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Business Marketing > Narketing > Flashcards

Narketing Flashcards

1
Q

What are the 7ps

A

Product
Physical
Process
People
Place
Promotion
Price

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2
Q

Product

A

Good or services the customers buys
Eg proposition at hotel : “good nights sleep guaranteed”

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3
Q

Price

A

How much the customer pays
Eg dynamic pricing

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4
Q

Place

A

How the product is distributed to the customer
Eg predominantly sold direct

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5
Q

Promotion

A

How the customer is found and persuaded to buy
Eg tv advertising

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6
Q

Process

A

Systems and processes that deliver a product to a sustomer
Eg online booking

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7
Q

Physical

A

Elements of the physical environment the customer experience
Eg facilities

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8
Q

What is an effective marketing mix

A

Achieves marketing objectives
Meets customer needs
Is balanced and consistent
Creates a competitive advantage

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9
Q

Influences on marketing mix

A

The market
Consumer markets where businesses are selling to the public B2C

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10
Q

Internal influences on marketing mix

A

Promotion
Price
Credit
Building relationships
Time
Delivery conditions

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11
Q

External influences on marketing mix

A

Political factors
Economic
Social
Technology
Legal
Environmental
Competition

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12
Q

Types of consumer goods

A

Convenience products
Shopping products
Specialty products

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13
Q

Convenience products

A

Brought frequently and little planning or shopping efforts
Tended to be low price and widespread distribution such as crisps

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14
Q

Shopping products

A

Bought less frequently
Tends to be higher price with selective distribution usually promoted through adverting and resellers
Eg clothing or furniture

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15
Q

Speciality products

A

Unique characteristics
High price and exclusive distribution, limited outlets and the promotion is more carefully targeted
Eg cars

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16
Q

Core benefit

A

The prime function of a product

17
Q

Tangible product

A

Features and additional functions of the product

18
Q

Augmented product

A

Additional non tangible benefits

19
Q

What are the 6 stages of product life cycle

A

Development, introduction, growth, maturity, saturation, decline

20
Q

Advantages of product life cycle

A

Tracks sales
Helps managers plan their marketing activities
Suggest adaption

21
Q

Negative of product life cycle

A

Not always clear where the product is
Does not explain chamge in sales
Can be difficult to read

22
Q

Axes and positions of Boston matrix

A

X is market share
Y is Marley growth
Top left is questions marks
Top right is stars
Bottom left is dogs
Bottom right is for cash cows

23
Q

Question mark products

A

Low share and cash flow is negative
Have potential buy future is uncertain
Could become a star or a dog

They should invest to imcrease market share
Build selectively
Invest in promotion as they need market research to appeal to more customers

24
Q

Star products

A

High share of a growing market
Require high marketing spending
Net cash inflow is neutral

They should build sales
Spend to keep competitors at bay
Repel challenges from competitors

25
Q

Cash cow products

A

High share of a slowly growing market
Mature stage in cycle
Little potential for growth

Defend market share
Aim for short term profits
Reduce investment in order to maximise short term cash flow and profits

26
Q

Dog products

A

Either products that have failed or are in the decline phase of their life cycle
Low share of a slow growth market
Not going anywhere with no real potential

Phase out or sell off
Not worth investment in
Any profit made has to be re invested just to maintain market share

27
Q

Price skimming

A

Set a high price to maximise profit when launched
Product is sold to different market segments at different times
Objective is to maximise profit per unit to achieve quick recovery of development costs

28
Q

Penetration pricing

A

Offer a product at a low start price (opp to skimming )
Aim is to gain market share quickly and build customer loyalty
Price can be increased once target market share is reached
Eg razor handles

29
Q

Dynamic pricing

A

Business set flexible prices for products or services based on current market demands

30
Q

Promotional methods

A

Sales promotion
Advertising
Direct selling
Personal selling
Sponsorships
Public relations
Merchandising

31
Q

Advertising

A

A paid form of non personal communication
- wide coverage
Usually very expensive

32
Q

Sales promotion

A

Short term tactic to increase sales
Eg special offers
Help reach sales target
Increase market share

33
Q

Direct selling

A

Directed by email, text, social ,edit etc
Focused on target market
Can be personalised
Usually cheap
However can be perceived as intrusive and junk mail

34
Q

Personal selling

A

Involves a meeting between the business rep and customer
Enables negotiations

35
Q

What influences choice of promotional methods

A

Stage in life cycle
Competition
Marketing budget
Technology
Target market

Business Marketing (1 decks)

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