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Business Management > 2. A0S 5 > Flashcards

2. A0S 5 Flashcards

5A - 5N (91 cards)

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1
Q

Marketing:

A

Marketing is the process of implementing strategies to price, promote, and to distribute products to current and potential customers.

  • Marketing is a total system of interacting activities designed to plan, promote, price and distribute products to present and potential customers.
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2
Q

Marketing Plan:

A

Marketing Plan is a document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service.

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3
Q

Customer Base:

A

Customer Base is a group of consumers who continuously purchase goods and services from a business.

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4
Q

Customer Profile:

A

Customer Profile is a specific description of the type of person a business is selling to, including their demographic, psychographic, and geographical characteristics.

This includes:
-Age
-Gender
-Income
-How do they spend their time
-Why might they need the
product
-How would you advertise

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5
Q

What are the TWO types of BUSINESS OBJECTIVES?

A

Non-financial Objectives
- Customer Satisfaction (asking, researching, trends)

AND

Financial Objectives
- Increasing Sales
- Increasing Market Share
- Expanding size of the business

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6
Q

Performance Indicators:

A

Performance Indicators are the means by which a business can measure its performance and evaluate the degree to which it is achieving its objectives.

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7
Q

Sales Analysis:

A

Sales Analysis uses sales data to evaluate the business’s current performance and the effectiveness of the marketing mix.

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8
Q

Brand Identity:

A

Brand Identity is the message that customers receive about the business and its product. This can include: name, symbol, term, design that distinguishes their product.

  • Brand Identity is the unique set of values a business seeks to portray to its customers.
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9
Q

Internal Environment:

A

Internal Environment refers to the people working within the business, and the ways they interact with each other.

  • Internal Environment involves factors within a business that a business has control over.
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10
Q

Corporate Culture:

A

Corporate Culture is the shared values and beliefs of a business and its employees.

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11
Q

Customer Base:

A

Customer Base - who would be interested in buying the products or services offered.

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12
Q

Operating Factors:

A

These external factors need to be considered when establishing a customer base and brand identity.

They are also the primary external factors impacting a business which it has some control over.

Examples of Operating Factors include:
- Customers
- Suppliers
- Competitors

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13
Q

Macro Factors

A

The business has little to no control over factors in the macro environment but they must be aware of how these factors can impact the business.

These include:
- Social forces
- Legal forces
- Technological forces
- Economic forces

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14
Q

Resale

A

Resale is the process of a business selling products bought from manufacturers to customers.

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15
Q

What is Market Research + The steps to Market Research

A

Market Research is the process of investigating and analyzing the activities and behaviors of customers and competitors in a specific industry.

The steps to Market Research is:
- Determining information needs
- Collecting data from primary and secondary sources
- Analysing and interpreting data

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16
Q

Primary Data:

A

Primary Data refers to the information collected from original sources for the purpose of the specific research problem.

They can be collected by:
- Questionnaires
- Focus Groups
- Electronic Methods of Collection
- Personal Interviews (face-to-face interviews in public places)
- Conducting surveys (via interviewing)

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17
Q

Primary Data Methods:

Hint: there’s three (:

A

1) Experimentation Method - gathering data by altering factors under tightly controlled conditions to evaluate cause and effect.

OBSERVATION METHODS:
2) Personal Observation - when a researcher poses as a customer in the store

3) Mechanical Observation - using camera, tape recorder, or courting machines

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18
Q

Secondary Data:

A

Secondary Data refers to information that someone else has already collected.

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19
Q

What are the two types of secondary data?

A

1) Internal Data - information that the business has already collected

2) External Data - published data from sources aside outside the business

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20
Q

Quantitative Data:

A

Quantitative Data is information that can be measured in numbers and figures

HINT: REMEMBER QUANTITATIVE IS LIKE QUANTITY WHICH RELATES TO NUMBERS

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21
Q

Qualitative Data:

A

Qualitative Data is information that is descriptive and non-numerical.

HINT: REMEMBER QUALITATIVE IS LIKE QUALITY WHICH RELATES TO WRITING

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22
Q

Australian Bureau of Statistics (ABS) :

A

Australian Bureau of Statistics (ABS) is a national government agency that provides statistical information on a range of economic, governmental and social issues, such as technology usage in Australia.

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23
Q

Statistical Interpretation Analysis:

A

Statistical Interpretation Analysis focuses on the data that represents average, typical or deviations from typical patterns.

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24
Q

Market Dimensions:

A

Market Dimensions are an indication of the total number of potential customers who could purchase a product from a business in a particular market.

Two types are:
- Mass Market
- Niche Market

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25
Niche Market:
Niche market is a narrowly selected target market segment.
26
Mass Market:
Mass markets are a large group of current/prospective customers.
27
Market Segmentation:
Market Segmentation is the process of dividing a market into different groups of consumers that share similar characteristics. The Characteristics involved can be as followed: - Demographic - Geographical - Psychographical - Behavioural - Age - Gender
28
Target Markets:
Target Markets are a specific group of consumers that a business aims its marketing efforts towards. 80-20 principle where 80% of sales comes from 20% business customer base. There are two types: - Primary Target - Secondary Target
29
Primary Target HINT: Apart of Target Markets
Primary target markets use most marketing resources.
30
Secondary Target HINT: Apart of Target Markets
Secondary target market are the less important market segment.
31
What does the 80-20 principle mean? HINT: Relates to Target Market
80-20 principle where 80% of sales comes from 20% business customer base.
32
Consumer Behaviour:
Consumer Behaviour is the actions of those who purchase goods and services for consumption. There are FOUR FACTORS: - Cultural Factors - Personal Factors - Psychological Factors - Social Factors
33
Cultural Factor Examples:
Cultural Factors: - Nationality - Ethnicity - Religion and beliefs
34
Personal Factor Examples:
Personal Factors: - Age - Demographics - Life stage - Lifestyle - Wealth - Personality
35
Psychological Factor Examples:
Psychological Factors: - Perception - Motives - Attitude - Personality
36
Social Factor Examples:
Social Factors: - Family and friends - Peer groups - Social class
37
Consumer Trends:
Consumer Trends are developed patterns in consumer behaviours, attitudes, and values. Examples include: - Online Shopping - Health and Wellbeing - Environmentally Friendly
38
What are the 7 P's of Marketing?
- Product - Place - Price - Promotion - People - Physical Evidence - Process
39
Product:
Product is a good, service, experience, idea or information that can be offered in exchange for the purpose of satisfying a want or need.
40
Product Image:
Product image is the consumer perception associated with a given product.
41
Wholesaler:
Wholesaler is a business that sells products in larger quantities and at lower prices than retailers.
42
Retailer:
Retailer is a business that sells products to the public for personal consumption.
43
Price:
Price is the amount that a customer pays for a good or service. Two types of pricing methods: - Psychological pricing - Penetration pricing
44
Psychological pricing:
Psychological pricing - making the price look less than what it actually is.
45
Penetration pricing:
Penetration pricing - when a new product is introduced into an existing market, a low price may be offered to attract new customers to try the product.
46
Profit Margin:
Profit margin is the percentage of revenue remaining after expenses have been deducted.
47
Place:
Place is the way the product reaches the end customer through distribution channels. The three distribution channels involve: - Intensive Distribution - Selective Distribution - Exclusive Distribution
48
Intensive Distribution:
Intensive distribution - saturate the market (everyday items)
49
Selective distribution:
Selective distribution - limited outlets are used (clothing, furniture)
50
Exclusive distribution:
Exclusive distribution - only one retail outlet is used (exclusive, expensive items)
51
Promotion:
Promotion tells a customer about a product and tries to persuade them to buy it. - Sales provides short-term incentives for a customer to purchase/use the product.
52
People:
People - all people involved in the business have an impact on the marketing mix. It could have positive or negative effects on the perception of the business. Therefore, it is important that owners and managers set high standards and ensure it is followed.
53
Physical Evidence:
Physical Evidence refers to the physical environment of a business. This consists of the premises, as well as the state of the business website and online presence.
54
Process:
Process - all businesses set up operating systems and processes as part of what they do. Therefore, it is important for a customer to know and feel supported in their process of purchasing from the business. This involves setting up or having: - Knowledgeable Staff = about products and able to assist customers. - Efficient Service = fast and responsive communications - Purchasing Options = EFTPOS, cash, buy now pay later services - Information = customers being well informed about product.
55
The Product Life Cycle:
The Product Life Cycle is a series of stages that a product will pass through from this moment it is introduced to the market until it becomes obsolete or replaced. This involves: 1) Introduction 2) Growth 3) Maturity 4) Decline OR Product Extension
56
Introduction Stage: HINT: (product life cycle)
Introduction Stage - the new product is launched into the market. The business tries to increase consumer awareness and build a market share for the new product.
57
Growth Stage: HINT: (product life cycle)
Growth Stage - the product begins to increase sales to customers. Brand acceptance and market share are actively pursued.
58
Maturity Stage: HINT: (product life cycle)
Maturity Stage - the product is fully accepted into the market. Sales reach their peak then plateau as the market becomes saturated.
59
Decline Stage: HINT: (product life cycle)
Decline Stage - the product no longer appeals to the customer. Newer, or more technologically advanced, competitors exist, customer tastes have changed. Sales begin to decline
60
Extension Stage: HINT: (product life cycle)
Extension Stage - instead of decline, some products can be revived, and begin a new life cycle. This is the extension stage. It can occur when sold in new locations or through product diversification and enhancement.
61
Early Adopters:
Early Adopters are customers who are the first to embrace a new product.
62
Market Saturation:
Market Saturation occurs when a product no longer allows new customers and reaches its maximum level of growth in the market.
63
Customer Relation Strategies:
- Quality Customer Service - Customer Loyalty Programs
64
Customer Relations:
Customer Relations is the way a business creates, builds, and maintains customer relationships.
65
Customer Relationship Marketing:
Customer Relationship Marketing is a business implementing marketing strategies to develop and maintain customer value and loyalty.
66
Quality Customer Service:
Quality Customer Service is a business consistently going above and beyond expected performance to ensure customers are satisfied with their experience. Strategies: - Training staff - Customer friendly - Seeking customer feedback - Returning customers - Collect and analyse information - Complaints, returns, refunds - complaints-handling system - Returns - Online presence
67
Customer Loyalty Programs:
Customer Loyalty Programs are marketing initiatives that enable customers to gain benefits for frequently purchasing from a business. Strategies: - Rewards (discounts, free shipping) - Personalization (level of points, personalized messages) - Useability (loyalty cards easy to use, gain points and rewards)
68
Technical Developments:
Technical Developments are the invention and innovation of tools that solve problems and enhance processes. These include: - Social Media - Email Marketing - Search Engine Optimization - Artificial Intelligence - Data Analytics - Management of Data
69
Social Media:
Social Media is the online platforms that can be used to connect with others and share content.
70
Email Marketing:
Email Marketing is the process of sending personalized electronic messages to existing customers to promote a business's goods and services.
71
Search Engine Optimization:
Search Engine Optimization is a process used by businesses to ensure their website ranks higher in search results when customers search for goods or services related to the business online.
72
Artificial Intelligence:
Artificial Intelligence is software that is able to mimic the behaviour of humans.
73
Data Analytics:
Data Analytics is the process of examining information that has been collected by businesses in order to draw conclusions and make effective decisions.
74
Management of Data:
Management of Data is the practice of collecting, organizing, using, and storing data securely so businesses can use this information to make effective decisions.
75
Public Relations (PR):
Public Relations (PR) is communicating an intended message to the public to create and sustain a positive business reputation.
76
Publicity:
Publicity is the process of attracting the attention of the public or media.
77
Media:
Media is the communications channels and tools used to spread information to a wide audience.
78
Publics:
Publics are individuals or groups who interact with and can be impacted by a business's activities. They can be internal or external to a business.
79
Action Groups:
Action Groups are a number of people who work together for a particular cause.
80
PR Campaign Plan: HINT: It's stages
1) Establish the PR campaign objectives - SMART goals - What is the campaign trying to achieve? 2) Identify the intended public - Similar to target markets - People whom the tactics are directed 3) Develop PR strategies and tactics - Select the most appropriate and effective media for chosen publics 4) Evaluate the results - Estimate change - Measured in terms of original objectives 5) Implement the PR campaign - Action plan to run things smoothly
81
Planned Public Relations:
Planned Public Relations is when a business proactively communicating intended messages to various publics.
82
Crisis Public Relations:
Crisis Public Relations is a business reactively communicating to various publics in response to an issue that can negatively affect its reputation.
83
Public Relations Strategies:
Public Relations Strategies are actions used to communicate a particular message to the public and influence their perception.
84
Crisis Management:
Crisis Management is identifying potential risks that a business may encounter and determining how it will deal with them.
85
Crisis Communications Plan:
Crisis Communications Plan outlines the policies and procedures to follow when handling unfavourable publicity and news personnel when a crisis occurs. - When a crisis occurs, a business has priorities that must both be managed effectively via: - Dealing with the intense media (and public) searching - Bringing the crisis under control - limiting the damage
86
Elements of the Crisis Communications Plan:
- Determine the appropriate target publics - Essential information should be communicated to all affected publics - Get the facts - Responses should be given as quickly as possible - Anticipate and be prepared to answer questions - Provide regular updates - Establish a chain of command - Establish a crisis communication team - Monitor the progress of the crisis communication plan - Evaluate the effectiveness of the crisis communication plan
87
Corporate Social Responsibility (CSR):
CSR is the ethical conduct of a business beyond legal obligations, and the considerations of social, economic, and environmental impacts when making business decisions.
88
Green Marketing:
Green Marketing is an advertising strategy that involves highlighting the environmental benefits of a good or service.
89
Customer Privacy:
Customer Privacy is the administration and protection of sensitive, personal information that customers provide during their interactions and transactions with a business.
90
Ethical Marketing: HINT: not definition
- Businesses should never forget that they exist as a result of their customers - Dishonest or unethical marketing managers ultimately drive customers away. - Sometimes, being ethical in business isn't always clear
91
Criticisms of Marketing:
- Creation of Needs - Product Placement - Stereotypical images of males and females - Use of sex to sell products - Truth and accuracy in advertising - Invasion of privacy - Sponsorship deals - The marketing of junk food to children

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