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Business Studies > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing

A

Total system of interactive activities designed to plan, price, promote and distribute goods and services to present and potential customers

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2
Q

Marketing plan

A

Document that lists activities aimed at achieving particular marketing outcomes in relation to products. It provides a template for future action aimed at reaching business goals through the following:
- Connecting the customer to the business
- Satisfying customer wants
- Generating revenue

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3
Q

Finance (interdependence)

A
  • Marketing budget
  • Revenue forecasts
  • Each product’s cash flow
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4
Q

Operations (interdependence)

A
  • Product design
  • Product quality
  • After-sale service
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5
Q

Human Resources (interdependence)

A
  • Ensuring right people are employed
  • Staff are customer oriented
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6
Q

Production approach

A

Products are mass produced and sold to consumers regardless of demands

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7
Q

Selling approach

A

Selling the product to consumers is further emphasised by showing the benefits however consumer demand is not really considered

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8
Q

Marketing approach

A

Market research is undertaken to determine what consumers want and consumer-business relationships are built

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9
Q

Resource markets

A

Economically known as factor markets, these are:
- Land
- Labour
- Capital
- Enterprise

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10
Q

Industrial markets

A

Sale to businesses rather than consumers
- Requires a different marketing approach due to small number of purchasers
- Examples include office furniture, certain computer software and raw materials

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11
Q

Intermediate markets

A

Wholesalers and importers bulk buying goods with the aim of reselling them to retail stores for consumer purchase
- Hold a major supply chain role

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12
Q

Consumer markets

A

Markets where consumers can purchase products for their own use
- Includes white goods (e.g. washing machines), brown goods (e.g. computers), soft goods (e.g. clothes) and services (e.g. dental)

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13
Q

Mass markets

A

Marketplace is homogenous and differentiation/segmentation is no required (e.g. electricity)

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14
Q

Niche markets

A

Marketing efforts are focused on a narrow yet defined population segment with uncatered specific requirements

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15
Q

Customer choice

A

The decisions and actions of customers when they search for, evaluate, select and purchase goods and services

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16
Q

Psychological influences

A

Influences within an individual that affect their buying behaviour
- Perception
- Motives
- Attitude
- Personality
- Self-image

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17
Q

Sociocultural influences

A

Forces exerted by other people and groups that affect an individual’s buying behaviour
- Family and roles
- Peer group
- Social class
- Culture and subculture

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18
Q

Economic influences

A

Economic forces that influence a business’s capacity to compete and a customer’s willingness and ability to spend
- Economic cycle fluctuations can affect this

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19
Q

Government influences

A

Policies that directly or indirectly influence business activity and consumer spending habits
- Competition and Consumer Act 2010 (Cwlth)
- Sale of Goods Act 1923 (NSW)
- Fair Trading Act 1987 (NSW)

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20
Q

Competition and Consumer Act 2010

A

Federal legislation (act of parliament) that united 17 various state and territory laws in order streamline legal compliance (expensive) for large organisations.

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21
Q

Australian Competition and Consumer Commission

A

Regulatory body that monitors and enforces the CCA 2010. It:
- Protect consumers against undesirable practices
- Regulate trade practices that restrict competition. Acquisitions between firms in same market must be approved by ACCC. Competition is healthy for consumers and prevents a single business from becoming a monopoly.

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22
Q

Deceptive and misleading advertising

A

Creating advertising material that intentionally misinforms consumers through use of fine print, false tests/surveys, incorrect country of origin, before-and-after advertisements, false impressions, bait and switch

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23
Q

Price discrimination

A

The setting of different prices for the same product in different markets in Australia

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24
Q

Implied conditions

A

These are unspoken/unwritten terms of contract that are assumed to exist regardless of explicitly being mentioned.
- Products must be fit for use, meet safety standards, and be free of defects
- Businesses cannot suggest a product has a characteristic that it does not possess

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25
Q

Warranties

A

Obligations that offer consumers a degree of protection
- Businesses must replace or repair a damaged item, no matter what the conditions of a warranty entail

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26
Q

Materialism

A

Creation of ’needs’ to sell ’solutions’ for profit; emphasis on material possessions as source of meaning and status in society

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27
Q

Stereotypes

A

Advertising can reinforce social norms and stereotypes around gender roles, race, class, ethnicity and national characteristics

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28
Q

Sex to sell

A

Using narrow definition of masculine and feminine beauty and appeal to gain attention to sell products unrelated to sex
- Sexualisation of children especially unethical

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29
Q

Product placement

A

Paying to insert products into movies, TV shows to gain expo-
sure to audience that has switched off from advertising messages

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30
Q

Truth and accuracy

A
  • Exaggerated claims
  • Vague statements
  • Concealment of facts
  • Invasion of privacy
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31
Q

Good taste in advertising

A

Intentionally creating controversy through offense and shock

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32
Q

Promotion of products damaging to health/wellbeing

A
  • Fast food
  • Soft drinks
  • High sugar children’s foods
  • Smoking
  • Alcohol
  • Gambling
  • Short-term loans
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33
Q

Engaging in fair competition

A

Unfair treatment of competitors/suppliers

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34
Q

Sugging

A

Selling under the guise of a survey
- Invasion of privacy and deceptive marketing practice

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35
Q

Marketing process

A
  • Situational analysis
  • Market research
  • Establishing market objectives
  • Identifying target market
  • Developing marketing strategies
  • Implementing, monitoring and controlling
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36
Q

Situational analysis

A

Provides a precise understanding of the business’ overall position which then provides the basis for making decisions regarding future courses of action
- Information derived from monitoring and controlling is used to form this

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37
Q

SWOT analysis

A

Tool to determine the internal (strengths and weaknesses) and external (opportunities and threats) conditions of a business
- A business should exploit its strengths and position itself to overcome its weaknesses
- It has little control over external conditions and thus should closely monitor them to take advantage of opportunities and be prepared for threats

38
Q

Product life cycle

A

Stages a product passes through; must be determined to apply appropriate marketing strategies towards
- Establishment
- Growth
- Maturity
- Post-maturity

39
Q

Market research

A

Process of systematically collecting, recording and analysing information concerning a specific marketing problem. It involves:
1. Determining information needs
2. Collecting primary and secondary data
3. Analysing and interpreting data

40
Q

Primary data

A

Data collected for market research
- Survey method – Consumers asked in interviews, electronically, questionnaires and focus groups
- Observation method – Consumer behaviour is watched and analysed
- Experiment method – Market testing, comparing results between a test and a control group

41
Q

Secondary data

A

Data that already exists, having been collected for another purpose
- Internal data – Business’s own record keeping
- External data – Outside the business (e.g. ABS, magazines, consumer databases)

42
Q

Establishing marketing objectives

A

Realistic and measurable goals to be achieved through the marketing plan. Include:
- Increase market share
- Expand product range
- Maximising customer service
- Geographical expansion
- Export expansion
- Obtain price advantage

43
Q

Identifying target markets

A

Identifies a group of present and potential customers to focus marketing strategies towards that group
- Mass marketing approach – Seller mass-produces, mass-distributes and mass-promotes to all buyers
- Market segmentation approach – Total market is subdivided into groups sharing characteristics
- Niche market approach – Narrowly selected target market segment

44
Q

Developing marketing strategies

A

Using relevant tools to achieve the business’s marketing objectives through the marketing mix (product, price, place, promotion)

45
Q

Implementation, monitoring and controlling

A

Putting strategies into operation, observing the actual process of the plan, comparing planned performance against actual performance and taking corrective action to ensure KPIs are attained

46
Q

Sales analysis

A

Examination of sales of a particular product among different customer groups, by sales representatives and during various times of the year

47
Q

Market share analysis

A

Examination of sales performance of a business and its comparison with direct competitors

48
Q

Marketing profitability analysis

A

Evaluating the financial and non-financial benefits that have been achieved by a specific marketing plan against the costs of implementing the plan

49
Q

Market segmentation

A

Process of subdividing the mass market into definable groups who share similar characteristics enabling a business to determine their target market. Can be done:
- Demographically – Income, education, age, occupation, gender
- Geographically – Urban, suburban, rural, residence type
- Psychographically – Lifestyle, interests, self-conception, subculture
- Behaviourally – Buying behaviour, brand loyalty

50
Q

Product differentiation

A

Products require a point of difference in order to stand out in the market and gain a favourable consumer perception. It can be done by:
- Product variations
- Customer service
- Environmental sustainability
- Convenience
- Social and ethical issues

51
Q

Positioning

A

How consumers perceive a business/product offering
- Businesses attempt to create images through marketing strategies to set themselves apart from competitors
- Can be done through product features, packaging, branding, prices, distribution strategies and the nature and placement of promotional messages

52
Q

Product

A

The physical good or service produced and delivered by a business

53
Q

Total Product Concept

A

The total combination of tangible and intangible aspects of a business’ offering to create maximum value for customers

54
Q

Branding

A

The use of a name, image and slogan to easily identify a business in relation to its competitors
- High brand recognition generally leads to high sales
- Re-branding can change consumer attitudes to a business

55
Q

Labelling

A

The presentation of information on a product or its package

56
Q

Price

A

Exchange value given to a product
- Flexible marketing tool which is critical in determining revenue and sales levels

57
Q

Price/quality interaction

A

Generally, the higher the price the higher the perception of quality
- Premium pricing and discount pricing send different messages

58
Q

Cost-based pricing

A

Adding a percentage mark-up to production costs

59
Q

Market-based pricing

A

What consumers are willing to pay determined by supply and demand

60
Q

Competition-based pricing

A

Set in relation to competitor’s pricing

61
Q

Price skimming

A

Setting high prices for initial product launch, lowering costs as sales slow or competitors enter the market
- Only for high demand products

62
Q

Price penetration

A

Setting prices below competition for product launch to gain market share and sales before lifting them once market share is established
- Good for highly competitive markets with low differentiation

63
Q

Loss leader

A

Intentionally setting below cost prices for a single good to draw consumers before making further sales on higher margin items

64
Q

Price points

A

Using a range of set prices to suit various segments of the market
- Can be customary or psychological, allowing consumers to make easy decisions and possibly trade-up to higher price points

65
Q

Place

A

The way through which the target market is able to access the product of a business

66
Q

Distribution channels

A

Routes taken for a product to move from site of manufacture to consumer. Includes:
- Producer to consumer
- Producer to retailer to consumer
- Producer to wholesaler to retailer to consumer
- Producer to agent to wholesaler to retailer to consumer

67
Q

Intensive distribution

A

Widespread availability aiming for market saturation

68
Q

Selective distribution

A

Use of limited outlets

69
Q

Exclusive distribution

A

One retail outlet per large geographical area (high degree of control)

70
Q

Physical distribution issues

A
  • Transport – Intricate network is required to deliver the vast array of products to customers
  • Warehousing – Set of activities involved in receiving, storing and dispatching goods
  • Inventory – Maintenance of quantity and variety of appropriate products
71
Q

Promotion

A

Methods used to inform, persuade and remind the target market of its products

72
Q

Advertising

A

Communication forms used to reach an audience. Provides businesses with flexibility to reach an extremely large audience or to focus on a small, distinct market segment. Media include:
- Print publications
- TV
- Radio
- Billboards
- Direct mail
- Window display
- Internet
- Telemarketing

73
Q

Sales promotion

A

Use of activities and materials as direct inducements to customers, aiming to entice new customers, encourage trial purchases of new products and increase repeat sales. Includes:
- Limited time offers
- Free gifts
- Refunds
- Samples
- Point-of-purchase displays

74
Q

Personal selling

A

Activities of a sale representative directed to a customer in an attempt to make a sale. Offers the following advantages:
- Message can be modified to suit individual customers
- Individualised assistance to a customer can create a relationship, resulting in repeat sales
- Sales consultant can provide after-sales customer service in relation to features, installation, warranties and servicing

75
Q

Publicitiy

A

Free news story about a business’s products aiming to raise product awareness and enhance business image

76
Q

Public relations

A

Activities aimed at creating and maintaining favourable relations between businesses and their customers. Its main objective is to increase sales through:
- Promoting a positive image
- Effective message communication
- Issues monitoring
- Crisis management

77
Q

Opinion leaders

A

A person who influences others

78
Q

Word-of-mouth

A

When people influence each other during conversations

79
Q

People

A

Interaction quality between customers and staff delivering the service

80
Q

Physical evidence

A

Everything the customer sees when interacting with a business

81
Q

Processes (strategy)

A

Flow of activities that a business will follow in service delivery

82
Q

E-marketing

A

The practice of using the internet to perform marketing activities. Can be done through:
- Websites
- Podcasts
- SMS/DMs
- Blogs
- Location-based marketing
- Social media advertising

83
Q

Global standardisation

A

Assumes the way the product is used and the needs it satisfies are the same globally

84
Q

Global customisation

A

Assumes product needs and usages differ among countries

85
Q

Global branding

A

Worldwide use of a name, term, symbol or logo to identify the seller’s products
- Cost effective as ads can be used across various locations
- Uniform worldwide image
- Successful brand name can be linked to new products

86
Q

Global pricing

A

How businesses co-ordinate their pricing policy across different countries

87
Q

Customised pricing (global)

A

Consumers in different countries are charged different prices for the same product
- Mainly occurs through increased export costs, taxes and tariffs

88
Q

Market-customised pricing (global)

A

Prices are set according to local market conditions

89
Q

Standardised pricing (global)

A

Charging consumers the same price regardless of location

90
Q

Competitive prositionging

A

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