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Flashcards in POM Deck (44):
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

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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

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The product life cycle

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

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The promotional mix

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

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Motivation

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

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2 different types of need

Utilitarian - functional, practical
Hedonic - experimental, emotional

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Drive theory

human needs drive motivation

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Expectancy theory

expectancy of achieving desired outcomes drives motivation

‘pull’ factors

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Maslows hierarchy of needs

needs occur in order of hierarchy

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

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consumer involvement

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

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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

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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

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definition of value

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

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Exchange transactions

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

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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

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success factors

interfunctional orientation - not just marketing department
competition
customer

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fmcg

fast moving consumer good

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purchasing situations

routine
limited
extended

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routine problem solving

low risk low price
repeat purchase

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limited problem solving

moderate price, moderate risk
relatively infrequent purchase

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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

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Price

value that is placed on something

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price Internal influences

organisational objectives, costs, marketing objectives

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price external influences

customers, legal, channels of disribution, competitors, demand

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Inflation

rate of increase in prices for goods and services

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customers price assessments

functional, quality, financial, operational, personal

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price elasticity

responsiveness of demand to changes in prices

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penetration

using an aggressively low price to gain volume

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skimming

setting a high price to attract the least price sensitive market segments

33

marketing channel

a structure linking a group of organisations through which a product is made

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channels structures

produced agent wholesaler retailer consumer

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intermediaries

links sellers and buyers

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types of intermediaries

franchises wholesalers retailers distributors agents

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wholesaler

buys products in bulk and resells them to trade customers

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distributors

adds value through special services associates with stocking or selling inventory

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franchisee

holds a contract to supply and market a product

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agent

has the legal authority on act on behalf of the manufacturer

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retailer

sells direct to the consumer and may either purchase directly from the manufacturer or deal with a wholesaler

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corporate marketing system

organisation owns other elements of channel

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contractural marketing system

members of channels independant but contractural arrangements

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administered marketing systems

one dominant member