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Commerce > 3.0 Marketing > Flashcards

3.0 Marketing Flashcards

1
Q

What is marketing?

A

Strategic processes of promoting and selling products or services by understanding customer needs, creating value, effectively communicating with target audience.

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2
Q

What is market research?

A

Processes of collecting and analysing customer information.

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3
Q

What is a business’ target market?

A

Specific group of potential customers that business aims to reach and serve with its products and services

Consumers businesses want to sell to

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4
Q

Why is it important to understand target market?

A

Crucial aspect of marketing strategy, helps focus efforts + resources on potential customers.

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5
Q

What must a business consider when finding a target market?

A

Consider various demographic, psychographic, behavioural and geographic factors.

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6
Q

Target market:

What are demographic factors?

A

Characteristics such as age, gender, income level, education, marital status, occupation.

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7
Q

Target market:

What are psychographic factors?

A

What motivates customers?
Attitudes, values, interests, lifestyles, personality traits

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8
Q

Target market:

What are behavioural factors?

A

Purchasing behaviours, brand loyalty, usage rate, buying frequency of customers.

e.g will customer always buy from same brands rgardless of price? How often do they buy, how often consume?

What the customer does

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9
Q

Target market:

What are geographic factors?

A

Factors involving physical locations and regions where market resides.

e.g rural or urban area, hot or cold climate

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10
Q

What is market segmentation?

A

Dividing up of market into different groups of customers that share similar characteristics.

e.g young people, people that use techology

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11
Q

Why does a business segment the market?

A

To determine which customers’ needs and preferences likely to be satisfied by product. Become TARGET MARKET.

To determine what needs satisfied by product.

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12
Q

What are the four P’s of marketing?

A

Product, Price, Place and Promotion

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13
Q

Four P’s of marketing:

What is Product?

A

Refers to physical product or service being offered to customers.
Involves decisions about features, quality design branding and differentiation.

Business must ensure product meets customer needs and stands out in market.

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14
Q

Four P’s of marketing: Product

What is aim of branding?

A

Stand out from competitors with distinictive brand name and logo

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15
Q

Four P’s of marketing: Product

What is branding?

Describe

A

Involves creating a name, design or logo that are recognisable and memorable.

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16
Q

Four P’s of marketing: Product

What is the aim of design?

A

Features are able to fulfil needs of customers

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17
Q

Four P’s of marketing: Product

What does design involve?

A

creating and developing product that has features needed to fulfil purpose.

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18
Q

Four P’s of marketing: Product

What are the aims of quality?

A

Achieves customer’s desired quality and is reliable

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19
Q

Four P’s of marketing:

What does packaging involve?

A

Designing how the product will be presented - How customers see it.

20
Q

Four P’s of marketing: Packaging

What is the aim of packaging?

A

To improve customer perception and stand out from competition.

21
Q

Four P’s of marketing:

What does price represent?

A

The amount of money customers are expected to pay for the product/service.

Setting correct price is crucial for prrofit and attracting target market.

22
Q

Four P’s of marketing:

What do businesses need to consider for price?

A

Cost of production, competition, perceived value of good or service, pricing strategies.

23
Q

Four P’s of marketing: Price

What is a price adjustment strategy?

A

involves altering price of good or service to respond to changing market conditions, customer behaviours or promotional objectives.

24
Q

Four P’s of marketing: Price

What are the three price adjustment strategies?

A

Promotional pricing, psychological pricing, price matching?

25
Q

Four P’s of marketing: price

What is promotional pricing, with examples?

A

Offering special deals or limited-time offers to create urgency and attract customers.
e.g 50% off during bocing day sale, 5% with rewards card.

26
Q

Four P’s of marketing: Price

What is psychological pricing, with examples?

A

Using pricing tactics that leverage consumer psychology, like setting prices just below a round number.
e.g setting price at $9.99 instead of $10 to make it look cheaper, or setting price high to convey sense of high wuality and exclusivity.

Price tactics such as setting prices just cheaper.

27
Q

Four P’s of marketing: Price

What is price matching, with examples?

A

Matching competitor’s price to prevent customers from shopping elsewhere.
e.g If company A sells for $10, and company B sells for $8, company A may match the price.

Bunnings will beat price by 10%

28
Q

Four P’s of marketing:

What does place refer to?

A

Distribution channels and locations where customers can access product or service.

Ensuring customers can conveniently access and purchase products where and when they want.

29
Q

Four P’s of marketing:

What are the consierations for place?

A
  1. Direct or indirect distribution
  2. Online store or brick-and-mortar store? Both?
30
Q

Four P’s of marketing: Place

What is direct distribution?

A

Company sells products directly to customers without third parties (intermediaries)

e.g selling through own website or store

31
Q

Four P’s of marketing: Place

What is indirect distribution?

A

Where a company uses intermediaries (third parties) to reach customers, such as retailers or distributors.

e.g Kmart, JB Hifi

32
Q

Four P’s of marketing: Place

What is a brick-and-mortar store?

A

A physical place for customers to experience products before purchasing, and more customer service.

33
Q

Four P’s of marketing:

What is promotion?

A

Various activities to communicateand promote product to target audience.
If effective, creates awareness, desire, intrest among customers, driving them to make a purchase.

34
Q

Four P’s of marketing: Promotion

What is advertising?

A

Paid messages, broadcast publicly, aiming to reach a wide audience and create brand awareness.

35
Q

Four P’s of marketing: Promotion

What is personal selling?

A

Direct interactions between salespeople and potential customers, allowing for tailored product recommendations and personal communication.

36
Q

Four P’s of marketing: Promotion

Whatt is direct marketing?

A

Personalised messages, allowing for one-to-one communication, which is highly target based.

37
Q

Four P’s of marketing: Promotion

What is personal selling used for?

A

Higher-priced products and complex solutions where detailed information is requireed.

38
Q

Four P’s of marketing: Promotion

What does promotion include?

List

A

Advertising, personal selling, direct marketing, social media marketing and influencer marketing.

39
Q

Four P’s of marketing: Promotion

What is social media marketing?

A

Leveraging social plaforms to connect with the target audience.

Aims to reach and connect with users on social media

40
Q

Four P’s of marketing: Promotion

What is influence marketing?

A

Where business collabarates with individuals with high influence or following to leverage credibility or reach.

41
Q

What are examples of psychological avertisement?

A
  1. Creating sense of urgency
  2. Emotional appeal
  3. Humor
  4. Nostalgia
42
Q

Psychological advertisement:

What is creating a sense of urgency?

A

Creating a sense of limited availability and time to trigger fear of missing out; consumers take action quickly

43
Q

Psychological advertisement:

What is emotional appeal?

A

Advertisements with strong emotions - memorable and lead to deeper connection with brand.

44
Q

Psychological advertisement:

How do brands use humor?

A

Create positive associations, making brand more memorable

Increases liklihood of engaging with content.

45
Q

Psychological advertisement:

How do brands use nostalgia?

A

Trigger positive emotions, help consumers connect with past, resulting in more favourable view of brand.

Commerce (15 decks)

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