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Sunday, 19 May 2024, 11:15 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Marketing Communications Mix

The 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.

Marketing Concept

Van Heerden and Drotsky (2018) highlight that the marketing concept is a philosophy and a way of doing business that is based upon consumer demand. It is driven by what consumers want and need, and then products are developed and sold in order to satisfy these demands.

Marketing Research

Is the process that provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process.


Marketing Segmentation

Is the process of dividing a market of potential customers into groups, or segments, based on different characteristics.


Maslow’s Hierarchy of Needs Model

A 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.

Maximum Prices

Maximum prices refer to the maximum price producers can charge, also known as a price ceiling.

Means

Means are resources or inputs used in the production process, example natural resources.

Mergers

Occur when two separate entities combine forces to create a new, joint organisation.

 


Micro Environment

Factors or elements in a company’s immediate area of operations that affect performance and decision-making abilities.  These factors include competitors, customers, distribution channels,  suppliers and so forth.  

Microeconomics

Microeconomics is the study of individual entities in the economy, example a firm.