Elements of Marketing Flashcards

Flashcards covering key vocabulary and concepts from the lecture notes on Elements of Marketing (MKT111/MKT201).

Marketing

The business function that identifies customers' needs and wants, determines which target markets the organization can serve best, and designs appropriate products, services, and programs to serve these markets.

Needs

States of felt deprivation, including basic physical needs for food, clothing, shelter, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression.

Wants

Desires for specific satisfiers of deeper needs, continually shaped and reshaped by social forces and institutions.

Demands

Wants for specific products that are backed up by an ability and willingness to buy them.

Product

Anything that can be offered to someone to satisfy a need or want, including objects, services, activities, persons, places, organizations, or ideas.

Exchange

The act of obtaining a desired object from someone by offering something in return.

Relationship Marketing

A process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.

Market

A set of all actual and potential buyers of a product or service, sharing particular needs or wants that can be satisfied through exchange.

Marketer

Someone seeking a resource from someone else and willing to offer something of value in exchange, acting as both buyer and seller.

Marketing Concept

A business philosophy stating that consumer satisfaction is the economic and social justification for a firm's existence.

Consumerism

An organized movement of citizens and government aimed at strengthening the rights and power of buyers in relation to sellers.

Merchandising Function

Product planning, standardization and grading, buying and assembling and selling.

Physical Distribution

Storage and transportation of goods.

Auxiliary Function

Marketing finance, risk-bearing, and market information.

Micro-environment

Variables known as controllable variables that are internal activities of the enterprise , like product, price, promotion and distribution/place

Market Environment

Variables that are external that will influence the enterprise, which makes it imperative for management to react to opportunities and threats, like consumers, competitors, inermediaries and suppliers

Macro-environment

Variables directly or indirectly influence the enterprise and its market environment that the enterprise cannot always control like, technological, economic, social, natural/physical, institutional/political, international environment.

SWOT Analysis

Analysing the enterprise's strengths and weaknesses, as well as the opportunities and threats that exist in the environment.

Consumer Goods

Products that are used by ultimate consumers or households and in such form that they can be used without further commercial processing.

Industrial Goods

Products classified as either installation, equipment, tools and accessories, raw materials, semi-processed components and parts, consumables and operating supplies.

Convenience Products

Standardized products and services usually of low unit values that consumers wish to buy immediately as needs arise and with little buying efforts (e.g. Soaps, newspapers, toothpastes, cigarettes, etc.).

Shopping Goods

Goods which are purchased after going around shops and comparing the different alternatives offered by different manufacturers and retailers (e.g. clothing, household appliances, and furniture).

Specialty Goods

Products that consumers insist on having a specific brand and are willing to wait until the right products are available before they buy them (e.g. cars, jewellery, fashion clothing, photocopy machines, and cameras).

Unsought Goods

Goods that people do not seek, either because they did not plan ahead to buy them or they did not know about their existence before they saw them on displays at the point of purchase (e.g. life insurance, encyclopedia, and blood donation to the Red Cross Society).

Installation

Major capital items that form the main assets of production firms (e.g buildings, heavy manufacturing machines, computers, etc.).

Equipment, Tools and Accessories

Usually standardized items that are used by a wide range of industrial users (e.g typewriters, hand tools, filing cabinets, and air conditioners).

Raw Materials

Form the major parts of the finished items that go through the production line to make up the finished items (e..g the raw materials of agricultural products, mining products, forestry products, sea and water products).

Semi-Processed Components and Parts

Also form part of the finished items, although some of them are finished items already like buttons for shirts, radio and batteries for cars.

Consumables and Operating Supplies

Convenience items of industrial products that are used to aid the running and maintenance of the organization's equipment and for keeping the organizations and their machines in proper shape (e.g. stationery, fuel, water, grease, etc).

Channel of distribution

The route taken by the title to the ultimate consumer or industrial users'.

Retailing

All the marketing activities carried out by the retailers, aimed to satisfy the consumers' demands while making profits.