MArt112 Flashcards

(123 cards)

1
Q

What is marketing?

A

Activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large

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2
Q

Must have parts of storytelling include:

A

A beginning, a middle and an ending

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3
Q

Why is the beginning important?

A

Sets up story, introduces topic, signposts where story will go, engages audience

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4
Q

Why is the middle important?

A

Story develops, complications introduced, show something is at stake, make audience care

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5
Q

Why is the ending important?

A

Complications resolved, conclusions reached, point of story made clear, provide resolution for audience, satisfying audience

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6
Q

What are the different segments?

A

Demographic, geographic, psychographic, behavioural

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7
Q

What is market segments?

A

The relatively homogenous groups of prospective buyers that result from the market segmentation process

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8
Q

What does STP (segmenting, targeting and positioning) do?

A

It links consumer needs to marketing actions such as identifying market needs, link needs to actions and execute marketing program actions

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9
Q

How does STP benefit a product?

A

Benefits in terms of:
Product features
Expense
Quality
Savings in time and convience

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10
Q

How does STP execute marketing program actions

A

Through a marketing mix of
Product
Price
Promotion
Place (distribution)

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11
Q

What is the marketing mix?

A

Product, Price, Promotion, Place (distribution)

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12
Q

What are the 4Ps

A

Product
Price
Place (distribution)
Promotion

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13
Q

What is PESTLE?

A

Political
Economic
Social
Technologoical
Legal
Environment

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14
Q

What are the regulatory forces

A

All of PESTLE except environment

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15
Q

What are the categories of marketing innovation?

A

Continuous innovation, dynamic continuous innovation, discontinuos innovation

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16
Q

What is continuous innovation?

A

Requires no new learning by consumers

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17
Q

What is the marketing strategy for continuous strategy?

A

Gain consumer awareness and wide distribution

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18
Q

What is dynamically continuous innovation?

A

Disrupts consumers normal routine but does not require totally new learning

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19
Q

What is the marketing strategy for dynamically continuous innovation?

A

Advertise points of difference and benefits to consumers

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20
Q

What is discontinuous innovation?

A

Requires new learning and consumption patterns by consumers

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21
Q

What is the marketing strategy for discontinuous innovation?

A

Educate consumers through product trial and personal selling

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22
Q

What is the five step marketing research process (5 steps)?

A
  1. Define the problem
  2. Develop the research plan
  3. Collect relevant information
  4. Develop findings
  5. Take marketing actions
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23
Q

What is the first step of the marketing research process?

A

Define the problem:
Set research objectives
Identify possible marketing actions

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24
Q

What is the second step of the marketing research process?

A

Develop the research plan:
Specify constraints
Identify data needed for marketing actions
Determine how to collect data

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25
What is the third step of the marketing research process?
Collect relevant information: Obtain secondary and primary data
26
What is the fourth step of the marketing research process?
Develop findings: analyse data + present findings
27
What is the fourth step of the marketing research process?
Develop findings: Analyse the data Present the findings
28
What is the last step of the marketing research process?
Take marketing actions: Make action recommendations Implement action recommendations Evaluate results
29
What is secondary data?
Already existing data
30
What is primary data?
Data collected for this study
31
What is customer value?
The unique combination of benefits received by targeted buyers
32
What is customer lifetime value?
How much money a customer will bring your brand throughout their entire time as a paying customer
33
What are the four marketing utilities?
Form Possession Time Place
34
What is consumer behaviour?
The study of processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires
35
What is the consumer decision making process? (5)
1. Problem recognition: Perceiving a need 2. Information search: Seeking value 3. Alternative evaluation: Assessing value 4. Purchase decision: Buying value 5. Post-purchase behaviour: Realising value
36
What is extended problem solving?
It occurs during a purchase decision that calls for a lot of effort and time. It involves HIGH involvement
37
What is extended problem solving?
It occurs during a purchase decision that calls for a lot of effort and time. It involves HIGH involvement
38
What is routine/limited problem solving?
It occurs during a purchase decision that calls for a low amount of effort and time. It occurs with LOW involvement
39
What are the types of marketing channels?
Direct and Indirect
40
What is a direct marketing channel?
It means the producer and the ultimate consumers deal directly with each other.
41
What are the indirect marketing channels? (3)
Produce -> Retailer -> Consumer Produce -> Wholesaler -> Retailer -> Consumer Produce -> Agent -> Wholesaler -> Retailer -> Consumer
42
What is B2B marketing?
Business to business Marketing to companies, govt, or not for profit organisations for use in the creation of products and services that they can produce and market to others
43
What are the types of buying decisions
New buy, Modified buy, straight buy
44
What is a new buy?
A first time buyer of a product or service who has greater potential risks and the buying centre is larger
45
What is a modified buy?
A modification from a previous order which has high compeition amongst suppliers and a moderate level of information is required
46
What is a straight buy?
A reordering of an existing product which has familiar suppliers and little information is required
47
What are the different organisational markets?
industrial markets, reseller markets, government markets and non-profit organisations
48
What is retailing?
A key aspect of marketing is "exchange" and it is through retailing that exchange occurs
49
What does retailing include?
All activities involved in selling, renting and providing products and services to ultimate consumers for personal, family or household use
50
What are the four utilities?
Time, Place, Possession, Form
51
What is breadth?
The variety of different items a store carries such as appliances and books (horizontal)
52
What is depth?
The store carries a large assortment of each item such as a shoe store that offers running shoes, dress shoes, etc (vertical)
53
What are atmospherics? (definition)
The total sum of all store stimuli, interior and exterior physical characteristics which appeal to our emotions and how it effects our shopping
54
What are the types of atmospherics? (8)
Sound Taste Temperature Visuals and lighting Touch Smell Crowding Staff
55
What is a service?
The intangible activities or benefits that an organisation provides to satisfy consumers needs in exchange for money or something else of value
56
What are the 4 I's of Services
Intangibility, inconsistency, inseparability, inventory
57
What are the seven Ps of services marketing
Product (service) Price Place (distribution) Promotion Physical environment People Process
58
What are the 4Ps in product marketing mix?
Product Price Place (distirbution) Promotion
59
Why is the physical environment important?
The appearance of the environment can influence the customers perception of the service
60
What defines a service?
People
61
What is process in services marketing?
The actual procedures, mechanisms, and flow of activities by which the service is created and delivered.
62
What types of processes are involved in service marketing? (3)
Service design, standardisation, customisation
63
What is the source in the communication process?
The sender of the message
64
What is the communication process?
65
What is the AIDA model of communication?
Attention, Interest, Desire and Action
66
What is the A in AIDA model of communication mean?
Attention: usually grabbed by the use of image
67
What is the first A in AIDA model of communication mean?
Attention: usually grabbed by the use of image, colour, layout, typography, size, celebrity, model etc
68
What is the I in AIDA model of communication mean?
Interest: Once attention is grabbed, it's necessary to create interest in the viewer's mind so that they will read/find out more about the brand being advertised Interest can be invoked by the use of an attractive sub heading
69
What is the D in AIDA model of communication?
Desire: the element of desire is usually created by the use of body copy where you describe in detail the necessity of buying the brand - explaining the features of the brand, including facts and figures
70
What is the last A in AIDA model of communication?
Action: Finally, some help is provided to enable the reader to take action, e.g make an order/ask for a trial
71
What is the PLC?
Product life cycle
72
What are the stages of the product life cycle?
Introduction, growth, maturity, decline
73
What is the promotional objective in order?
To inform, to persuade, to remind, to phase out
74
What is the introduction promotional activity?
To inform: - Publicity in magazines - Advertising - Saleforce calling on intermediaries - Sales promotion in form of free samples
75
What is the growth promotional activity?
To persuade: - Personal selling to intermediaries - Advertising to differentiate a product from competing brands
76
What is the maturity promotional activity?
To remind: - Reminder advertising - Sales promotion in form of discount, coupons and events - Limited personal selling - Direct-mail reminders
77
What is the decline promotional activity?
To phase out: Little money spent on promotion
78
What is the strategic marketing process?
Planning phase -> implementation phase -> evaluation phase
79
What is the evaluation phase?
- Compare results with plans to identify deviations - Exploit positive deviations, correct negative ones - Tracking reports to measure reports - Action memos to correct problems, exploit opportunities
80
What is price?
Statement of value for products or services OR the money or tore considerations exchanged for the ownership or use of a product
81
What is value in terms of price?
The amount of money people are prepared to pay for a product Price is a measurement of value
82
What is the value equation?
Values = Percieved benefits of Product/service/Price of product/service
83
What are the six steps in setting the price?
1. Identify pricing objectives and constraints 2. Estimate demand and revenue 3. Determine cost, volume, and profit relationships 4. Select an approximate price level 5. Set list or quoted price 6. Make special adjustments to list or quoted price
84
What are the four common approaches to selecting an approximate price level?
Demand-orientated approaches Cost-Oriented approaches Profit oriented approaches Competition oriented approaches
85
What are the types of demand oriented approaches?
Skimming, penetration, prestige, price lining, odd-even, target, bundle, yield management
86
What is a skimming pricing?
Setting a higher price to maximise profit margins
87
What is penetration pricing?
setting a relatively low price initially to increase market share or maximise sales volume
88
What is prestige pricing?
Setting a high price to attract quality-or status-conscious consumers
89
What is price lining?
Setting different price points among products offered
90
What is show rooming?
Browse in stores and buy online
91
What is web rooming?
Browse online and buy in a store
92
What is the consumer shopping to consumer buying grid in multiple-channel marketing?
Draw diagram.
93
What is a marketing channel?
The process to make possible flow of products and services from a produce through intermediaries, to a buyer.
94
What is a middle man?
Any intermediary between the manufacturers and end-user markets
95
What are the type of functions in marketing channels?
Transactional, logistical and facillitiating
96
What is a direct channel?
Produce -> consumer
97
What is an indirect channel?
When there is other components involved in the channel such as retailer, wholesaler or agent
98
What is ethics?
Moral principles and values
99
What is law?
Values enforceable in court
100
What are the four ways to classify marketing decision in ethical and legal relationships?
Ethical but illegal Ethical and legal Unethical and illegal Unethical but legal
101
What are the three concepts of social responsibility?
Societal responsibility, stakeholder responsibility and profit responsibility
102
What is societal responsibility?
Public interest groups - ecological environment - general public
103
What is stakeholder responsibility?
Suppliers/distributros - employees - consumers
104
What is profit responsibility?
Owners/stockholders
105
What is a product?
Anything that can be introduced to the market for awareness, consumption or usage that aims to fulfil customer needs
106
What is a brand?
It embraces an assurance of quality, and transmits a vast number of tangible and intangible features such as symbol, values, culture, design, perceived customer image and personality
107
What are the brand components? (5)
Image Name Term or slogan Brand mark (symbols, design, logo, trade mark) Brand personality
108
What is brand equity?
Falls inside the customer minds and the equity refers to what extent can a brand impact consumer behaviour and perception It can be defined as the perceived worth (value) of a brand
109
What is a multi product branding strategy?
Having a portfolio of products with different brands or names, all owned and managed by the same company.
110
What is a multibranding strategy?
Businesses use one name for all their products in a product class. This is also called family branding. Example: Toro makes Toro snowblowers, Toro lawn mowers, Toro garden hoses, and Toro sprinkler systems. All of the products have the same brand name.
111
What is private branding strategy?
It is one that a retailer gets produced by a third-party but sells under its own brand name. The retailer controls everything about the product or products.
112
What is mixed branding strategy?
Products under company marketed to different segments of customers to help target required customer base
113
What is globalisation?
The process by which firms operate on a global basis, organising their structure, capabilities, resources and people in such a way as to address the world as one market
114
What are the types of global companies?
International firm, multinational firm and transnational firm
115
What is the marketing strategy for international firm?
The extension of home marketing strategy
116
What is the marketing strategy for a multinational firm?
Different products, brands and advertising
117
What is the marketing strategy for transnational firm?
Standardised marketing activities when cultures are similar; different activities when cultures differ
118
What is social media marketing?
The use of social media websites and social networks to make a company's products and services.
119
What does social media marketing do?
Provides companies with a way to reach new customers, engage with existing customers and promote its desired culture, mission or tone
120
Why do we use social media?
Be where the customers are Promote brand values etc cost efficiency immediacy and versatility two way (customer service + market research) relationship building data/analytics hyper targeted advertising increased online traffic
121
What is an example of cost-oriented pricing?
Standard markup Cost-plus Experience curve
122
What is an example of profit-oriented approaches?
Target profit Target return on sales Target return on investment
123
What is competition oriented approaches?
Customary Above-at-or below market loss leader