Week 3 sales and marketing Flashcards Preview

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Flashcards in Week 3 sales and marketing Deck (16)
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1
Q

what is marketing?

A

overall way in which you position and promote your product or service. It covers areas such as advertising, market research, distribution and packaging.

2
Q

what is sales?

A

the interaction with your customers that produces orders. Sales is the specific process that takes place just prior to the order being written up or the cash register ringing.

3
Q

what are 4 p’s marketing?

A

Promotion
Place
Product
Price

4
Q

What are Product success factors?

A
New products
New applications
Convenience
Improved performance
Status
Packaging
Appearance and styling
Remember: evolutionary is OK!
5
Q

Price - why start high?

A
• It’s more difficult to raise
than lower pricing
• Low prices sometimes
indicate low quality
• You need to make a profit!
• You can spark a price war –
   e.g. discount airlines
6
Q

Why is Place important?

A

Often overlooked – but some businesses are primarily about distribution (e.g. coke)

  • how purchaser obtain product?
  • how competitors distribute?
  • manage distribution?
  • focus distribution where?
  • alternative?
7
Q

What is virtual PLACE?

A
Website 
Key characteristics:
• Professional design
• Tracking and analytics
• Search engine
optimisation (SEO)
• Email capturing
8
Q

What is Promotion about? Elements of effective promotion?

A
  • how customer find out
  • Be specific
  • State your goals
  • Establish a system of measurement
  • Hold your expenses accountable
  • Consider frequency over reach
9
Q

what is paid advertising?

A
• Analyse your competitor’s
strategies
• Talk with advertising
representatives
• Develop a focused and
accountable plan
10
Q

what is free advertising?

A
Not really free
- word of mouth?
• Write specific story
concepts attractive to
media
• Make certain the stories
enhance your business plan
• Plan for the long term
- social media
11
Q

what is an effective salespeople?

A

understands customer’s needs and business capability

12
Q

Key sales objectives?

A
  • sale priority
  • orders in advance
  • sales effort
  • be organised
  • Ethical (create right ethical environment and compensate based on long-term performance)
13
Q

what are the 3 market analysis?

A

market research + targeting + testing

14
Q

what did the study by Song, Wang, Parry find?

A

some researchers argue that entrepreneurs do not need formal processes to collect and use market information, others suggest that the use of formal market information processes is positively related to firm performance

New venture performance is positively associated with the use of formal processes for utilizing market information.

Contrary to expectations, the level of customer interaction has a negative relationship with the use of formal processes for market information utilization and no significant relationship with performance

15
Q

The problem with just talking to your customers: competition?

A
  • Your value proposition may be the same – but your relative value proposition may not.
  • Your clients may like you – but not your product
  • Most people don’t like giving bad news
16
Q

Key recommendations

A formal process should:?

A
  1. identify potential sources of market info (e.g. publication) and kind of info available from each source
  2. specify frequency info should be collected
  3. process identifies who is responsible for collecting info
  4. also process to ensure ‘unscheduled’ info is captured and made available to decision makers