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Marketing Strategies
HSC Business Studies - Marketing Strategies
| Term | Definition |
|---|---|
| Extended Marketing Mix | Refers to the combination of people, processes and physical evidence with the four main elements of the marketing mix |
| Market Segmentation | Occurs when the total market is subdivided into groups of people who share one or more common characteristics. |
| Segmentation Variable | The characteristics of individuals or groups that are used by marketing managers to divide a total market into segments |
| Demographic Segmentation | The process of dividing the total market according to particular features of a population, including the size of the population, age, sex, income, cultural background and family size. |
| Geographic Segmentation | The process of dividing the total market according to geographic locations |
| Psychographic Segmentation | The process of dividing the total market according to personality characteristics, motives, opinions, socioeconomic group and lifestyles |
| Behavioural Segmentation | The process of dividing the total market according to the customers’ relationship to the product |
| Product/Service Differentiation | The process of developing and promoting differences between the business’s products or services and those of its competitor |
| Ethical Consumerism | Buying products that are not harmful to the environment, animals and society |
| Product/Service Positioning | The technique in which marketers try to create an image or identity for a product compared with the image of competing products |
| Total Product Concept | The tangible and intangible benefits (attributes) a product possesses |
| Brand | Name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition |
| Trademark | The brand name or symbol is registered and the business has exclusive right of use |
| Brand Symbol/Logo | The graphic representation that identifies a business or product |
| Manufacturer's Brand | National brands are those owned by a manufacturer |
| Private | House brand is one that is owned by a retailer or wholesaler |
| Generic Brands | Products with no brand name at all |
| Packaging | This involves the development of a container and the graphic design for a product |
| Price | The amount of money a customer is prepared to offer in exchange for a product |
| Cost-based Pricing | A pricing method derived from the cost of producing or purchasing a product and then adding a mark-up |
| Mark-up | A predetermined amount that a business adds to the cost of a product to determine its basic price |
| Supply | The quantity of a product businesses are willing to offer for sale at a particular price |
| Demand | The quantity of a product consumers are willing to purchase at a particular price |
| Market-based Pricing | A method of setting prices according to the interaction between the levels of supply and demand — whatever the market is prepared to pay |
| Competition-based Pricing | The price covers costs (cost of raw materials and the cost of operating the business) and is comparable to the competitor’s price |
| Price Leader | A major business in an industry whose pricing decisions heavily influence the pricing decisions of its competitors |
| Bundle Pricing | Customers gain a ‘package’ of goods and services in addition to the tangible good they purchased |
| Price Skimming | A business charges the highest possible price for the product during the introduction stage of its life cycle |
| Price Penetration | A business charges the lowest price possible for a product or service so as to achieve a large market share |
| Loss Leader | A product sold at or below cost price |
| Price Points | Selling products only at certain predetermined prices |
| Prestige / Premium Pricing | A pricing strategy where a high price is charged to give the product an aura of quality and status |
| Promotion | The methods used by a business to inform, persuade and remind a target market about its products |
| Promotion Mix | The various promotion methods a business uses in its promotional campaign |
| Advertising Media | The many forms of communication used to reach an audience |
| Personal Selling | The activities of a sales representative directed to a customer in an attempt to make a sale |
| Relationship Marketing | The development of long-term, cost effective and strong relationships with individual customers |
| Loyalty Program | A rewards based program offered by a business to customers who frequently make purchases |
| Sales Promotion | The use of activities or materials as direct inducements to customers |
| Premium | A gift that a business offers the customer in return for using the product |
| Publicity | Any free news story about a business’s products |
| Public Relations | Activities aimed at creating and maintaining favourable relations between a business and its customers |
| Channel | Any method used for carrying a message |
| Opinion Leader | A person who influences others |
| Place / Distribution | Activities that make the products available to customers when and where they want to purchase them |
| Distribution Channels / Marketing Channels | The routes taken to get the product from the factory to the customer |
| Market Coverage | The number of outlets a firm chooses for its product |
| Physical Distribution | Activities concerned with the efficient movement of the products from the producer to the customer |
| Inventory Control | A system that maintains quantities and varieties of products appropriate for the target market |
| Processes | The flow of activities that a business will follow in its delivery of a service |
| Physical Evidence | The environment in which the service will be delivered. It also includes the location of where the service is being provided and the materials needed to carry out the service such as signage, brochures, business cards, business logo and website |
| E-Marketing | The practice of using the internet to perform marketing activities |
| Social Media Advertising (SMA) | A form of online advertising using social media platforms |
| Reach | Measures the number of people exposed to the message |
| Frequency | Measures the average number of times someone is exposed to the message |
| Transnational Corporation | Any business that has production facilities in two or more countries and that operates on a worldwide scale |
| Global Branding | The worldwide use of a name, term, symbol or logo to identify the seller’s products |
| Standardised Approach | A global marketing strategy that assumes the way the product is used and the needs it satisfies are the same the world over |
| Customised / Local Approach | A global marketing strategy that assumes the way the product is used and the needs it satisfies are different between countries |
| Global Pricing | How businesses coordinate their pricing policy across different countries |
| Customised Pricing | Consumers in different countries are charged different prices for the same product |
| Tariff | A tax on an imported product. |
| Market-Customised Pricing | Sets prices according to local market conditions |
| Standardised Pricing | The practice of charging customers the same price for a product anywhere in the world |
| Competitive Positioning | How a business differentiates its products |
Created by:
holly.cohen2
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