Topic 1: Assessing the Marketplace Flashcards
(17 cards)
What are the four P’s of marketing? / The marketing mix.
- Promotion: Communicating value.
- Product: Creating value.
- Place: Delivering value.
- Price: Capturing value.
What are the keys to promotion?
- Informing.
- Persuading.
- Reminding.
What are the three types of digital consumers?
- Dominant digital - internet is integral force.
- Hybrid - users who use good tech solutions when avaliable.
- Reluctant - users who use it but not actively.
What are the digital channels?
- Websites.
- Search Engines.
- Email.
- Mobile Phones.
What is the 4E framework?
A framework for social media.
What kinds of Customer Engagement are there?
- Listening and responding.
- Involving.
- Empowerment.
What factors can create an ethical climate in the workplace?
- Values.
- Rules.
- Controls.
What is corporate social responsibility?
Setting the companies actions and operating in a way which balances it’s short term profits with societies long term needs. This ensures the companies survival in the long run.
Note that a firm can be unethical but still CSR, by ‘giving a lot to the community’.
What is the framework for ethical decision making?
- Identify issues.
- Gather information and identify stakeholders.
- Brainstorm and evaluate alternatives.
- Choose a course of action.
How can ethics be integrated into the marketing strategy?
- Planning phase. Establish a mission statement with a clear ethical tone.
- Implementation phase: Guide decisions in mind with ethical values.
- Control phase: React to change.
What are the types of objects in the environment analysis framework?
- Consumers.
Immediate Environment. - Macroenvironment.
What are the elements of the Immediate Environment?
- The Company.
- Competition.
- Corporate Parners.
What are the elements of the macroenvironment?
- Culture.
- Demographics.
- Politics/Legal.
- Technology.
- Economic.
- Social
What are the ethical stakeholders to a firm?
- Employees; Themselves and families.
- Customers; Current and potentual.
- Marketplace; Competitors, partners.
- Society; Community and environment.
What are the elements of culture?
- Shared values.
- Country coulter - visable nuances, artefacts, behaviour etc.
- Regional Culture - specific only to a region.
What are the four generational cohorts?
- Gen Z
- Gen Y
- Gen X
- Baby Boomers
What are some social trends?
- Thrift.
- Health and Wellness Concerns.
- Greener Consumers.
- Privacy Concerns.
- Time-poor Society.
- Technology Advances.
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