Month 1 Flashcards
The fundamentals of marketing theory that support the marketing process e.g., the extended marketing mix (7P’S: Product, Price, Place, Promotion, Physical environment, Process, People), product development, and segmentation (76 cards)
- What is the definition of marketing according to CIM?
Marketing is “the management process responsible for anticipating, identifying and satisfying customer requirements profitably.”
- What are the five key functions of marketing?
- Management process
- Business philosophy
- Exchange process
- Customer satisfaction
- Catalyst for change
- What does marketing act as within a business?
A bridge between the customer and the organisation.
- What is customer value?
Customer value = perceived benefits – perceived costs
- What are perceived benefits in marketing?
The advantages a customer believes they gain from a product, including quality, brand reputation, features, and emotional rewards.
- What are perceived costs in marketing?
All the sacrifices a customer makes when purchasing a product, including money, time, and effort.
- What does it mean to be marketing-oriented?
Looking outward to the market and adapting business practices to meet changing customer needs and external forces.
- What’s the difference between a customer and a consumer?
Customer: decides to buy; Consumer: actually uses the product.
- Why is marketing considered a catalyst for change?
It identifies evolving customer needs and drives innovation, adaptation, and strategic shifts in business.
- How does marketing support strategic planning?
It uses market insight to align organisational goals with customer needs and market opportunities.
📌 SECTION 2: The Marketing Environment (10 Cards)
- What is the marketing environment?
All internal and external factors that affect a company’s marketing decisions.
- What are the three levels of the marketing environment?
Internal environment
Micro environment
Macro environment
- What is PESTEL analysis used for?
To examine macro-environmental influences: Political, Economic, Social, Technological, Environmental, and Legal.
- What are microenvironment factors?
Forces close to the company that affect its ability to serve customers:
customers
suppliers
competitors
intermediaries
Distributors
Shareholders
- What is Porter’s Five Forces model?
A framework for analysing the level of competition within an industry.
- Name Porter’s Five Forces.
Threat of new entrants
Bargaining power of suppliers
Bargaining power of customers
Threat of substitutes
Industry rivalry
- What is CSR in marketing?
Corporate Social Responsibility: Businesses being accountable for their social and environmental impact.
- How do ethics affect marketing strategy?
They influence decisions about messaging, targeting, pricing, and corporate behaviour.
- Why should marketing monitor the external environment?
To respond to opportunities and threats, anticipate change, and remain competitive.
How can changes in technology impact the marketing mix?
They affect distribution, communication, and product innovation.
What is segmentation?
Dividing a market into groups with similar characteristics or needs.
Why use market segmentation?
To tailor offerings, improve relevance, and increase profitability.
What are common bases for consumer segmentation?
Demographic, Geographic, Psychographic, Behavioural
