Chapter 11 Marketing Function Grade 11+12

4 Ps of Marketing

A framework for developing marketing strategies, including Product, Price, Place, and Promotion.

Consumer Protection Act (CPA)

South African legislation aimed at protecting consumers from unfair business practices and promoting fair competition.

International Marketing

The process of promoting and distributing products or services to customers in foreign markets.

E-Marketing

Using electronic media and the internet to market products and services.

Brand Name

A name given by a producer to a product.

Target Market

A specific group of consumers at which a product or service is aimed.

Pricing Policy

How a business sets the prices of its products based on cost, demand, and competition.

Profit Margin

The portion of the selling price that contributes to gross profit.

Mark-Up

The amount added to the cost price of goods to cover overheads and profit.

Skimming Pricing

A pricing strategy where a firm charges the highest initial price that customers are willing to pay and then lowers it over time.

Penetration Pricing

Setting a low price to enter a market and attract customers quickly.

Sales Tactic

Strategies used to entice customers to buy products, e.g., Bait and Switch.

Advertising Regulatory Board (ARB)

The self-regulatory body responsible for managing and enforcing advertising standards in South Africa.

Ethical Marketing

Marketing practices that adhere to moral principles and promote honesty and fairness.

Franchising

A business model where a franchisor allows a franchisee to operate under its established brand and systems.

Consumer Buying Decision

The process influenced by psychological, socio-cultural, and economic factors that lead to a purchase.

Service Marketing

The marketing of services rather than products, focusing on customer interactions and experiences.

Brand Extension

Introducing new products under an existing brand name to leverage its reputation.

Brand Stretching

Expanding a brand into entirely new product categories or markets that differ from original offerings.

Stimulus-Response Model of Buyer Behaviour

A psychological framework describing how external stimuli trigger responses in consumers.

Living Standards Measure (LSM)

A segmentation tool classifying the population based on living standards in South Africa.