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Business Management > Unit 4 : Marketing > Flashcards

Unit 4 : Marketing Flashcards

(76 cards)

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1
Q

What are the 4 main objectives of a marketing department?

A

Ensure that the right PRODUCTS are supplied to fulfill the needs and wants of the customers
Set an appropriate PRICE
DISTRIBUTE the products conveniently
Employ adequate and effective PROMOTION

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2
Q

Define marketing?

A

The management process involved in identifying, anticipating and statisfying consumer requirements profitably

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3
Q

What is market orientation?

A

Outward looking approach.
Focused on customers in order to meet their needs and wants
Making products you can sell

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4
Q

Adv and Disadv of market orientation

A

Adv
- Lower risk as this is based on market research
- Greater flexibility if market demands change

Disadv
- Market research is expensive and may not be completely transferable
- Business environment is very dynamic so theres no guarantee that a product will work

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5
Q

What is product orientation?

A

An inward looking strategy. used with hi-tech innovative first-of-its-kind products.
Selling products they can make
Often hit and miss

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6
Q

Adv and Disadv of product orientation?

A

Adv
Product quality can be assured - high quality
Innovative products will have a competitive advantage

Disadvantage
May not always be a market for the product
R&D and innovation can be quite expensive
Ignores needs of markets - risky

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7
Q

Market share formula

A

Firms sales / Industry sales revenue *100

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8
Q

Ways of increasing market share?

A

Promotion - develop brand loyalty so customers wil stick to your products and other customers may switch to your products
Product development - improvements, innovations
Motivation and training of workforce
Using more efficient chanels of distribution

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9
Q

Market growth formula?

A

Current - original market size/original market size *100

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10
Q

What is a market plan?

A

Document outlining an organisations marketing objectives and marketing strategies

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11
Q

What does a good marketing plan consist of?

A

SAMODO
SMART Marketing Objectives
Assessment of objectives
Methods of market research
Outline of the marketing mix
Details of the marketing budget
Outline of the anticipated difficulties

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12
Q

What is a marketing audit?

swot

A

An evaluation of the current marketing position of an organisation looking at the strengths and weaknesses and considering future oppurtunities and threats

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13
Q

What does the process of marketing planning involve?

A

AOSME
Audit - evaluation
Objectives - setting tactical and strategic goals
Strategies - setting tactical and strategic plans
Monitoring - review
Evaluation - reexamination

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14
Q

Adv and Disadv of marketting planning

A

Adv
- improve success chances
- Helps to identify problems and places to improve
- Better control of operations

Diadv
- Expenditure of time and resources

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15
Q

What does STP stand?

A

Segmentation
Targeting
Positioning

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16
Q

What is a market segment?

A

A market segment refers to a group of consumers who share similar demographic characteristics and needs and wants

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17
Q

What does targeting refer to?

A

Targeting refers to each segment have its own specific marketing mix

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18
Q

Reasons for segmenting?

A

Better understanding of customer - can formulate clearer marketing strategy
Higher sales revenue - can help increase sales and profits
Growth oppurtunites - can identify new segments to expand into
Support for differentiation strategies - allows for effective product differentiaton

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19
Q

What is considered in segmentation by demographic factors ?

A
  • Age
  • Gender
  • Race and ethnicity
  • Marital Status
  • Religion
  • Language
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20
Q

What is considered in segmentation by geographic factors ?

A

Location
Climate

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21
Q

What is considered in segmentation by psychographic factors ?

A

Interests and hobbies
Religion
Status
Values

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22
Q

What are the stages of positioning?

A

Identifying the competitive advantage of a product
Deciding on which aspects should be strengthened
Implementing the desired positioning

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23
Q

What are the facets of porters strategy ?

A

Focus - playing very close attention to one segment. Luxury prices or products in a niche market
Cost leadership - aiming to excel low cost economy products
Differentiation - making your product unique. USP

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24
Q

What are the 4 categories of positioning

A

Luxury - both high
Economy - both low
Cowboy - low quality high price
Bargain - high quality low price

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25
What is a niche market?
A smaller and well defined market segment
26
What is a mass marketing?
An undifferentiated marketing strategy with no differentiation between segment.
27
Adv and Disadv of niche marketing
Adv - Can charge premium prices as the few suppliers of a certain product - Minimal competition - Specialisation helps customer loyalty - Better focus Disadv - Limited customers - Less oppt for EOS - Can attract competition
28
Adv and Disadv of mass marketing
Adv - Larger customer base - More oppurtunities for EOS - No need to spend money on seperate marketing mixes Disadv - No specialisation, no focus can lead to waste of resources - Not suitable for everyone - large set up costs - Competition can be fierce
29
What is a USP?
Unique selling point - any aspect of a business, product or brand which makes it stand out from those offered by competitors - Something that makes a product unique or attractive
30
What is differentiation?
The act of distinguishing a business or its products from competitors in the market
31
How do people differentiate?
7 P's
32
Adv and Disadv of Differentiation
Adv - Premium prices for unique service and product - Helps build brand awareness and recognition - Distribution - improves placement of products Disadv - Can be expensive - Can drain resources - EOS is hard because of additional marketing expenses
33
What is market research?
Market research refers to marketing activities aimed at discovering the opinions, beliefs and preferences of potential and exisiting customers
34
What are the 2 types of market research?
Ad hoc research - done as and when needed, for specific purposes Continuous research - regular and on-going research
35
What is the purpose of market research?
Have up-to-date data Help improve marketing strategies Assess customer reactions Better understanding competitors Helps businesses predict future and likely trends
36
What is primary market research?
Research ( data gathering) done first hand for a specific purpose
37
Adv and Disadv of primary market research?
Adv Its specifically relevenant to the organisations problems or situations Completely up to date Confidential - competitive edge Disadv - Time consuming - Costly - Might not always be valid or completely accurate
38
What is secondary research?
Secondary market research refers to referring to prexisiting data collection by other sources.
39
Adv and Disadv of secondary research
DisAdv - May not be up to date - May not be completely relevant - Is available to everyone so its not competitive Adv - Large sample sizes - statistically significant - Huge range of sources exists - Cheaper to collect and view
40
Evaluate quantitative research
Adv - Easy to process and collect and analyse - Possible to extrapolate and make assumptions on the basis of quant data - No risk of bias Disadv - Doesnt help to understand customer motivations - Lesser flexibility
41
Evaluate qualitative research
Adv - Depth in answers - customers reasoning - Prevents bias by allowing open ended answers - Detailed feedback - Flexibility in process Disadv - HArd to analyse - Might not be representative of general sentiment - Time consuming - Need experts for interviews
42
What is a product?
A product is a good or service that aims to satisfy the needs or wants of the customers
43
Define product life cycle
Shows the different stages a product is likely to go through from its original launch to its maturation and decline
44
What happens in the PLC Launch Stage
Careful marketing planning Raising awareness over brand and product Unprofitable and no profit Penetration pricing
45
What happens in the PLC Growth stage?
Increase in sales Increasing brand awareness Persuasive advertising Wider chanels of distribution
46
What happens in the PLC Maturation stage
Sales revenue rises at a slower rate Significant market share Reminder marketing Favourable cash flow and profit Brand loyalty
47
When are Product Life extension strategies needed?
In maturity stage before decline
48
What are the product life extension strategies
P2R3B2NA Price reduction - eleasticity, competitve pricing, increases costumer basis Product differentiation Reposition Repackage - new colours or materials Redesign - add aditional value to the product Brand extension - connect it to a well known brand Brand addition New market - enter new markets Advertising - new promotion methods , persuasion and reminding
49
What is branding?
The appication or use of a mixture of tangible and intangible attributes symbolised into a trademark
50
What is brand awareness
Extent to which people recognise a distinct brand. plays a major part in buying decisions of customers
51
What is brand development?
Ongoing and long term marketing process of improving and enlarging the brand name in ordeer to boost sales revenue
52
What is brand loyalty?
When customers have loyalty to a certain brand and its products, and buy from that brand repeatedly
53
What is the value of brand loyalty?
- Ensures sales numbers do not drop - allows premium pricinfg - Helps maintain or improve market share - reduced likelihood of competitor switching
54
What is brand value?
A premium that customers are willing to pay for a product that is part of a brand
55
Importance of branding
LIER Legal Instrument - legal ownership of business and protects from imitations. Unique recognisable name and image for corporate proceedings Risk reducer - new products when launches as an extension of the brand will do well due to loyalty and brand value Image enhancer - allows for premium pricing Revenue earner - higher sales
56
Describe cost+mark up pricing
Pricing strategy where a fixed percentage or proportion is added to the cost per unit price to determine the selling price - easy to calculate and understand - too simplistic
57
Describe penetration pricing
Low prices at an introductory stage to attract customers, be competitive and gain market share - not profitable or good for cash flow in the short term
58
Describe loss leader pricing
Pricing much lower than all other competitors - attracts customer
59
Describe predatory pricing
Sets prices low to drive competitiors out of business. intense, predatory price cuts - illegal in some countries
60
Describe premium pricing
Pricing high to reposition and differentiate - loyalty but lesser people
61
What is promotion?
Promotion refers to the activity of communicating an organisations marketing messages to existing and potential customers usually to help sell its products or services
62
What is ATL Promotion
Above the line Promotion using paid for mass media sources to promote sales
63
What is BTL promotion
Below the line Promotion using non mass media sources, reaching the consumer more directly in an attempt to sell products
64
What is direct marketing?
selling a product directly to the customer with no intermediarys telemarketing, adverts, mails Business is in control and keeps most of the profit suits personalised services but promotional material is usually ignored
65
What is personal selling?
Selling relying on sales reps Tailored to individual preferences Helps develop customer loyalty but sales agents are expensive
66
What is sales promotion
Temporary methods used to attract customers and boost sales incentives to stimulate interest short term competitive edge BOGo, contests, samples
67
What is publicity ?
Promoting a business and the products by getting media coverage without directly paying for it
68
WHat is PR?
Marketing activites aimed at establishing and protecting the desired image of an OG
69
What is sponsorship
Providing funds to an event in return for publicity
70
Social media marketing
Promotional practice of gaining online traffic through scoail media platforms
70
What are intermediaries?
Middle external agents that assist in the COD between the nmanufacturers and consumer
70
What are wholesalers?
Purchase large quantities of products form whole salers, break them into smaller batches and sell them to retailers
70
What are sale agents
Reps and negotiators who act on the behalf of vendors of a product
71
What are distributors?
Independent or specialist businesses that trade in the products of only a few manufacturers
72
What are Retailers
Busineses that but smaller quaitites from wholesalers and sell them direclty to consumers
73
Whar are some speciality chanels of distribution?
E-commerce Vending Mail order

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