Marketing and finance 1: MARKETING (Part A) Flashcards Preview

Principles of Science BVetMed 3 > Marketing and finance 1: MARKETING (Part A) > Flashcards

Flashcards in Marketing and finance 1: MARKETING (Part A) Deck (13):
1

Define marketing

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)

2

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

3

What veterinary services can be marketed?

- price
- range of services / products
- advantage cards
- online services (bookings and repeat prescriptions)
- special offers (links with insurance companies or pet food companies)

4

What are the 4Ps?

- product
- price
- place
- promotion

5

What are the basics of marketing?

- marketing mix (4Ps or 7Ps)
- what's so special about services marketing?
- what is the veterinary profession doing?

6

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

7

What are teh generic 7Ps of marketing?

- product
- price
- promotion
- place
- 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?

8

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

9

What are the 5 core elements of services?

- intagibility
- inseparability
- heterogeneity
- perishability
- lack of ownership

10

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

11

How do the population rate vet practices as value for money?

70% say their practice provided good value for money

12

T/F: the difference b/w veterinary markets and marketing is vast

True

13

T/:F the marketing of services is complex and challenging d/t 5 core elements

True

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