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