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E1 > 10: The Finance Function and Sales and Marketing > Flashcards

10: The Finance Function and Sales and Marketing Flashcards

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1
Q

marketing

A

process of planning and executing the concepts of pricing, promotion and distribution of ideas/good/services to create exchanges satisfying individual and organisational objectives

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2
Q

strategic marketing

A

tied with the long-term corporate-wide approach

identifying products/services we want to operate in

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3
Q

tactical marketing

A

about the particular elements of the marketing mix itself

playing with price, promotion or product offering

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4
Q

business-to-consumer (B2C) markets

A

consumers are those who use the products

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5
Q

business-to-business (B2B) markets

A

dealing with professional buyers

selling to those who aren’t physically/individually using the products

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6
Q

marketing orientation

A

activities centred on satisfying needs/wants of customers

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7
Q

production orientation

A

ability to produce quicker/efficiently gives an edge in the marketplace for a homogenous/undifferentiated good/service

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8
Q

sales orientation

A

belief that sales is key

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9
Q

product orientation

A

focus on product development and products that sell themselves

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10
Q

2 approaches to marketing

A

pull approach - creating a desire/need for the product

push approach - getting the products/service out

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11
Q

marketing environment

A
  1. macro environment
  2. micro environment
  3. internal organisational factors
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12
Q

7Ps of the marketing mix

A
  1. product
  2. price
    - cost, customer, competition
  3. place
    - channel, logistics
  4. promotion
    - attention, interest, desire, action (AIDA)
  5. people
  6. processes
  7. physical evidence
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13
Q

perceived quality pricing

A

pushing price up to associate quality/luxury

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14
Q

new product pricing

A

price high to market skim or price low to get the product off the ground?

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15
Q

multiple products

A

bundling goods together to create more value

some aspects/elements sold as loss leaders

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16
Q

market penetration

A

buy market share by reducing prices

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17
Q

market skimming

A

used with new technologies

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18
Q

early cash recovery

A

launching a new product and selling cheaply to stimulate demand to pay back money invested

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19
Q

dynamic pricing

A

prices changing in line with demand

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20
Q

target pricing

A

thinking about price during design to achieve a particular return on investment

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21
Q

price leadership/predatory pricing

A

being the cheapest in the industry which is a powerful marketing tool

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22
Q

captive product pricing

A

idea that you buy 2 products and you buy the 1st cheap but the subsequent purchases are expensive

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23
Q

psychological pricing

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A

easier to sell goods at 99p rather than $1

24
Q

marketing vs service organisations

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A

outputs are intangible

no storage

heterogeneity

inseparability

no transfer of physical property

25
promotion mix
mix of the blend of different promotional tools that are considered appropriate when following a specific marketing campaign
26
approaches to promotion
mass media - same communication method to an entire market segment personal and interactive - two-way communication between sales and the customer personal and direct - one-way communication from the seller to the customer
27
market research
process of gathering, recording, analysing and reporting data/information relating to the company's market, customers and competitors
28
market segmentation
subdividing of a market into distinct and increasingly homogenous subgroups of customers, where any subgroup can conceivably be selected as a target market to be met with a distinct marketing mix
29
family life cycle segmentation
bachelor - disposable income, interest in fashion/cars/holidays newly married - well-off, consumption of durable goods (cars/furniture/holidays) full nest (i) - low liquid assets, low savings, buying things for children full nest (ii) - better off, less influenced by advertising full nest (iii) - salaries going up, durables like furniture, luxury appliances, recreational goods empty nest (i) - satisfied with financial situation, spending on things for enjoyment (travel, luxuries, home improvements) empty nest (ii) - retirement so drastic cut in income, less mobility, purchases of medicine/health aids, etc.
30
segment validity
measurable, accessible, substantial and stable
31
market targeting
target markets are markets/segments selected for special attention and possibly served with a distinct marketing mix
32
market positioning
how customers perceive a brand/product relative to other brands/products
33
Ansoff matrix
existing product existing market - market penetration existing product new market - market development new product existing market - product development new product new market - diversification
34
positioning strategies (Porter)
low cost broad target - cost leadership low cost narrow target - cost focus high cost broad target - differentiation high cost narrow target - differentiation focus
35
perceptual mapping
looking at different factors like price and quality alongside each othr
36
direct marketing
zero level channel getting message directly to people
37
indirect marketing
using someone else's message to get your message embedded
38
guerrilla marketing
taking people by surprise and creating a buzz
39
viral marketing
setting up thing that grow/spread quickly and can be shared
40
interactive marketing
relies heavily on information systems personalised experience from cookies, etc.
41
experiential marketing
customers engage with personality of brands and are loyal
42
search engine marketing
dominating early search results
43
digital marketing and social media marketing
advertisements on social media
44
relationship marketing
building long-term loyalty and relationships with customers
45
postmodern marketing
keeping marketing flexible to create an individualised experience
46
product development
1. design and development of a new product/service satisfying customer/market needs 2. alteration of an existing product/service or how it is presented to the market
47
process of product development
1. customer needs 2. screening 3. design 4. time-to-market 5. testing
48
levels of product
core/generic products augmented products - enhancing the product expected products potential products
49
BCG matrix
assessing portfolio through relative market share and market growth rates high market share high market growth - star / hold high market share low market growth - cow / harvest low market share high market growth - question mark or problem child / build low market share low market growth - dog / divest
50
product life cycles (PLC)
introduction - low volume sales growth - rapidly accelerating phase with high increase in volume and new entrants shakeout - entrants leave the market who do not have economies of scale to be profitable maturity decline - cash flow and profit turns negative
51
full cost + pricing
full product costs and add on margin/markup covers all fixed costs but ignores the market
52
marginal cost + pricing
looking only at variable costs, draws attention to contribution ignores fixed costs, doesn't take into account the market/demand conditions
53
mark-up on cost pricing
cost of the product is 100%, adding on a market of X%
54
margin on sales pricing
margin where profit is represented as a percentage of the selling price
55
KPIs for sales and marketing (Marr)
relative market share - organisation's market share / largest competitor's market share market growth rate - organisation's total annual sales in the market / total sales in the market click-through rate - % of people visiting the organisation's website from a search engine/advert bounce rates - % of people landing in the organisation's websites and leave without viewing other pages revenue per user - total revenue / total users (customers) sales by channel - total sales per sales channel upselling success rate - number of successful upsales / number of upselling opportunities or attempts conversion rate - number of goal achievements / visitors

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