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CIMA - E1 > 6. The Finance Function's Relationships with Sales and Marketing > Flashcards

6. The Finance Function's Relationships with Sales and Marketing Flashcards

1
Q

What is marketing?

A

The management process responsible for identifying, anticipating and satisfying customer requirements profitably

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2
Q

What is a marketing orientation?

A

The emphasis on meeting customer needs

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3
Q

What are the 6 steps in implementing a strategic marketing plan?

A
  1. Identify the organisation’s objectives
  2. Carry out a PESTEL of the environment
  3. Carry out an internal SWOT analysis
  4. Set out the marketing objectives
  5. Implement the plan
  6. Review regularly
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4
Q

What is the macro environment?

A

That which can affect the organisation but is outside its control

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5
Q

What is the micro environment?

A

That which can affect the organisation, and the organisation can influence it

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6
Q

What is the internal environment?

A

All internal factors that are potentially controllable

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7
Q

What are the 6 elements of PESTEL?

A 
Political
Economic
Social
Technological
Environmental
Legal
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8
Q

What are the 4 Ps of the marketing mix?

A

Product
Place (distribution)
Price
Promotion

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9
Q

What are the 3 types of distribution channels? (part of Place)

A
  1. Zero level (direct)
  2. One level (manufacturer, retailer and customer)
  3. Two level channel (several intermediaries)
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10
Q

What are the 8 possible pricing strategies?

A
  1. Loss leaders (low to attract)
  2. Penetration pricing (stimulate growth in share)
  3. Discounts
  4. Price skimming (high for early adopters)
  5. Selective pricing (reflect demand)
  6. Psychological pricing (e.g. £2.99 vs £3)
  7. Predatory pricing (damage competition)
  8. Dynamic pricing (real time data changes)
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11
Q

What are the 4 elements of the promotion mix?

A
  1. Advertising
  2. Personal selling
  3. Sales promotion
  4. Publicity campaigns
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12
Q

What is push marketing?

A

Promoting products by pushing them on to people

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13
Q

What is pull marketing?

A

Attempting to create brand loyalty and drawing customers to the products (e.g. mass media and word of mouth)

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14
Q

In what respects do services differ from product delivery? (4)

A
  1. Intangibility
  2. Immediate consumption
  3. Inventory management
  4. Involvement of the consumer
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15
Q

What are the additional 3 Ps of a service industry?

A
  1. People (increase heterogeneity)
  2. Processes
  3. Physical evidence (feel of the place and tangible element to non tangible service)
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16
Q

What are the 3 main considerations to make when forming the marketing mix?

A
  1. Seasonal products
  2. Difference between customer and end consumer
  3. Changing mix as the environment evolves
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17
Q

What is market research?

A

The process of gathering, recording, analysing and reporting data and information relating to the company’s market, customers and competitors

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18
Q

What are the aims of marketing research? (4)

A
  1. To find total market potential
  2. To find area market potential
  3. To find total industry sales
  4. To find relative market shares
19
Q

What is market segmentation?

A

The subdividing of the market into distinct customer groups.

20
Q

According to Kotler, what must target market segments be?

A

Measurable, accessible and substantial

21
Q

What is undifferentiated marketing?

A

Delivery of a single product to the entire market place

22
Q

What is differentiated marketing?

A

Making several products each aimed at a separate market segment

23
Q

What is concentrated marketing?

A

Focuses on a single segment

24
Q

In what ways can big data be harnessed for use in marketing?

A
  • Monitoring transactions across multiple channels and ensuring consistent customer experience
  • Forecasting demand
  • Identifying customer preferences
  • Customising the customer experience
25
What 5 things classify a device as 'smart'?
1. Process information 2. Share information with other devices 3. Integrate with applications 4. Provide personalised communication 5. Access the internet
26
What is a Customer Relationship Management (CRM) system?
Holds a vast amount of customer data and information
27
What is Guerrilla marketing?
Marketing involving actions designed to attract maximum attention and be talked about - attempting to gain maximum impact from minimal resources, through shock and attraction of publicity
28
What is viral marketing?
Marketing which targets individuals with high social networking potential and the ability to influence the behaviour of others in their network
29
What is relationship marketing facilitated by?
The vast data that companies hold on customers on CRM systems
30
What is postmodern marketing?
Creating customised messages for customers, identifying the way that individual customers prefer to receive marketing messages
31
What techniques can companies use to assess the financial viability of a product? (5)
1. Competitor analysis 2. Market research 3. Opinions of the sales team 4. Expert opinions 5. Past-sales analysis
32
What 4 things will the sales potential of a product be affected by?
1. Pricing strategy 2. Competition 3. Elasticity of demand 4. Advertising spend
33
What 4 interfaces might finance have with marketing?
1. Setting budgets 2. Price considerations 3. Market share considerations 4. Bettering opperational efficiency
34
What is the customer value proposition?
The set of benefits that a product or service promises a customer
35
What are the 4 stages of product life cycle?
1. Introduction (little initial demand, high development and launch costs) 2. Growth (Competition increases, aim to grow brand loyalty, prices fall) 3. Maturity (longest stage, demand reaches its limit) 4. Decline (demand falls as product becomes niche or obsolete)
36
What is shake out?
The stage within growth where sales growth begins to dip, the market is saturated by providers and the weakest of those are 'shaken out'
37
What is the product portfolio?
The range of products which may comprise a number of different products (the range) and different lines
38
What is a business portfolio?
The collection of businesses and or products that make up the company
39
What is the quadrant of the BCG matrix that has high market share and high market growth?
Stars
40
What is the quadrant of the BCG matrix that has high market share and low market growth?
Cash cows
41
What is the quadrant of the BCG matrix that has low market share and high market growth?
Question marks
42
What is the quadrant of the BCG matrix that has low market share and low market growth?
Dogs
43
What are the 3 most common KPIs used in marketing?
1. Marketing spend/sales x 100% 2. Market share 3. Revenue at different price points

CIMA - E1 (9 decks)

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