definitions

• marke: the number of all actual and

  potential buyers of a product
• marketing plan: a document that

  lists activities aimed at achieving

  particular marketing outcomes in

  relation to a good or service. The

  plan provides a template for future

  action aimed at reaching marketing

  objectives, such as establishing a

  customer base.
• marketing: ‘the process of

  planning and executing the

  conception, pricing, promotion

  and distribution of ideas,

  goods and services to create

  exchanges that satisfy individual

  and organisational objectives’

  (American Marketing Association)
• customer base: the group of

  customers who might be expected

  to purchase a business’s goods and

  services
• market share: the business’s share

  of the total industry sales for a

  particular market or product
• product mix :the total range of

  products offered by a business
• customer service :responding to

  the needs and problems of the

  customer. Central to this response is

  making sure the desired product is

  delivered at the appropriate place at

  the right time
• sales analysis: uses sales data

  to evaluate the business’s

  current performance and the

  effectiveness of the marketing mix
• marketing profitability: analysis

  a method used by the business to

  break down its total marketing costs

  into specific marketing activities
• brand or brand identity :a name,

  term, symbol, design or any

  combination of these that identifies

  a specific product and distinguishes

  it from its competition
• marketing data :the information

  — usually expressed as facts and

  figures — relevant to the defined

  marketing problem
• primary data :the facts and

  figures collected from original

  sources
• survey :gathering data by asking

  questions or interviewing people
• secondary data: information that

  some other person or business

  has already collected
• internal data: information that

  has already been collected from

  inside the business
• external data: published data

  from outside the business
• statistical interpretation

  analysis: the process of focusing

  on the data that represent

  average, typical or deviations

  from typical patterns
• market segmentation :when the

  total market is subdivided into

  groups who share one or more

  common characteristic
• market dimensions: those broad

  elements that allow a potential

  market segment to be identified
• target market: a group

  of customers with similar

  characteristics who currently

  purchase the product or may do

  so in the future
• primary target market : the market

  segment at which most of the

  marketing resources are directed
• secondary target market: usually a

  smaller and less important market

  segment
• niche market: a narrowly selected

  target market segment
• consumer buying behaviour: the

  decisions and actions of consumers

  when they purchase goods and

  services for personal or household

  use
• psychological factors: influences

  within an individual that affect

  theirr buying behaviour
• motives: the reasons that

  individuals do something
• customer attitude: a person’s

  overall feeling about an object or

  activity
• personality: the collection

  of all the behaviours and

  characteristics that make up that

  person
• sociocultural influences: forces

  exerted by other people that affect

  customer behaviour
• peer group: a group of people with

  whom a person closely identifies,

  adopting their attitudes, values and

  beliefs
• culture: all the learned values,

  beliefs, behaviours and traditions

  shared by a society
• marketing mix: the combination of

  seven elements — product, price,

  place, promotion, people, physical

  evidence and process (the 7Ps) —

  that make up the marketing strategy
• product: a good, service,

  experience, idea or information

  that can be offered in an exchange

  for the purpose of satisfying a need

  or want
• product development: the

  creation of a product with new

  or different characteristics that

  offer new or additional benefits to

  customers
• product positioning: the

  development of a product image

  compared with the image of

  competing product
• brand name: that part of the brand

  that can be spoken
• brand symbol: or logo a graphic

  representation that identifies a

  business or product
• packaging : the development of a

  container and the graphic design for

  a product
• price : the amount of money the

  customer pays to be able to enjoy a

  product
• percentage mark-up: increase to

  the cost price by a fixed percentage

  to give the selling price