Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

UCC > MG1006 1,2,3,18,19,20 > Flashcards

MG1006 1,2,3,18,19,20 Flashcards

CHAPTERS 1,2,3,18,19,20

1
Q

what is the marketing concept

A

The achievement of corporate goals through meeting and exceeding customer needs better than the competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

CORE PRINCIPALS OF MARKETING

A

Integrated effort
Search for latent
Market Goal achievement
Customer focused

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

1935 MARKETING DEFENITION

A

Marketing is the performance of business activities that direct the flow of goods and services from producers to consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

1985 MARKETING DEFINITION

A

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

2004 MARKETING DEFINITION

A

Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

2007 MARKETING DEFINITION

A

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

WHY DO WE NEED MARKETING

A

Because it is the management process that helps to identify, anticipate what the customer wants and needs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

BASIC ELEMETS OF MARKETING ORIENTATION

A

Potential market opportunities
Customer needs
Marketing products and services
Customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Production orientation:

A

Production capabilities
Manufacture product
Aggressive sales effort
Customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

MARKET FOCUS 7 DIFFERENCES

A

FAST
EFFICIENT AND EFFECTIVE
STRIVE FOR COMPETITIVE ADVANTAGE
WELCOME CHANGE
TRY TO UNDERSTAND COMPETITION
INNOVATION REWARDED
MARKETING SPEND REGARDED AS AN INVESTMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

INTERNAL FOCUS 6 DIFFERENCES

A

WHY RUSH
EFFICIENT
HAPPBY TO BE ‘ME TO’
CHERISH STATUS QUO
IGNORE COMPETITION
INNOVATION PUNISHED
MARKETING SPEND REGARDED AS A LUXURY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The development of marketing: FOUR PERIODS

A

Production Period (1890s-1920s)
Sales Period (1920s-1950s)
Marketing period (1950s-1980s)
Societal marketing period (1980s to present)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

why study consumer behaviour?

A

understand customers needs
knowing how they make choices
how to influence their purchasing choice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what are the purchasing roles/ DMU (CONSUMER)

A

intiator
influencer
decided
buyer
user

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

who begins the process of considering a purchase.

A

initiator

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Who attempts to persuade others in the group concerning the outcome of the decision. They typically gather information and attempt to impose their choice criteria on the decision.

A

influencer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

who has the power and/or financial authority to make the ultimate choice regarding which product to buy.

A

decider

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

who conducts the transaction. They call the supplier, visits the store, makes the payment and effects delivery.

A

buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

who is the actual consumer that will use the product

A

user

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what are the process in the consumer decision making

A

need recognition/problem awareness
information search
evaluation of alternatives
purchase
post-purchase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

what happens in the process of Need recognition/problem awareness

A

Consumers awareness of needs and goals which need to be satisfied.
Requires consumers to have an awareness of their own needs and requirements.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

what types of information search are there?

A

internal search
external search

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

what happens in the process of information search?

A

Search for information or consumption behaviours which can address the problem identified.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

what happens in the process of Evaluation of alternatives?

A

Determination of most suitable consumption solution among an array of options.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

high involving decision context is when….

A

, the consumer is more likely to carry out extensive evaluation. High-involvement purchases are likely to include those incurring high expenditure or personal risk, such as buying a car or a home.

26
Q

low involvement decision contexts is when…

A

Consumers use simple choice tactics to reduce time and effort rather than maximize the consequences of the purchase

27
Q

what happens in the purchase process DMU?

A

At this stage the choice product is purchase

28
Q

what happens in the post-purchase evaluation process?

A

Considering whether the product actually satisfied the need or not and whether there were any problems arising from its purchase and consumption.

29
Q

what is marketing planning?

A

This is a sort of corporate strategic planning which involves all business units

30
Q

The core function of a marketing plan is to answer what questions?

A

1- where are we now
2- where would we like to be
3-how do we get there
4-are we on course

31
Q

what is the marketing planning at the business level. (4)

A

business mission
market audit
swot analysis
marketing objectives

32
Q

what is the marketing planning at the product level

A

-core strategy
-competitive advantage
-marketing mix decisions
-organization and implementation
-control

33
Q

what is the vision statement

A

looks into the future. What is it that the business wants to achieve. Is goal

34
Q

what is the mission statement?

A

A broadly defined, enduring statement of purpose that distinguishes a business from other of its type. (Ackoff)

35
Q

what is the marketing audit?

A
  • Is a systematic examination of a business’s marketing environment, objectives, strategies and activities, with a view to identifying key strategic issues, problem areas and opportunities.
  • The marketing audit provides the basis for developing a plan of action to improve marketing performance.
36
Q

SWOT anaylisis stands for?

A

strengths, weakness, opportunities and threats

37
Q

example of a strengths

A

strong branding, expertise, financial resources, market share, process capabilities

38
Q

example of weaknesses

A

financial constraints, poor supply chains, weak branding, poor management, resource deficits

39
Q

example of opportunites

A

rapid market growth, changing market trends, economic boom, government deregulation, weak competitors

40
Q

example of threats

A

new competitors entering market, substitute products, changing consumer preferences, economic downturn

41
Q

swot internal
(controllable)

A

S AND W

42
Q

SWOT external (uncontrolable)

A

O AND T

43
Q

What are the two levels in Marketing objectives used in marketing planning

A

strategic thrust objectives
strategic objectives

44
Q

What are strategic thrust objectives?

A

they shape the directions of the plan, like what product to sell

45
Q

What are strategic objectives?

A

they set objectives for individual product

46
Q

objectives SMART stands for?

A

specific, measurable, actionable, realistic, timely

47
Q

what are the core marketing strategy?

A

This focuses on how objectives can be accomplished. There are three key elements to consider: target markets, competitor targets and establishing a competitive advantage

48
Q

what are the three key elements to consider in the core marketing strategy:

A

-target markets,
-competitor targets
-establishing a competitive advantage

49
Q

what are the benefits of marketing Planning?

A

-Consistency
-Monitoring of Change
-Encourages Organizational Adaptation
-Resource Allocation
-Identification of Sources of Competitive Environment

50
Q

what does PEST analysis stand for?

A

political
economical
ecological
socio-cultural
technological

51
Q

marcroenvironment is?

A

The major uncontrollable, external forces, which influence a firm’s decision making and have an impact upon its performance.

52
Q

micro environment is?

A

It consists of those organisations that either directly or indirectly influence an organisation’s

53
Q

what are the key actors in the microenvironment?

A

suppliers
distributors
competitiors
customers

54
Q

what are the five factors in “porter’s five forces”?

A

-Competition in the industry
- Potential of new entrants into an industry
- power of suppliers
-power of customers
-threats of substitutes

55
Q

What is the BCG matrix

A

It is a planning tool that uses graphical representations of a company products and services so that it helps the company decide whether they should sell, keep or invest

56
Q

What are the 4 BCG categories?

A

Dogs
stars
cash cow
problem children

57
Q

Low growth, low share businesses/products
May generate enough cash to maintain themselves but are not that promising
Cash neutral this is …

A

dogs

58
Q

Low growth, high share businesses/products
Are established and successful so need less investment to hold their market share
Milking it - produces cash to support SBUs
Cash generator
THIS IS….

A

cash cows

59
Q

High growth, high share businesses/products
Often need heavy investment to finance their rapid growth
When growth slows down -> cash cows
Cash neutral
THIS IS…

A

stars

60
Q

Low share businesses/products in high growth
markets
Require cash to hold their share (and more to increase it)
Can build into stars but could choose to phase them out
Cash user
THIS IS….

A

problem children or question marks

61
Q

what are the Porter’s five forces ?

A

Separate threats factors that can impact a business growth

UCC (17 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions