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Flashcards in Marketing Deck (14)
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1
Q

What is the strategic the role of marketing?

A

Brining together the products of the business and the customers for those products by satisfying customer needs and wants.

2
Q

What are the types of markets?

A

Resource, industrial, intermediate , consumer, mass, niche.

2
Q

What are the influences on marketing?

A
  • Factors influencing customer choice (psychological, sociocultural, economic, government)
  • Consumer laws (deceptive and misleading advertising, price discrimination, implied conditions, warranties)
  • Ethics (truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging)
3
Q

What is involved in the process of marketing?

A
  • Situational analysis (SWOT, product lifecycle)
  • Market research
  • Establishing market objectives
  • Identifying target markets
  • Developing marketing strategies
  • Implementation, monitoring and controlling
4
Q

What is market research and what does it involve?

A

The process of systematically collecting, recording and analysing information concerning a specific marketing problem.

Market researchers use two types of data: primary data and secondary data.

5
Q

What is statistical interpretation analysis?

A

The process of focusing on the data that represents average, typical or deviations from typical patterns.

6
Q

What are the marketing objectives?

A
  • Increasing market share
  • Expanding the product mix
  • Maximising customer service
7
Q

What does monitoring and controlling involve?

A

Developing a financial forecast; comparing actual and planned results, revising the market strategy.

8
Q

What are the marketing strategies?

A
  • Market segmentation (product/service differentiation and positioning)
  • 4 Ps (Product, Price, Place, Promotion)
  • +3 Ps (People, Processes, Physical Evidence)
  • E-marketing
  • Global marketing
9
Q

What does global marketing involve?

A

Global branding, standardisation, customisation, global pricing, competitive positioning.

10
Q

What is involved in product?

A
  • Branding

- Packaging

11
Q

What is involved in price?

A
  • Pricing methods (cost, market, competition based)
  • Pricing strategies (skimming, penetration, loss leaders, price points)
  • Price and quality interaction
12
Q

What is involved in promotion?

A
  • Elements of the promotion mix (advertising, personal selling and relationship marketing, sales promotion, publicity and public relations)
  • The communication process (opinion leaders, word of mouth)
13
Q

What is involved in place?

A
  • Distribution channels
  • Channel choice (intensive, selective, exclusive)
  • Physical distribution issues (transport, warehouse, inventory)