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Year 1 - Introduction to Marketing > unit revision lecture > Flashcards

unit revision lecture Flashcards

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1
Q

product conept

A

consumers prefer products that offer qualuty , erpsmance innovative features

craftsmen making hig quality artisan rpdocuts

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2
Q

prodcuction concept

A

consumer prefer products widely avaiable and inexpensive

firms mass produce inexpensive products

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3
Q

selling concept

A

consumers buy products only if the cmopany activleyu promotes or sells them to them

firms engage in high pressure selling tactics

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4
Q

what is the marketing concept

A

consumers buy and prefer products which focus on theri needs/wants and delier better vlaue than compeittors

firms focs on consumer needs , wants and values

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5
Q

stp

A

segmentatino - targetting - positioning

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6
Q

mkt segmentatino

A

dividing mkt into distinct groups of buyers with diff

needs , charactersitcs , behaviours

and who may require seperate mkting strategies or mixes

semgnets aka - buyer clusters/types

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7
Q

give exmaple of mkt segments

A

beauty enthusiasts
age 18-35, all genders
urban
care about their appearance
follow trends
interested in beauty and skincare
frequent shoppers
online and in-store

health and wellness seekers
age 25-55, all genders
urban and suburban
care about their general health
interested in vitamins, supplements, and wellness products
regular shoppers
online and in-store

convenience shoppers
all ages and genders
urban and suburban
busy lifestyle
interested in essential products
online shoppers and quick in-store visits
frequent and occasional shoppers

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8
Q

what is targetting

A

process of identifying segments of the markt product/service intended for

foccsuing marketing efforts on selected segments

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9
Q

in adv what does targetting involve

A

matching content and message to teh appropriate audience e.g money savin beenfits for price conscious consumers

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10
Q

give example of beauty enthusiast as a target maket in terms of what product/what types of products they would be interested in as well as health and wellness seekers

A

Key target audience for affordable beauty and skincare products (e.g., drugstore dupes

Key target audience for affordable beauty and skincare products (e.g., drugstore dupes

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11
Q

what are the two types of cosumer descison making

A

high involvement
low involvement

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12
Q

what does hgih invlvement have

A

high personal importance

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13
Q

what does low invovlement have

A

low personal importance

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14
Q

what is complex buying behaviour

A

high involvement

signficant xifferences btween brands

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15
Q

exaples of high complex buiying behaviou products - characteristics

A

cars

houses

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16
Q

what is variety seeking buting behaviour - characteristics

A

low involvemnent

significant differnces between brands

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17
Q

examples of variety seeking buying behcauit

A

buying fizzy drinks

using deliveroo

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18
Q

characersitics of dissonace reducing buying behaviour

A

few differncesbetween brands

high invoilvment

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19
Q

give examples of dissonacen reducing buying behaviours

A

wifi

banks

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20
Q

what is habitual buyinng behaviour charactrsitics -

A

low invovlement
few differnces betweenbrands

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21
Q

give example of havitual buying behaviour

A

shampoos

oil

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22
Q

what is consumer desicison making proess

A

step 1 - need recognition

step 2 - informatino search

step 3 - evlauatino of alternatives

step 4 - purchase decision

step 5 - psot purchase behaviour

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23
Q

in need recognition what are the two types

A

internal

external

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24
Q

what is aida model of comm

A

developed by st elmo lewis

attention

interest

desire

action

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25
when and how to communicate model - message purpose
customer journey awareness familiarity likeability purchase aftersales
26
when and how to communicate message content
infomraiton more detail emotion specifics reassurance
27
when and how to communciate examples
adv web social media in store direct
28
give eample o meesage content - INFORMATION
OF bran d new status action *Adv*
29
give eample o meesage content - more detail
tech/spec relevance rationale *web*
30
give eample o meesage content - emotion
rapport/dialogue positivity share *Socail media*
31
give eample o meesage content - specifics
credit delivery spec *in store*
32
give eample o meesage content - reassurance
update/service front of mind retain *direct*
33
what are the 4 parts of how to build a brand
brand identity brand relationships brand responses brand meaning
34
what is the q for brand identity
who are you
35
what is the q for brand relationships
what kind of association and how much of a connection would customers like to have with you
36
what is the q for brand repsosnes
what does customer think or feel about you
37
wwhat is the q for brand meaning
waht are you
38
what 5 thign sdoes brand meaning have to do with
primary characersitcs and supplementary features prouct reliability, durablity and serviceability service effectivenesss, efficieny and empathy style and design price
39
brand identity got to do w what 2 thing s
values and mission
40
what are the three product levels
core product embodied product augemented product
41
what is core product
real core benefit/service may be functional benefit (what product does) or emotional ( how product or service makes people feel)
42
embodied product aka
actual product
43
what is embodied product
cosnsits of physial g/s that provides expected beenfit conssits of many factors e..g feature and capabilties , durabilty design , packaging , promotion and brand name
44
what is augemented product
consists of emobided product + all other factors necessary to support the pruchase and any post purchase actriviries e.g. credit and ifnace , trianign , delioery , installation , guarantees, overall perception of customer service
45
what is a service
intangible act/performance offered by one party to another
46
consumption of the serice des not result in what
any transfer of ownership although service process may be attached to the phsycial product
47
what are the 5 key charcteristics of a service
intangible inseparable variable perishable lack ownership
48
what is SWOT
Strategic plannign tool used to evaluate SWOT involved in a project / business venture
49
which are internal factors in swot
strength and weakness
50
which are external factos in SWOT
opportunity and threat
51
give example of strenghts for netflix
brand rep global prescence Content Catalogue
52
give gernal examples of strneght
brand image Innovative culture experienced management team
53
give example of weekness for entflix
licensing (cost + dependent on it) regional content restrictions over reliance on north american market
54
give example of weaknesses in general
high operational costs outdated technology lack of finance
55
give examples of opportunities netflix
orgiginal conten production partnerships and collaborations technologgal advancements
56
give examples of opportunities in general
more demand for product or service or trends towards your product line strength valuable to a certain aprntern - so acuisioint and diversificxatino
57
give example of threats for netflix
increasing competition - price and product piracy and password sharinhg cubersecrutity attacks
58
example of threats in general
inflation increaseing comopetitors regulation causing lower BTE
59
WHAT IS A STAR
High market growth high market share
60
what is a question mark
high market growht , low market share
61
what is a cash cow
low market growth, high market share
62
what is dog/pets
low maket growth low makeet hare
63
draw out ansoff matrix
market penetration existing product and market product developmpent - new product , exisitng market market developemtn - existing product , new mkt what is diversification - new poduct , new market
64
what are the 3 generic pricin approaches
cost based value based competitor base
65
what busines orientation/managment philosophy dopes cost based related to
production/selling approach
66
what busoiness orientation . managment philosphy is value based pricing best mached with
marketing approach
67
what managment philosophy/business orientation is competitor based pricing built on
market approach
68
what is the funnel for cost based pricing - 5
product cost price value customer
69
what is the funnel for value based pricing - marketing approach
customer value price costs product
70
what is the funnel for competitor basd dpricing
competitors price costs value product
71
what are addtional pricing approaches - 7
premium freemium penetration skimming product line bundle captive product pricing
72
what are the 5 psychologos pricing like what is psychology pricing to do witth and what are the 5
-price quality realtionship anchor pricing charm pricing odd even pricing decoy pricing center stage
73
what is webrroming
looking at something you want to buy online and then later buying in a shop
74
what si show roomin
practice of looking at somethign you want to buy in a shop and then later buying it online, usually at a lower price
75
76
state distribution intensity from least to most
intensive selective exclusive
77
what is 4 types of competitive advantahe
operational excellence product excellence location excellence customer excellence
78
what ar eht emajor promotion mix elements withn an IMC
ADV SALES PROMO DIGITAL MKTING DIRECT MAREKTING PUBLIC RELATIONS
79
AFVRTISING APPALS eiher
emotional or rational
80
what are the 7 types of digitla markeitng
infleuncer marekting social media marketing email marketing kiosk marketing mobile marketing search enginge marketing content markting
81
planned obscolence
business strategy , prouct designed w a limtied lifespan or becomes obsolete after a certain period this encourages consumers to replace product frequenctly dtiving continuous sales for the manufactureer
82
planned obscolence can be what 3 things
functional technological style obsolescence

Year 1 - Introduction to Marketing (15 decks)

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