HSC Business Studies Marketing
User
Individual/organisation who will use the product once purchased
Marketing
The process of developing a product and implementing a series of strategies aimed at correctly promoting price and distribution of products to a core group of consumers
Customer orientation
a belief that every aspect of a business' operations must be aimed at delivering, improving and maintaining the highest standard of customer satisfaction. E.g. Westpac motto 'we're for you'
Niche Market
a smaller section of a larger market segment. E.g. biodynamic foods
Market segments
an area of a particular market e.g. runners (segment of shoe market)
Production orientation
based on the theory that consumers will purchase high quality product, ensuring success
Learning
changes in attitude as a result of an experience using a product, greater awareness etc.
Buyer
defined as the individual or organisation that purchases a product
Behavioural segmentation
dividing a market based on people's knowledge of, attitude towards and use of a product.ased on consumers' lifestyle, personality, values and interests
Psychographic segmentation
dividing a market into smaller markets
Geographic segmentation
dividing a market/customer group into smaller markets based on different geographic locations - nations, states, local
Demographic segmentation
dividing market into smaller markets based on: Age, Gender, Income
Selling orientation
emphasis placed on strategies aimed at convincing consumers of the need to purchase a product
Beliefs/attitudes
ethnicity, religion, political beliefs, social issue all effect purchase decisions
Sales analysis
examination of the sales of a particular products among different customer groups
Surveys
gathering primary information by asking a number of people the same questions o Could be about knowledge, attitudes, preferences, buying behaviour o E.g. recognition of brand and promotions - effectiveness of marketing campaign
Personality
how others perceive the goods effect
Perception
image a product has in the mind of the consumer
Lifestyle
marketing must know lifestyle of consumers as it alters demand
Packaging
physical appearance of the good
Observational research
process of gathering primary data by observing relevant groups of people, their actions and how they respond to particular situations o E.g. researchers for department store may observe the number of people that stop and look at a display counter - how they respond to lighting, sound etc.
Marketing orientation
recognising the importance of developing an integrated approach to selling a product including price, product, place and promotion
Secondary data
refers to information that already exists and has already been collected for another purpose. E.g. Tourism NSW compares earlier market research with current data
Primary data
refers to information that is collected for the specific purpose which it is used for. E.g. Tourism NSW determining tourist numbers - gathered for a specific purpose
Positioning
the image that a product has in the mind of the consumer, one product against another.
Relationship marketing
the process of building and maintaining long term relationships with customers. E.g. discount cards, build friendship, other loyalty programs
Experimental research
the process of gathering primary data by selecting a group of people and observing their behaviour based on different conditions - examine how people react to different products and features. o E.g. beauty products
Branding
the reputation that a business or product has developed over time.
Mass market
where the products are aimed at all consumers. E.g. petrol, water, electricity