marketing role/influences Flashcards
(25 cards)
What is marketing?
A total system of interacting activities designed to plan, promote, and distribute products to present and potential customers.
What are the major goals of marketing?
- Maximise sales/profits
- Increase market share
- Customer orientation
- Maximise customer choice and satisfaction
What is the strategic role of marketing goods and services?
To maximise sales for an organisation through developing strategies that plan, price, promote, and distribute goods or services.
Define brand awareness.
The extent to which customers are aware of a product’s existence, achieved through strong advertising campaigns.
How does marketing improve standard of living?
By improving features to increase sales.
What is the significance of marketing plans in business?
They outline strategies to bring buyer and seller together, satisfy customer wants, and are the only revenue-generating activity in business.
What is the production approach in marketing?
Focused on the production of goods, assuming high-quality products ensure success, with an emphasis on low-cost manufacturing.
What characterizes the selling approach in marketing?
Emphasises persuasive sales techniques and increased funding in advertising to convince customers to buy.
What are the four principles of the marketing approach?
- Customer orientation
- Integrated marketing strategies
- Satisfying customers
- Integrated business plans
What is a resource market?
Engaged in primary production such as mining, agriculture, forestry, and fishing.
What is the difference between industrial and consumer markets?
- Industrial market: Businesses purchasing products for production
- Consumer market: Individuals and households intending to use products
Define psychological influences on consumer behavior.
Influences within an individual that affect their buying behavior, including perception, learning, attitudes, motives, and personality.
What are sociocultural influences on consumer behavior?
- Social class
- Culture
- Family roles
- Reference groups
What economic conditions can influence consumer spending?
- Boom: High employment, rising income
- Recession: High unemployment, falling income
What is the purpose of the Competition and Consumer Act 2010 (Cth)?
To protect consumers against undesirable practices and regulate trade practices that restrict competition.
What are some examples of deceptive and misleading advertising?
- Fine print
- Country of origin
- Before-and-after advertisements
- Special offers
Describe bait-and-switch advertising.
Advertising a product at a reduced price to entice customers, then directing them to higher-priced products once the lower-cost ones run out.
What are implied conditions in a contract?
Unspoken and unwritten terms that products must be fit for purpose, of acceptable quality, and match description.
How do warranties differ from implied conditions?
Warranties are assurances to buyers, while implied conditions are obligations.
What is ethical behavior in marketing?
Truth, accuracy, and good taste in advertising, engaging in fair competition, and avoiding practices that may harm health.
What are some criticisms of marketing?
- Creation of needs through materialism
- Stereotypical images
- Product placement
- Invasion of privacy
What constitutes good taste in advertising?
Varies among consumers; marketers must consider societal acceptance and community sensitivities.
What is sugging?
Selling under the guise of a survey, raising ethical concerns about invasion of privacy and deception.
True or False: Price discrimination is illegal under the Competition and Consumer Act if it reduces competition.
True
