What is the strategic role of marketing
Develop strategies to achieve the financial goal of profit maximisation
What is the role of marketing
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
What is customer loyalty
Generating repeat sales achieved through reward programs and personal bankers
What are the types of markets
Resource industrial intermediate consumer mass niche
What are the factors influencing consumer choice
Psychological sociocultural economic and government
What are the marketing processes
Situation analysis
market research
establishing market objectives identifying target markets
developing market strategies implementation of monitoring and control
What affects target markets
Demographic
sociocultural
geographic
psychographic
What are the four P’s when developing marketing strategies
Product price promotion place
What are the marketing strategies
Market segment product and service differentiation and positioning Products goods and services price promotion Place people processes and physical evidence E marketing global marketing
What are the elements of the product life cycle
Introduction growth maturity and decline
What is the market segmentation approach
Dividing the total market into groups of people who share one or more common characteristic
What is branding
Strong method of positioning in the market
easy recognition
quality
use of words logos symbols and numbers
What are pricing methods
Cost
market
competition based
What are pricing strategies
Skimming
penetration
loss leaders
price points
What is skimming
High-priced at introduction of new product
What is penetration
Bligh competitors to catch a market share
What are loss leaders
One item of that at a lower price to bring in customers
What are price points
Several versions at varying prices
What is price and quality interaction
Matching the price with the perceived quality of products at different price ranges
What is advertising
Paid nonpersonal messages communicated through mass media
What are different types of advertising media
Massmarketing direct marketing telemarketing e marketing social media advertising billboards
