Flashcards in Marketing and finance 1: MARKETING (Part A) Deck (13):
the management process responsible for ID, anticipating and satisfying customer requirements and profitability. Distinguish:
- marketing as a set of techniques (adverts, market research)
- marketing as a philosophy (company wide culture of putting consumer first)
What is the market for veterinary services?
- market size and industry stats
- industry growth
- market structure and key players
- trends (in offerings and client demands)
- industry supply chain
What veterinary services can be marketed?
- range of services / products
- advantage cards
- online services (bookings and repeat prescriptions)
- special offers (links with insurance companies or pet food companies)
What are the 4Ps?
What are the basics of marketing?
- marketing mix (4Ps or 7Ps)
- what's so special about services marketing?
- what is the veterinary profession doing?
What does the blend of the marketing mix depend on?
- marketing objectives
- type of product
- target market
- market structure
- global issues (culture, religion)
- rivals' behaviour
- marketing position
What are teh generic 7Ps of marketing?
- packaging (how the product is presented)
- positioning (the hearts and minds of people)
- people (inside and outside of your business, who are responsible for every element of your sales and marketing strategies and activities?
What is services marketing?
the production of an essentially intangible benefit, either in its own right or as a significant element of a tangible product, through which some form of exchange satisfies an identified need
What are the 5 core elements of services?
- lack of ownership
Outline trends in veterinary marketing
- attracting new clients, retaining existing clients and brand extension --> fighting off competition
- market segmentation: offers for pets of different ages
- new services for short life pets (exotics)
- strong emphasis on customer service
- securing income via pet health plans
- social media
- emarketing webistes
How do the population rate vet practices as value for money?
70% say their practice provided good value for money
T/F: the difference b/w veterinary markets and marketing is vast