U2 AOS2 - Marketing

U2 AOS2 - Marketing

Marketing

Is the process of implementing strategies to price, promote, and distribute products to current and potential customers.

Customer Base

Is a group of consumers who continuously purchase goods and services from a business.

Business Objective

Are the goals a business intends to achieve

Internal Environment

involves factors within a business that a business has control over.

Corporate Culture

Is the shared values and beliefs of a business and its employees.

Operating Factors

Are the primary external factors impacting a business which it has some control over.

Macro Factors

Are social, legal, technological, and economic conditions that a business operates in and has no control over.

Market research

Is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.

Market dimensions 

Are an indication of the total number of potential customers who could purchase a product from a business in a particular market

Market Segementation

is the process of dividing a market into different groups of consumers that share similar characteristics

Target Market

Is a specific group of consumers that a business aims its marketing efforts towards

Consumer behavior

Is the actions of those who purchase goods and services for consumption.

Consumer Trends

Are developed patterns in consumer behaviours, attitudes, and values.

Product

Is a good or service that is offered to consumers to satisfy a need or want.

Price

Is the amount that a customer pays for a good or service

Place

Is an element of the marketing mix relating to how a business distributes its product to customers

Promotion

Is the marketing communications used by a business to inform, promote, and remind its target market about its product

People

Are the individuals that influence a customer’s perception of a business and its products.

Physical Evidence

Is the environment in which the business and customer interact.

Process

Is the procedure set in place throughout the entire customer purchasing experience at a business.

Product Life Cycle

Is a series of stages that a product will pass through from the moment it is introduced to the market until it becomes obsolete or replaced.

Customer Relations

Is the way a business creates, builds, and maintains customer relationships.

Quality Customer Service

Is a business consistently going above and beyond expected performance to ensure customers are satisfied with their experience.

Customer Loyalty Programs

Are marketing initiatives that enable customers to gain benefits for frequently purchasing from a business

Technological Developments

Are the invention and innovation of tools that solve problems and enhance processes

Social Media

Is the online platforms that can be used to connect with others and share content.

Email Marketing 

Is the process of sending personalized electronic messages to existing customers to promote a business’s goods and services.

Search Engine Optimization

Is a process used by businesses to ensure their website ranks higher in search results when customers search for goods or services related to the business online.

Artificial Intelligence

Is software that is able to mimic the behavior of humans.

Data Analytics 

Is the process of examining information that has been collected by businesses in order to draw conclusions and make effective decisions.

Management of Data

Is the practice of collecting, organising, using, and storing data securely so businesses can use this information to make effective decisions.

Public Relations

Is communicating an intended message to the public to create and sustain a positive business reputation.

Planned Public Relations

Is a business proactively communicating intended messages to various publics

Crisis

Is a business reactively communicating to various publics in response to an issue that can negatively affect its reputation.

Corporate Social Responsibility

Is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions

Is an advertising strategy that involves highlighting the environmental benefits of a good or service

Green Marketing

Is an advertising strategy that involves highlighting the environmental benefits of a good or service

Customer Privacy

Is the administration and protection of sensitive, personal information that customers provide during their interactions and transactions with a business