Chapter 17&18 Flashcards Preview

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Flashcards in Chapter 17&18 Deck (22):
1

Factors of strengths and weaknesses

Customer base
Market share
Pricing
Location
Promotion
Advertising

2

Factors of opportunities and threat

Competition
Technology
Interest rates
Suppliers merging or closing down
Price increasing
New competition

3

Where do we want to go?

And what does is relate to

Involves marketing objectives for long term , medium and short,

Attraction- to attract new costomers

Retention- maximise existing customer relation

Up selling is trying to to make costomers buy expensive products

Cross selling offered to buy complimentary products

4

Marketing plan format

1. Executive summary
2. Introduction and situation analyse
3. Target market and segments
4. Objective
5. Strategies
6. Budget
7. Audit and control procedures

5

Performance indicators

Sales analysis- comparing sales with with objectives

Market share- how well a business is performing to competitors

Marketing expense- keeping an eye on expensives

Profitability analysis- seeing if product sell better in areas rather than other

6

Issues in marketing

Role of technology- it is easy to market and evaluate how well the business is going

Ethical and socially responsible marketing- must not do deceptive stuff, and exaggeration in advertising. Making yourself look good to the public eye

Legal requirements- businesses copying trademarks as they are great value

7

Expansion strategies in marketing?
Need marketing research or need a marketing campaign

Exporting- an excellent method for a business to use when expanding. E.g food producer and you want to expand into Japan

Inovation and diversification- doing research and bettering the product

Research and development- listening to feedback of the costomers and bettering the product. E.g. Dulex listened to costomers about white paint being hard to they made pink paint that dries white

8

What is swat

Strengths
Weaknesses
Opportunities
Threats

9

What is a product?

Anything offered to a market to satisfy a need or a want

10

Business goods?

Goods or services that are classified according to their characteristic

Raw material
Capital items
Supplies
Services

11

What are the five steps to developing the product!

Idea development

Idea screening- how will that product look to your business will is change the range or be an extension

Idea evaluation- demand, target market, cost of producing

Developing the product- produced, marketing strategies

Commercialisation- launch and marketing campaign.

12

Product lifestyle

Introduction- when you first enter

Growth- profits are starting to come in

Maturity- decision to keep on going or not

Extention|decline- decision to end it or keep going

13

What is a product mix?

A set of product being sold by a business

Two main elements

Breadth - number of product lines

Depth- variety of colours and styles

14

What is the product line

Broad group of product that have similar use

Washing machines in a store, different bunch of brands

15

What is branding and what's good about branding

Creating a brand means people get to remember who you are,

Why is brand important e.g bmw

Attributes- well built luxury
Benefits- social status
Values- high performance and prestige
Culture- German and high quality

16

Define brand stretching and product placement

Brand- use a well known brand to sell unrelated products

Product- putting your add on the best time


Generic brand- identity to the retailer not the manufacturer

17

The choice of the right packaging and why it is important

Multiple purposes
Advertisement
Builds image
Differs from competitors

Colour is very important as it brings out different feelings

Labels are used on packaging to provide infor about the product

18

What determines the price??

The costomers determine the price at the end of the day

Factors:
Objectives
Life cycle position
Costs
Demand
Competition

19

3 ways price is determined!!

Cost based method- business will want to break even and then place a percentage mark up to make profit

Competition based- price products near to competitors

Marketing strategy methods-
Price is set lower then competitors
Skimming pricing- high price for high quality
Low prices to attract costomers
9:95

20

Place!! What types of location and how you sell

Direct distribution- selling to the costomers directly

Indirect distribution- online stores, 24/7 purchasing

Usually a business will have both

21

Last P promotion

What is it and techniques used

Selling your product to the consumer

Advertising
Mass communication
Used to persuade costomers to buy product
Remind and reinforce product
Use mood celebrities etc

22

Forms of id deriding media

Newspaper
TV
Yellow pages
Online
Mail
Radio

Direct marketing or selling- calls and email. Get closer relationship

Sales promotion- free gifts or buy one get one half price

Personal selling- people going around selling

Internet marketing- websites and banners must look professional