SITXMPR404 Coordinate marketing activities

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Key Terms

Word or Term / Meaning
Copyright / Sole legal right to print, publish, film or record a literary, artistic or musical work
Logo / Printed symbol used by a corporation or business company as its emblem
Patent / An official document conferring a right or title, especially one giving the holder the sole right to make or use or sell an invention
Trademark / A manufacturer’s or trader’s registered emblem or name used to identify his goods
Market / Is the group or groups of potential buyers for the company’s products/services, and the particular influences resulting from the purchasing power that the potential buyers have and their buying behaviour
Market share / One company’s percentage share of the total industry sales in a given market
Marketing / A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others (Kotler, Bowen and Makens 1996)
Marketing Information system (MIS) / Consists of people, equipment and procedures to gather, sort, analyse, evaluate and distribute needed, timely and accurate information to marketing decisions makers (Kotler, Bowen and Makens 1996)
Marketing intermediaries / Re-sellers e.g. retail travel agencies and tour and ticket wholesalers
Marketing Mix / Defined as a combination of the four elements that form the basis of the marketing program in an organisation
Market research / A process that identifies and defines marketing opportunities and problems, monitors and evaluates marketing actions and performance, and communicates the findings and implications to management (Kotler, Bowen and Makens 1996)
Market segmentation / Refers to the act of dividing the entire market into distinct groups of buyers who might require separate products
Positioning / This is the process of establishing and maintaining a distinctive place in the market for an organisation and or its individual product offering. It positions the product in the mind of customer, in relation to other similar or same products
Positioning statement / Is a tool that helps marketers to define their position in a clear and concise way
Potential market / All those people who express an interest in a product or service
Primary research / This research conducted for a specific purpose. E.g. conducting a survey on behalf of a hotel chain to determine what consumer attitudes are to its competitors
Qualitative research / This research seeks in-depth information exploring the attitudes feelings and desires of the consumer. The questions may be structured but the answers may not .
Quantitative research / This term describes research that is conducted with large groups of people where in straight forward ‘yes’ / ‘no’ type questions are asked. Numerical estimates can be drawn from this type of research
Secondary research / Is the information obtained from existing data which may have already been gathered e.g. a government census
Selling / The process of persuading a customer to make a purchase
Target market / Involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments

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