Key terms

Question 1

Customer perceived value

Answer 1

Do the perceived qualities outweigh the cost

Question 2

Perceived value

Answer 2

How customers view your business before using it

Question 3

Definition of marketing

Answer 3

The management process which identifies, anticipates and satisfies customer requirements efficiently and profitably

Question 4

4 types of customer value

Answer 4

1 Emotional
2 Price
3 Relational
4 Performance

Question 5

Passive consumer / Active consumer

Answer 5

Passive: A consumer who will want to buy what is shown to them disregarding competition.

Active: A consumer who analysis all competition before buying.

Question 6

Stakeholder / shareholder

Answer 6

Stakeholder: A person that is affected by the system or has interest in your company

Shareholder: A person who owns shares in the company

Question 7

Three types of organisations

Answer 7

1. Commercial: Business to consumer/ Business to business
2. Public
3. Non profit

Question 8

What two types of environments create the ‘marketing environment’

Answer 8

Macro: Environment outside of the company that cannot be controlled
Micro: Environment inside that can be controlled

Question 9

Economical factors include:

Answer 9

Disposable income

Unemployment levels

Taxation

Interest rates

Exchange rates

Availability of credit and finance

Question 10

Social factors include:

Answer 10

Cultural factors

Demographics

Changing family structure

Societal trends

Question 11

Technological factors include:

Answer 11

New manufacturing technologies

Information technologies

Transport technologies

Biotechnology

Nanotechnology

Question 12

Environmental factors include:

Answer 12

Green movement

Climate change

Packaging

Recycling

Raw materials

Water use

Clean air

Question 13

Legal factors include:

Answer 13

Politics: Employment policy / Taxation policy

Regulation: Advertising / Products and packaging

Legalization: Data protection / Consumer protection

Question 14

Direct marketing

Answer 14

getting a product to the customer without the use of intermediaries.

benefits: Costs will be definite. More control
Disadvantages: Time consuming. Restricting.

Question 15

Indirect marketing - Retailer to Customer

Answer 15

Getting a product to many consumers through a large retailer.

Benefit: Can focus on production on production.
Disadvantage: Retailers have buying power to reduce the price they pay

Question 16

Indirect marketing - Wholesaler to retailer to customer

Answer 16

Wholesalers will buy large quantities of your product and distribute it to many retailers.

Benefit: Reduces shipping costs to many retailers