Unit 4: Marketing Management Flashcards
(41 cards)
What is marketing?
Marketing is the management process of getting the right product to the right customer at the right price, place, and time.
How does marketing relate to other business functions?
Marketing interacts with finance (budgeting), operations (product development), and human resources (staffing for marketing activities).
What is the difference between marketing goods and services?
Goods are tangible and can be stored; services are intangible, perishable, and involve simultaneous production and consumption.
Define market orientation and product orientation
Market orientation focuses on identifying and meeting customer needs; product orientation focuses on product quality and innovation.
What is the difference between commercial and social marketing?
Commercial marketing aims to meet customer needs profitably; social marketing aims to influence behavior for societal benefit.
What is market share, and why is it important?
Market share is the percentage of total sales in a market held by one business; it’s important for assessing competitiveness and market position.
How can innovation, ethics, and culture influence marketing?
They affect product development, promotional strategies, and market acceptance across different regions and demographics.
What are the elements of a marketing plan?
Marketing objectives, market research, target market identification, marketing strategies, budget, and evaluation methods.
What are the four Ps of the marketing mix?
Product, Price, Promotion, and Place.
What is the difference between target markets and market segments?
Target markets are specific groups a business aims to serve; market segments are subsets of a market with shared characteristics.
Define niche market and mass market
Niche market targets a specific, well-defined segment; mass market targets a broad, general audience.
What is a unique selling proposition (USP)?
A USP is a feature that makes a product stand out from competitors.
How do businesses use product positioning maps?
To visualize consumer perceptions and identify market gaps.
What is sales forecasting?
Predicting future sales based on historical data, market trends, and statistical techniques.
What are the components of time series analysis?
Trend, seasonal variations, cyclical variations, and random variations.
What are the benefits and limitations of sales forecasting?
Benefits include informed decision-making and resource planning; limitations involve data reliability and unforeseen market changes.
What are primary and secondary research methods?
Primary involves collecting new data (e.g., surveys); secondary involves analysing existing data (e.g., reports).
Why do businesses conduct market research?
To understand customer needs, market trends, and competitive dynamics.
What are qualitative and quantitative research?
Qualitative explores opinions and motivations; quantitative involves numerical data and statistics.
What are common sampling methods?
Random, stratified, quota, cluster, snowballing, and convenience sampling.
What ethical considerations are there in market research?
Ensuring confidentiality, informed consent, and avoiding deception.
What is the product life cycle?
Stages a product goes through: introduction, growth, maturity, and decline.
What are extension strategies?
Methods to prolong a product’s life cycle, such as rebranding or finding new markets.
What is the Boston Consulting Group (BCG) matrix?
A tool to analyse a product portfolio based on market growth and market share.
