Module 1: Flashcards
what is the marketing process?
Where am i now?-Situational Analysis
Where do i want to be?-Marketing Objectives
How do i get there?-Marketing Strategy
Have i got there yet?-Implementation and Contol
What is Situation analysis?
The basis for idetifying chances to satisfy unfulfilled customer needs. This is done to identify marketing options and the organizations capabilities.
What are marketing objectives?
What the Marketer wants to achieve. This may be increased sales, a higher public profile, the develomet of a new product.
What is a Markting strategy?
a strategic plan to pursue the identified options
What is implementation and control?
it transforms the writen or planned srategy into action and the product is pesented according to this process.
what are the two key Marketing objectives?
1.Keeping and improving the relationships wth existing customers
2.Attracting new customers to increase customer base.
what are the three factors of product?
1.finance- money that the organisation can invest in future strategies.
2.People- who work for the organisation and provie skills to produce the poducts and services that the organisations markets
3. physical- these are things that the organisation uses to create the products or services in markets and include machinery for production, components to put int finished products that hlp te organisation work efficiently such as electricity or stationey.
What is a mission statement?
statements that are a public commitment to ensure the principles of the concept of marketing are central to the organizations business philosophy.
what are the stages of consumer buying pocess?
1.problem recognition
2.information search
3.evaluation or alternatives
4purchase decision
5.post purchase evaluation
what are the markting factors that influence the buying decision?
product
pricing
pomotion
place
if the audience is the supplier what type of message would we send/market?
and what media would we use?
types of messages
-information on new products, promotions that could increase production,research and development opportunities
media used
-meetings,blogs,emails
if the audience are internal customers what type of message would we send/market and what media would we use?
types of messages
-new marketing strategies, customer needs and wants, competitor activity sales data
media used
-meetings,presentations,newsletter/blogs
if the audience are distributors what type of message would we send/market and what media would we use?
types of messages
-promotions, new products, new ranges
media used
-sales force meetings
if the audience are customers what type of messages would we send/market? and what media would we use?
types of messages
-promotions, new products, new ranges
media used
-advertising
-social media
how can we supply support to the supply chain?
-long term relationships based on contracts that cover a number of years
-formation and help with development of new products
-financial support
customer buying process
what is problem recognition?
identifying a need and a product as a solution to the problem.
customer buying process
what is information search?
customers will gather information to make the best match between customer needs and product benefits.
customer buying process
what is information evaluation?
customers will have a set of criteria they either use consciously or sub consciously
customers need to evaluate not only the information they have gathered but also the sources of the information, is the source credible or do they trust the source?
customer buying process
what is purchase decision?
the customer decides between various options and the choice is based on the fit between the problem and the solution.
customer buying process.
what is a post purchase evaluation?
customers will confirm or reject there choice
helps inform future purchases
the decisions made on purchasing an item are based on what variables?
type of product, purchase need, situation of purchase - these are know as buying scenarios.
what is a routine purchase?
purchases that are done regularly, where there is likely to be limited information available to assist the decision making process, they may also involve impulse purchases influenced by price promotion or product placement.
what is a high value purchase?
a purchase that involves more risk due to the outlay involved so more research and thought needs to go into. this is also true of purchases that may be more permanent that a regular purchase ie a computer vs tea bags.
what are services?(purchases)?
services are particularly more difficult to purchase as they are not physical, that means assessment of them are more complex, such as a mobile phone provider. another factor is that they can be variable such as a haircut. this means that trust and reliance on purchase may require more thought and consideration.
what is moslows (195) hierarchy of needs?
it is a framework for classifying basic motivations - 5 groups of needs are stacked on top of another and form a progression
what is the order of moslows hierarchy of needs starting from the bottom?
physiological,safety, belonging and love,esteem, self actualisation
what is physiological needs? (MHN)
basic feelings such as hunger and thirst even warmth -this will be easily satisfied but are short term
what are safety needs? (MHN)
once life food drink and warmth have been addressed the need for self protection and long term survival is next this covers- housing,personal safety, insurance health, gym membership and the ability to be able to function effectively in social eg- car to get to work.
what is belongingness and love?(MHN)
this is about emotional security wanting ti feel accepted and valued by those closest to you, marketers play on this need through the portrayal of the family in particular this will focus on social needs such as meeting up with friends in a pub or cinema or even finding a life partner
what is esteem? (MHN)
this extends outwards from the previous stage to cover the individuals needs for success, status and good opinion within wider society, this may include professional status and respect standing within social groups such as sports clubs and societies or what the neighbours think.
what is self actualisation needs? (MHN)
this is the ultimate goal, the achievement of complete satisfaction through successfully completing ones potential that may mean anything depending on who you are and what you want out of life some will achieve self actualisation through becoming head of multinational organisation while others will find it through the success of raising a happy and healthy family - this is a difficult stage for the marketer to handle because it is so individual and thus the hope is that by fulfilling the other needs discussed above the marketer can help to propel the individual to self actualisation only the individual can tell when this stage is complete.
how does culture influence the customer?
this influence can come from family values , religion or nationality - food types,alcohol or opening times of a store or willingness to accept new technology.
how does social class influence the customer?
this is to determine the demographic and the social grade. this will tell the marketer if someone has a lower or higher disposable income.
what are the social grades?
A- Upper middle class - Higher managerial, administrative or professional.
B- Middle class - intermediate managerial.
C1-lower middle class- supervisory or clerical, junior managerial administrative, professional.
C2-Skilled working class- skilled manual workers
D-working class -semi and unskilled manual workers
E- those at the lower level of Subsistence - state pensioners, widows (no other earner) casual or lowest grade workers.
how does social groups and family influence the customer?
social groups will influence your choice or clothes, technology or social activities, family will influence purchases made from programming from a young age like your opinions on certain products or products used in your home growing up.
influences may be aspirational as you may want to purchase a product that represents success like an LV bag or BMW.
how does personality influence the customer?
our personalities lie at the heart of our behaviour as a consumer and marketers try to define the particular personality traits or characteristics among a target group of consumers which can be reflected in the product itself and the marketing effort around it.
how does perception influence the customer?
perception represents the way in which individuals analyse interpret and make sense of incoming information and if effected by personality experience and mood no two people will interpret the same stimulus in the same way even the same individual might interpret it differently at different times for example seeing an advertisment for food when hungry or relaxing at home on a sunday you are more likely to read through a long article a then if you are in a rush.
what is an influencer?
an influencer is someone who has the power to affect the purchasing decisions of others because of his/her authority, knowledge position or relationship with his/her audience
-a following in a distinct niche,with whom he/she actively engages with. the size of the following depends on the size of his/her topic or niche.
what is the difference between consumer B2C and organisational B2B buyer behaviour?
consumers purchase primarily for themselves and their families, for the most part these are relatively low risk, low involvement decisions that are made quickly , although there might be some economic and psychological influences effecting of constraining them. in contrast B2B purchasers are always buying on behalf of other people ie the organisation wich implies certain differences from the consumer situation these differences give rise to much more complexity in the buying process and the marketer must appreciate them when designing strategies for encouraging trial reordering.
what are the differences between consumer B2C and organisational B2B buyer behaviour.
B2B consumers often/ usually- Consumer customers often/usually.
purchase goods and services thats meet specific business needs/purchase or services that meet individual or family needs
need emphasis on economic benefits/need emphasis on psychological benefits
use formalised ,lengthy purchasing policies and processes /buy on impulse with minimal processes
involve large groups in purchasing decisions /purchase as individuals or a family unit.
buy large quantities and buy infrequently / buy small quantities and buy frequently.
want a customised product package/ are content with a standardised product package targeted at a specific market segment
experience major problems if supply fails/ experience minor irritation if supply fails
find switching to another supplier difficult/ find switching to another supplier easy.
negotiate price/accept stated price
purchase direct from suppliers/purchase from intermediaries.
justify an emphasis on personal selling/justify an emphasis on mass media communication.
what is the macro environment?
the macro environment is the context in which organisations and marketers operate it is evolving but as principle the organisation has no influence over this evolution and has to accept it and adjust the organisation marketing strategy , objectives and plans according to the evolution of the marketing environment. for this reason marketers are continuously monitoring the macro environment.
what does PESTLEE stand for?
P-political
E-economic
S-socio-cultural
T-technological
L-legal
E-environmental
E-ecological
macro environment - what does Political refer to?
the political environment covers the external forces at work, national governments and local authorities and assemblies sometimes even through trans-national organisations such as the EU. The political environment controls the activities of a domain under the government’s control and guides the principles and laws that control business activities.
Macro environment- what does legal refer to?
the legal environment covers not only the external forces controlled by governments, but also the constraints imposed by other trade or activity oriented regulatory bodies. Some of the rules and regulations developed and implemented by bodies under this heading have the force of law while other are voluntary such as advertising codes of practise these include what can be bought and sold or even what is allowed to be included in a product such as levels of salt and sugar.
Macro environment- what does economic refer to?
the economic environment affects the economic conditions that an organisation has to operate under including the structure of competition in a market, the cost and availability of money for marketing investment in stock and new products for example, and the economic conditions affecting a customers propensity to buy, the global recession of the late 2000s for instance, caused a significant increase in unemployment at all social levels and thus affected consumers willingness and ability to buy many kinds of products.