Wednesday, 8 May 2024, 12:05 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
Customer OrientationCustomer orientation stage, where the company conducts applied research through utilising various methods such as focus groups, and the internet to determine what the needs of the consumers are, thereafter produce products to satisfy those needs. |
Marketing Communications MixThe integrated communications mix has seven elements: Advertising refers to any paid- for, non- personal communication about a product or service. Direct marketing occurs when the organisation communicates directly with the customer to get a response. The internet is used for direct interactive communication with the customer.
Sales promotion is marketing activities that provide extra incentives to the salesforce, the distributors or the consumer, it aims to be to stimulate an immediate response. Publicity is non-personal information about the organisation, although the organisation will probably spend money on it, and it is carried out by an identifiable sponsor. Public relations aim to change customer attitude, and garner understanding and acceptance from the public. Personal selling is face-to-face selling to inform or persuade the customer to purchase the product or service. |
FAB MethodFAB stands for : Feature, Advantage and Benefit. Features refer to the physical characteristics of the product, such as the size, shape and colour. Advantages refer to the performance characteristics of the product, such as that a cell phone can receive emails. Benefits refer to the favourable result that the buyer obtains from using the product, such as the cell phone providing the user with the freedom of receiving emails at home and not needing to be in the office at all times. |
Sell SequenceThe SELL sequence is a selling technique that helps the salesperson to stress product benefits that would satisfy the needs (wants) of the customer. |
Decision-makingThe process or action of making a decision, it involves identifying alternatives and then choosing the course of action. |
High Involvement – Low InvolvementWith high involvement consumers go through a extensive process of consideration before making a decision, low involvement the cosumer risk is low as the product or service is inexpensive - this makes the dicision to purchase easier. |
Maslow’s Hierarchy of Needs ModelA useful way to understand consumers’ motives is to use Maslow’s hierarchy of needs model. This hierarchy of needs is a psychological theory created by Abraham Maslow in his 1943 paper "A therory of human motivation" it explores the reasons why people make the desisions they make. |
CommunicationCommunication is any form of exhanging information by speaking and writing or any other methods. It is sharing information. |
ListeningWhen you listen you give your attention to something that is being said. |
PersuadeTo convince someone of your argument or reasoning. |