Marketing Management

(Past Papers Definitions)

 Business Products
• Business products are the things companies
sell to make money. In other words, business
products are the goods and services that people
want to buy to furnish their homes, run their
own businesses, supply their schools,
churches, stadiums and factories, and generally
keep the world moving forward.
 Product Life Cycle
• Product life cycle is the course of a product’s
sales and profit over time.
• Product life cycle deals with life of a product
in the market with respect to the business,
commercial and sales measures.
• The four stages of product life cycle are:
Introduction, Growth, Maturity and Decline.
• Every product has a life cycle and time spent
at each stage differs from product to product.
 Brand
• A brand is a name, term, design, symbol, or
other feature that distinguishes an organization
or product from its rivals in the eyes of the
customer. Brands are used in business,
marketing, and advertising.
 Marketing Research
• The process of gathering, analyzing and
interpreting information about a market, about
a product or service to be offered for sale in
that market, and about the past, present and
potential customers for the product or service;
research into the characteristics, spending
habits, location and needs of your business's
target market, the industry as a whole, and the
particular competitors you face.
Micro Environmental Analysis
• The micro environment analysis includes the
analysis of all those micro factors that affect
business strategy, decision making and
performance.
• Micro environment factors include customers,
suppliers, competitors, employees,
shareholders and media.
 Post Purchase Evaluation
• Post purchase evaluation is the quick mental
assessment of a product by a consumer after
purchase.
• In this stage, consumer assesses whether he is
satisfied or dissatisfied with a purchase.
 System Buying
• System buying is the buying a complete
solution to a problem or need rather than a
number of component parts; for example, an
organization may purchase an entire
accounting system from one supplier rather
than computers from one supplier, software
from another, staff training from another, and
so on.
 Consumer Shopping Products
• Consumer shopping products are consumer
products that the customer usually compares
on attributes such as quality, price and style in
the process of selecting and purchasing.
 Product Positioning
• Product positioning is an important element
of a marketing plan. Product positioning is
the process marketers use to determine how to
best communicate their products' attributes to
their target customers based on customer
needs, competitive pressures, available
communication channels and carefully crafted
key messages.
 Private Brand
• A private brand is a consumer product that is
developed exclusively for a specific retailer for
sale in its store. Common examples of private
brands include store brand groceries, textiles,
and medical products. ... Successful private
brands require selecting the right products,
competitive pricing, and strong marketing.
 Indirect Distribution
• A chain of intermediaries through which a
product moves in order to be made available
for purchase by a consumer.
An indirect channel of distribution typically
involves a product passing through additional
steps as it moves from the manufacturing
business via distributors to wholesalers and
then retail stores.
 Sales Promotion
• Sales promotion is the process of persuading
a potential customer to buy the product. Sales
promotion is designed to be used as a short-
term tactic to boost sales – it is rarely suitable
as a method of building long-term customer
loyalty. Some sales promotions are aimed at
consumers.
 Team Selling
• Team selling is a sales strategy that involves
two-plus members of an organization working
together to win business. For example,
Marketing, Sales, and Sales Support may
collaborate to close a major account. ...
Inbound sales is all about the customer, and the
sales process works best as a team sport.
Marketing Information System
• The Marketing Information System refers to
the systematic collection, analysis,
interpretation, storage and dissemination of the
market information, from both the internal and
external sources, to the marketers on a regular,
continuous basis.
 PEST Analysis
• PEST Analysis is a simple and widely used
tool that helps you analyze the Political,
Economic, Socio-Cultural, and Technological
changes in your business environment.
• A PEST analysis examines how external
factors can affect a business's activities and
performance.
 Opinion Leader
• An opinion leader is a well-known individual
or organization that has the ability to influence
public opinion on the subject matter for which
the opinion leader is known. Opinion
leaders can be politicians, business leaders,
community leaders, journalists, educators,
celebrities, and sports stars.
 Product Mix
• The Product Mix also called as Product
Assortment, refers to the complete range of
products that is offered for sale by the
company. In other words, the number
of product lines that a company has for its
customers is called as product mix.
 Segmentation
• Market segmentation is the process of
dividing a market of potential customers into
groups, or segments, based on different
characteristics. The segments created are
composed of consumers who will respond
similarly to marketing strategies and who
share traits such as similar interests, needs, or
locations.