trade and exchange wk 1 flashcards!

Marketing

Buying and Selling.

Business produce things – they want to sell them.

Consumers want things, so they buy them.

Buyer Behaviour

The study of how individuals make decisions to spend their available resources on consumption-related items.

Repeat-buying

repetitive consumer purchase of the same category or brand

High-involvement decisions

Purchasing decisions that have significant consequences and typically require more thought and consideration.

Loyal switchers

Consumers who maintain loyalty to a group of brands but switch between them based on various factors.

Marketing metrics

Measures used to evaluate the effectiveness of marketing actions and the performance of a brand.

Marketing mix

A business tool used to promote and sell a product, traditionally defined by the four Ps: Product, Price, Place, and Promotion.

Mental availability

The likelihood of a brand being recalled or thought of in buying situations.

Physical availability

The extent to which a product is actually available for purchase in a buying situation.

Customer needs and wants

The different requirements and desires that drive consumers to seek out and purchase products.

Sustainable marketing

Marketing that focuses on long-term success while considering environmental and social responsibility.

Target marketing

A strategy that involves identifying specific segments of the market and tailoring marketing efforts to reach those segments.

Heterogeneous buyers

Consumers who differ significantly in preferences, needs, and behaviors from one another.

Competitive memory interference

The phenomenon where a consumer's ability to recall a brand is diminished due to competing brands or advertising.

Polygamous loyalty

A consumer behavior where individuals exhibit loyalty to multiple brands within a product category.

Cognitive consideration

The process of actively thinking through and evaluating options before making a purchasing decision.

Market-based assets

Valuable business assets

like brand reputation, customer relationships, and market knowledge that help a company succeed.

Habitual behaviour

A purchasing decision-making process that relies on routine and established preferences rather than active evaluation.

without marketing there would be no…

…science do

double jeopardy law

smaller brands have far fewer customers and those consumers buy the brand slightly less often

mental availability

 the likelihood of a brand being noticed and/or thought of in buying situations

sustainable marketing

Marketing that focuses on long-term success while considering environmental and social responsibility.

Repertoire buying

ge

when customers regularly buy a range of products from the same brand or store. It shows customer loyalty and helps businesses keep them coming back .

By offering different products by complimenting eachother, it can help bussinesses encourage consumers to buy more.

heterogeneous customers

 consumers different from one another . Different experiences w brands , mental availability is different

• customers have different needs or preferences

Darwinian motivation

Darwinian motivations are the reasons why living things do what they do to keep life going.

• Survival: Stay alive!

• Reproduction: Make babies!

• investing in ones kins: Take care of your family so they do well too.

• reciprocity: Be nice to others so they are nice back.

sales funnel

awareness, interest, decision, action

brand attitude

if someone uses a brand, they are more likely to say nice things abt it tan someone who doesn’t use it.

And the more frequently they buy the brand, the more favourable they tend to be

evidence based marketing

Using data, research, and analysis to make informed marketing decisions that improve business performance.

most important measure for marketers

penetration

marketing mix

product, price, place, promotion - 4 P’s

repertoire

differeaent brands consumer buy within the category.

repeat buying

repetitive consumer purchase of the same category or brand

High involvement decisions

buying decisions have greater consequences than others - encouraging us to be more thoughtful

heterogeneous motivations

mass marketing or target marketing  (catered version for specific group of people)

market strategy

is a plan businesses use to promote and sell their products or services to the right customers.

trading

is the buying and selling of goods, services, or financial assets to make a profit

market economy

a system where businesses and individuals decide what to produce, how much to sell it for, and who to sell it to—without the government controlling prices or production.

Prices are set by supply and demand—if something is popular, its price goes up; if fewer people want it, the price drops.

specialisation

 Focusing on a specific task, product, or skill to improve efficiency and productivity.

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evidence based marketing

Using data, research, and analysis to make informed marketing decisions that improve business performance.

marketing science

The study of marketing using data, experiments, and research to understand consumer behavior and improve strategies.

marketing metrics

Numbers and data used to measure marketing success, like sales, customer growth, and engagement.

market based assets

Valuable business assets like brand reputation, customer relationships, and market knowledge that help a company succeed.

catego

category repertoire

 The set of brands a customer buys from within a product category.

loyalty

 A customer’s tendency to keep buying from the same brand.

repeat purchasing

when customers buy the same brand multiple times

differentiation

making a brand stand out from competitors do

double jeopardy

A marketing pattern where smaller brands have both fewer customers and lower loyalty.

polygamous loyalty

When customers buy from multiple brands instead of sticking to just one.

light buyer

A customer who buys a product or brand only occasionally.

choice situation

The moment when a customer decides which brand or product to buy.

brand attributes

 Features or qualities that define a brand, like price, style, or reputation.

probabilistic

based on probability

empirical

Based on real-world data and observations rather than theories.