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Business HSC 2023 (Syllabus) > Marketing > Flashcards

Marketing Flashcards

1
Q

Role of Marketing

A

Strategic role of marketing goods and services

Interdependence with other key business functions

Production, selling, marketing approaches

Types of Markets

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2
Q

Types of markets (Role of Marketing)

A

Resource
Industrial
Intermediate
Consumer
Mass
Niche

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3
Q

Influences on marketing

A

Factors influencing customer choice

Consumer Laws

Ethical

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4
Q

Factors influencing customer choice (Influences on marketing)

A

Psychological
Sociocultural
Economic
Government

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5
Q

Consumer Laws (Influences on marketing)

A

Deceptive and misleading advertising

Price discrimination

Implied conditions

Warranties

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6
Q

Ethical (Influences on marketing)

A

Truth
Accuracy and good taste in advertising
Products that may damage health
Engaging in fair competition
Sugging

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7
Q

Marketing Processes

A

Situational analysis (SWOT, product life cycle)
Market Research
Establishing marketing objectives
Identifying target markets
Developing marketing strategies
Implementation, monitoring and controlling

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8
Q

Implementation, monitoring and controlling (Marketing Process)

A

Developing a financial forecast

Comparing actual and planned results

Revising the marketing strategy

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9
Q

Marketing Strategies

A

Market Segmentation
Products - goods and/or services
Price including pricing methods
Promotion
Place/distribution
People, Processes and physical evidence
E-marketing
Global Marketing

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10
Q

Market Segmentation (Marketing Strategies)

A

Product/service differentiation and positioning

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11
Q

Products - goods and/or services (Marketing Strategies)

A

Branding
Packaging

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12
Q

Price including pricing methods
(Marketing Strategies)

A

Pricing methods (cost, market, competition-based)

Pricing strategies (skimming, penetration, loss leaders, price points)

Price and quality interaction

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13
Q

Promotion
(Marketing Strategies)

A

Elements of the promotion mix - advertising, personal selling and relationship marketing, sales promotions, publicity and public relations

The communications process - opinion leaders, word of mouth

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14
Q

Place/Distribution
(Marketing Strategies)

A

Distribution channels

Channel choice (intensive, selective, exclusive)

Physical distribution issues - transport, warehousing, inventory

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15
Q

Global Marketing
(Marketing Strategies)

A

Global branding
Standardisation
Customisation
Global pricing
Competitive positioning

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Business HSC 2023 (Syllabus) (4 decks)

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