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