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Flashcards in POM Deck (24):
1

B2B marketing

the process of exchange between producers of goods and services

2

Marketing

the management process responsible for identifying and satisfying customer requirements profitably

3

Marketing mix

product, price, place, promotion; the key parts of an organisations success when marketing a product. All 4 things need to be right in order for success

4

The product life cycle

the course that a product follows during its lifetime - intro, growth, maturity and decline

5

The promotional mix

how an organisation communicates with target audience - advertising, personal selling, public relations, direct marketing and sales promotion

6

Motivation

processes that cause people to behave as they do. an inner drive.

7

2 different types of need

Utilitarian - functional, practical
Hedonic - experimental, emotional

8

Drive theory

human needs drive motivation

9

Expectancy theory

expectancy of achieving desired outcomes drives motivation

‘pull’ factors

10

Maslows hierarchy of needs

needs occur in order of hierarchy

psychological, safety, belonging & love, esteem & self actualisation

11

consumer involvement

the outcome of motivation. the consumer perceived relevance of the product based on needs, values & interests

12

2 levels of involvement

‘flow’ state - high level of involvement

inertia - low level of involvement - decisions are made out of habit eg chocolate bar from convenience store

13

strategies to increase involvement

-use novel stimuli
-celebrity endorsers
-research
-appeal to consumer needs

14

attitudes

cognitive beliefs
affective emotion
conative behaviour - presses all buttons but can’t afford

15

definition of value

a belief & ones judgement of what’s important in life

16

Exchange transactions

marketer has to create the values in the mind of the consumer
-both marketer and consumer benefit

17

sustainable marketing

the maintenance and enhancement of customer relationships so that the objectives of the organisation are met without affecting the ability of future generations

18

success factors

interfunctional orientation - not just marketing department
competition
customer

19

fmcg

fast moving consumer good

20

purchasing situations

routine
limited
extended

21

routine problem solving

low risk low price
repeat purchase

22

limited problem solving

moderate price, moderate risk
relatively infrequent purchase

23

extended problem solving

high cost high risk
infrequent purchase

24

reference groups

membership - part of the group
aspirant - aspires to be them
dissociative - inconsistent with the group