Channels of Distribution: The route or intermediaries — such as wholesalers and retailers — through which goods and services move from producer to consumer.
- Physical Distribution: The physical handling and movement of goods from the place of production to the place where customers need them, covering order processing, transportation, warehousing, and inventory control.
- Promotion Mix: The combination of promotional tools — Advertising, Personal Selling, Sales Promotion, and Publicity — that an organisation uses to achieve its communication objectives.
- Advertising: A paid, impersonal form of communication about a product or service, undertaken by an identified sponsor through media such as newspapers, magazines, television, or radio.
- Personal Selling: The oral presentation of a message in the form of a conversation with one or more prospective customers, for the purpose of making a sale. …