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Marketing Principles > All Notes > Flashcards

All Notes Flashcards

1
Q

Name the three mental states

A

Cognitive: Highly logical, lots of research
Affective: Emotional
Conative: Little thought, product is purchased for a trial then repeated

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2
Q

What is the consumer acquisition decision making process?

A

A model for cognitive decisions:

1. Recognise the Problem
2. Gather Information
3. Evaluation of Alternatives
4. Product Choice
5. Product Purchase
    6. Post Purchase Evaluation
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3
Q

How can consumers reduce cognitive dissonance?

A

Selectively forget bad information
Minimise the importance of an issue/decision/fact
Selectively expose ourselves to viewpoints that agree Return the product

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4
Q

How can marketers use the consumer acquisition decision making process?

A
  1. Show consumer the current state of their product does not match the desired state
  2. Place the information in an easy to access and common place
  3. Understand the criteria customers use to make decisions and base the previous information around it.
  4. Understand choice heuristics and encourage decisions
  5. Encourage accurate consumer expectations
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5
Q

What is affective purchasing based on?

A

Emotions, the socio-cultural environment, symolic meaning

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6
Q

What model is used for Conative decision making?

A

ATR: Awareness, Trial, Repeat Purchase

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7
Q

Define and explain, in brief, the internal factors for consumer decision making.

A

Perception: Selective exposure
Learning: Classical, Operant and Social Learning
Memory: Remebering logos, slogans, brands
Personality: Psychoanalytic, Trait and Self-Concept
Motivation: Maslow’s Hierarchy of Needs

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8
Q

Explain the three types of conditioning.

A

Classical: Responding to stimulus e.g. smell of bread
Operant: Behavioural e.g. loyalty cards
Social Learning: Copying others (EWOM)

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9
Q

Define and explain, in brief, the external factors for consumer decision making.

A 
Opinions: Cognitive, Quick Response
Attitudes: Affective, Stronger
Values: Conative, Even stronger
Group Influence: Reference Groups
Social Classification System: Lifestyle, age, class
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10
Q

How can marketers use Group influence?

A

Celebrity endorsement, EWOM

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11
Q

Name the social classification system groups.

A 
Social economic class
Lifestyle
Lifecycle
Age
Social Class
Culture
Geodemographic
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12
Q

What is the marketing planning process?

A 
A loop:
Where are we now?
Where would we like to be?
How could we get there?
Which way is best?
Are we on course?
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13
Q

Name the acronym used for a macro audit.

A 
PESTLE
Political
Economic - Recessions
Social - Cultural
Technical - New technology (utilised / threat)
Legal - New laws
Ecological - Disposal of products
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14
Q

Name the factors used in a micro audit.

A

Market size? - Growing/Shrinking
Customers - What do they want? Who are they?
Competitors - Examine both real and potential
Distributors - How product gets to consumers?
Supplies-Changing prices?

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15
Q

What is a SWOT analysis?

A

Strengths and Weaknesses - Internal

Opportunities and Threats- External

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16
Q

What is Ansoff’s grid?

A

Current = Low Risk, New = High Risk
Current Market, Current Product: Market Penetration
Current Market, New Product: Product development
New Market, Current Product: Market Development
New Market, New Product: Diversification

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17
Q

What are the three strategic marketing goals?

A

Hold
Defensive against aggressive competitors,used by market leaders
Harvest:
Mature markets in decline, goal: maximise profits
Divest
Low market share in declining markets, market withdrawal

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18
Q

Name a few performance metrics.

A

Profitability, Sales Volume, Margins, Consumer Satisfaction, Availability

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19
Q

Why bother to segment markets?

A 
Wasteful to target everybody
Identify target market so you can meet their needs
Allows for product differentiation
Identify opposites and threats
Firms have limited resources
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20
Q

What is the STP process?

A

Segmentation: Identify groups of similar consumers
Target: Identify which groups to aim for
Positioning: Appeal to targets

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21
Q

How can we segment a market?

A

Behavioural, Psychological and Profile

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22
Q

Name the subsections of behavioural segmentation.

A

Benefits sought, purchase occasion & behaviour, usage

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23
Q

Name the subsections of psychological segmentation.

A

Lifestyle, Personality

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24
Q

Name the subsections of profile segmentation.

A

Demographics, lifestyle, geography & geodemographic

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25
Q

How do marketers decide which market to target?

A

The market should be DAMP

Distinct, Accessible, Measurable and Profitable

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26
Q

Name the key stages of the history of marketing.

A

Production Period (1890’s to 1920’s)
Sales Period (1920 - 1950)
Marketing Period 1950 - 1980
Societal Marketing Period

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27
Q

Name the key features of the Production Period (1890’s to 1920’s).

A

Focus was on mass production
Demand exceeded supply
Little competition
Thus consumers had to buy what was available

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28
Q

Name the key features of the Sales Period (1920 - 1950).

A

Flourishing mass production
Supply exceeded demand
Products promoted their functional value
Edward Bernays paid people to show of his products

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29
Q

Name the key features of the Marketing Period 1950 - 1980.

A

Focus was on the needs of the consumer

Shift from product to consumer

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30
Q

Name the key features of the Societal Marketing Period

A

Importance of ethical and environmental concerns e.g. recycling

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31
Q

What are they key features of retro marketing.

A 
Limited availability
Keeping thing back for uncertainty
Stimulate demand
Exclusivity
Secrecy
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32
Q

What are the three propositions?

A

Core: Absolute critical point to be provided e.g. car drives
Embodied: Features and capabilities e.g. design, brand name
Augmented: Factors that support a purchase e.g. credit

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33
Q

What are the stages of a product life cycle?

A

Development, introduction, growth, maturity, decline

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34
Q

What are the key characteristics of a service?

A

Intangibility
Substitute Ques: Aid in identification
Perish-ability: Spare capacity cannot be stored
Variability: The amount of diversity in each stage of provision
Inseparability: Instantaneous production&consumption
Lack of ownership: Services cannot be owned

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35
Q

What are the substitute ques used for a service?

A

Intrinsic Ques - Draw directly from service / itself -cannot easily be changed
Extrinsic Ques - Surrounding the service - can easily be changed e.g. Other people’s views

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36
Q

What are the three stages of the service marketing mix?

A

Process: May deisgn a serivce blueprint to refine
People: Employees create variability (bad/good)
Evidence: Reliance on ques, two forms.
Essential: A menu
Peripheral: Decoration

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37
Q

What are the benefits to customers a brand provides?

A 
Estimate quality
Assist identification
Providing Source: Country of origin effect
Reduce Risk
Reassurance
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38
Q

What are the main areas of a risk a brand can reduce?

A

Time Risk - How much time do I have to make a decision
Financial Risk-Can I afford this?
Social Risk - What will peers think of my purchase
Functional Risk - Will it do what I want it to do? Physical Risk- Will there be risk of harm to myself?

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39
Q

What are the three types of brand coverage?

A

Individual Brand: Branding for one Product
Family Brand: Branding for collection of goods (Heinz)
Corporate Brand: Branding for the company (Levi)

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40
Q

What are the five dimensions of a brand personality?

A 
Sincerity: Honest, Wholesome
Excitement: Daring, Imaginative
Competence: Reliable, Intelligent 
Sophistication: Upper Class,
Ruggedness: Tough
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41
Q

What is brand Extension & Stretching?

A

Extension: Use a brand name on a new product in a current market
Stretching: Use a brand name on a new product in a new market

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42
Q

Name 3 Channel Structures?

A

Direct: Sell to Consumer
Indirect: Sell to distributor
Hybrid: Both

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43
Q

Name 3 types of channel intensity.

A

Intensive: Distribute through every reasonable outlet
Selective: Some but not all
Exclusive: Distribute through a single retailer

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44
Q

Name the three types of channel conflict?

A

Horizontal: At the same level, impinging on each others market territory
Vertical: Between producer and retailer, prices, promotions
Multi channel: Competing in the same market, Grey Marketing

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45
Q

How do retailers add value?

A 
Provide assortment - choice
Hold inventory
Available to touch / experience
Store location and parking
Retailer ambience & Image - Aesthetics
Added services - Warranty
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46
Q

What are some major store types?

A 
Supermarkets
Department stores
Online retailers
Automatic vending
Discount houses
Category Killers
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47
Q

Why use multi channel retailing?

A

Exploit unique benefits of each channel properties
Customer wants to interact in different ways
Each channel offers a unique set of benefits
In Store: Browsing, Touching
Online: Comfort and convenience

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48
Q

What are the key decision variables for retailers?

A 
Customer Service
Merchandise Assortment
Primacy of location
Communication Mix
Pricing
Store Design & Display
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49
Q

What are the key points of the customer service decision variable?

A

Point of differentiation
Can achieve clear, competitive positioning
Physical Store: Store Hours, Parking
Online: Amazon Wish list, Gift Wrapping

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50
Q

What are the key points of the Merchandise Assortment decision variable?

A

Products on Sale - and the way in which they are displayed
Assortment varies in terms of:
○ Breadth – the number of different product categories sold
○ Depth – the number of different brands and variants sold within a product category

51
Q

What are the key points of the Location decision variable?

A

Store Types: Destination & Parasite

52
Q

What is the SOR Model?

A

Stimulous: Cognitive Processes
Organism: Emotional Response
Response: Response Behaviours

53
Q

What are the four types of approach/avoidance behaviour?

A

Physical
Exploratory
Communication
Performance

54
Q

What are the internal states of emotional response?

A

Pleasure / Displeasure: The degree to which the person feels joyful, happy or satisfied
Arousal / Non-arousal: The degree to which the person feels excited, stimulated, alert or active

55
Q

What are the four ambient conditions?

A

Visual, Aural, Olfactory & Tactile

56
Q

What are the main points of the visual ambient condition?

A

Colour - Different colours create different moods
Brightness
Shapes
Lighting - Highlight, Structure space and downplay
Size
Can all manipulate behaviour, communicate store image and improve perceived merchandise quality

57
Q

What are the main points of the Aural ambient condition?

A 
Perceptions of store & emotional response can be associated with music
Volume: Too loud is bad
Pitch
Tempo: Slow increases time in store
Style
58
Q

What are the main points of the Olfactory ambient condition?

A

The conditioning of indoor environments using aroma technology e.g Bread in Supermarkets
Odours are difficult to identify and highly subjective
Therefore require neighbouring cues to identify odours e.g. Lemon scent in yellow container

59
Q

What are the main points of the Tactile ambient condition?

A

Access to product: Judge Quality
Temperature: Must be comfortable, both for staff and consumer
Sales personnel can use touch to increase customer co-operation tips are higher when touch is used in the sales interaction.

60
Q

What are marketing communications

A

Advertising and promotion

61
Q

What are marketing communication campaigns

A

The planning, design, implementation and evaluation of a co-ordinated range of activities

62
Q

What are the four types of marketing communications?

A

Planned
Service - Experience Based
Product Experience Based
Unplanned

63
Q

What is the linear model of communications?

A

Source -> Encoding -> Message -> Decoding -> Receiver _-> Feedback
Noise may disrupt along the way

64
Q

What are the limitations of the linear model of comunication

A

Risk of oversimplification
Emphasises a singular message that has one, unproblematic meaning Assumes that human brains can only process one bit of data at a time

65
Q

What is the two step model?

A

Mass media communicates to opinion leaders who then guide others

66
Q

What is the interaction model?

A

Receive information in multiple different ways from multiple different sources
The source is irrelevant aslong as the message is repeated

67
Q

What are the objectives for marketing communications

A 
The DRIP Model:
Differentiate from competitors
Reinforce brand loyalty
To inform of a new product
To persuade - change opinion
68
Q

What are the two theorys on advertising?

A

Strong & Weak

69
Q

Discuss they key points of the strong theory?

A

Advertising has a powerful influence that can increase knowledge, change attitudes, persuade and convert

70
Q

Name the two sub models of the strong theory/

A

Awareness, Interest, Desire and Action

Hierarchy of effects

71
Q

Evaluate the HOE Model

A

Benefits
Straightforward, simple and easy Provide a helpful template to evaluate
Drawbacks
People purchase impulsively

72
Q

Critique the strong Theory

A

Little evidence consumers experience a strong desire before action
What about repeat purchases

73
Q

What is the weak theory?

A

Suggests advertising is a much less powerful influence than the strong theory suggests
Brand choices driven by habit, not exposure to promotional messages
Advertising’s role is to breed brand familiarity and identification

74
Q

What are the key challenges of Marekting?

A

How to reach consumers with a consistent & reinforced message across multiple channels in a fragmented media environment
Achieved through integrated marketing communications planning

75
Q

Describe the Marketing Communications Planning Framework

A

Context Analysis - Promotional Goals & Positioning - 3 P’s of Promotional Stratergy (Pull, Push, Profile) - Coordinates Communications Mix - Implementation, control & Evaluation

76
Q

Describe the Key Points of a context analysis

A

Customer - Target Audience (Needs, Wants, Perceptions & Media Habits)
Business - Objectives & Objectives for campaign
Internal Environment - What resources are available (finance and human)
External - Micro & Macro Conditons

77
Q

What are the two types of campaign objectives and what must they be?

A

Communications - Related to levels of awareness and comprehension
Marketing - Market share, sales revenue
Must be SMART

78
Q

What are the Key points of a Co-Ordinated communications mix?

A

Target Audience
Tools
Media
Content

79
Q

What are the two types of tools? Give examples

A

Adverting & Social Media
Traditional: Sales Promotion, Direct Marketing, Personal Selling
Emerging: Product Placement, Experimental Promotions, Sponsorhips

80
Q

What are the three classifications of communications?

A

Paid Media: Pays to communicate
Earned Media:Publicity when an influence promotes a brand
Owner: A business owns the chanel

81
Q

Name some communication tools

A

Advertising, Sales promotion, Direct marketing, social media, sponsorship, WOM, Product Placement

82
Q

What are the keypoints of advertising?

A

Print & Broadcast Media
Outdoors: Traditional e.g. static, Non Traditonal : Active Engangement
In Store: Shelf Advertising
Digital: One to One - Personalised

83
Q

What are the key points of sales promotion?

A

Money off, secure the sale

84
Q

What are the key points of direct marketing?

A

Contextual advertising: Insert relevant adds into webpages
Behavioural Communications: Insert adds based on search history
Behavioural Recommendation Engines: People Also Brought

85
Q

What are the key points of personal sales, Public Relations & Social Media?

A

Personal Sales: Car salesman, live chats
Public Relations: Skydive from space
Social Meqdia: Increase engagement with 1-1 interactions

86
Q

What are the key points of sponsorship?

A

Values transfered from sponsorship categories to brand
Sports: Healthy & Young
Highbrow Arts: Sophisticated & elite
Mass Arts: Young & Accessible
Socail Causes: Admirable & Concerned
Environmental: Caring; Concerned

87
Q

What are the key points of WOM?

A

Highly Credible and Persuasive:
Brand Ambassadors: People who embody the corporate image in appearance (Paid)
Brand Advocates: A loyal customer who is engaged in active promotion (Unpaid)

88
Q

What are they key points of product placement?

A

Significant growth in recent years due to:

Mass market reach, postivie associations, credibility, and targeting

89
Q

What are the key points of experiential?

A

Emerging approach, brands provide consumers with memorable events that differentiate it from the crowd
Must apear as part of entertainment and now a promotion

90
Q

What are the keypoints of planning a campaign?

A 
Who is the target audience? 
Who should receive the messages?
What is the campaign designed to achieve?
What is the core message?
How is the message to be delivered? 
What is the timing? Cost?
What action should the receiver take?
How will we know if it has been effective?
91
Q

What factors influence price?

A 
Brand name
Functional attributes
Exclusivity
Fashion trends
Materials
Scarcity
Costs of production
92
Q

How are prices determined

A

Accounting - Costs of production
Economics - Supply and demand
Psychology - Perceptions
Marketing role - To manipulate price to achieve higher profits whilst maintaining satisfied customers

93
Q

What is a distressed purchase and what effect does this have on price?

A

A distressed purchase is made whilst stressed under small time constraints, it will result in a higher price

94
Q

Discuss the relationship between price and quality.

A

Weak relationship between price and quality
Perceived quality = Quality/Price
To change perceptions, lower price or increase quality`

95
Q

What are the key points of price perception formation?

A

Antecedents: Prior Beliefs, Prior Reference Prices
Price Perception: Influenced by: Reference prices, quality perception, brand loyalty
WTP: Influenced by: Perception of price fairness, latitude of price acceptance
Purchase Behaviour: Influenced by: Intentions, promotions,

96
Q

What is an anchored reference?

A

The inital level at which perceptions are attached to

97
Q

What are the main Pricing Approaches?

A

Value Orientated, Demand Orientated, Competitor Orientated, Cost Orientated

98
Q

Discuss the main points of value orientated pricing.

A

Grounded in customers perceptions
The perceived value of attributes
Can be symbolic such as exclusivity

99
Q

Discuss the main points of demand orientated pricing

A

Differential pricing - How much consumers are willing to pay
Travel classes
Price gouging occurs where you charge prices that are perceived as unfair

100
Q

Discuss the main points of competitor orientated pricing

A

Prices set based on competitors prices
May use a price guarentee
May lead to price wars

101
Q

Discuss the main points of cost orientated pricing

A

Considers COP + % Markup

Does not consider percieved factors such as brand image

102
Q

What are the main pricing polcies

A 
List pricing
Loss-leader pricing
Promotional pricing
Segmentation pricing
Customer-centric pricing
Pay-what-you-want pricing
103
Q

What are the objectives of pricing?

A

Financial
Marketing-based
Maintaining parity with competitors
Achieve social goals

104
Q

What are the Ethical Values?

A

Honesty: forthright in dealings with customers
Responsibiltiy: Accept the consequences of our marketing decisions and stratergies
Fairness: Balance needs of supplier / consumer
Respect: Respect all stakeholders
Transparency: Create a spirit of openness in marketing operations
Citizenship: Fulfil the economic and societal responsibilities

105
Q

What are the Ethical Tests?

A

Does this action…
Violate the law? (legal test)
Have harmful intent? (motives test)
Contrary to widely accepted moral obligations? (duties test)
Violate any other special obligations that the organization has? (special obligations test)
Likely to cause any major damage to people or organizations? (consequences test)
Infringe on property rights, privacy rights or consumer rights? (rights test)
Leave another person or group less well off? (justice test)
Is there a satisfactory alternative action that produces equal or greater benefits? (utilitarian test)

106
Q

What are the key ethical concerns?

A

Product-centred issues
Honesty in relationships with customers and distributors
Truthfulness in marketing communications
The impact of marketing decisions on the environment and society

107
Q

Describe the UK Regulatory Environement

A

Committee of Advertising Practice:
Certain products cannot be advertised at all, others cannot be marketed to children
Advertising is forbidden that: makes children feel unpopular, exaggerates a products performance, encourages pester power, undermines parental authority

108
Q

What is culture Jamming?

A

Using satirical advertisements to mock firms and challenge unethical behaviour

109
Q

What are the main concerns of CSR?

A

Physical Environment: Disposal, Sustainable Marketing
Community Environment: Charities, Cause related marketing
Consumers: Where are they produced, Societal Marketing
Supply Chains: Fair Trade

110
Q

What are the main areas of critique for sustainable marketing?

A

Green Spinning, Green Selling, Green Harvesting, Envriropreneur Marketing, Compliance Marketing

111
Q

What are the main points of Green Spinning?

A

Selectively release information to convince public of environmental commitments

112
Q

What are the main points of green selling?

A

Identify environmental features in existing products

113
Q

What are the main points of green harvesting?

A

Charging a premium price for green products

114
Q

What are the main points of Enviropreneur Marketing?

A

A green product fails to do its job

115
Q

What are the main points of compliance marketing?

A

Promote the fact they have complied with regulation, nothing more

116
Q

Discuss cause related marketing

A

Firms give a proportion of revenue to charity, improving social welfare

117
Q

Who benefits from CRM?

A

Corporation: Increase Sales, Build Brand Values, Enhance Reputation
Customer Benefits: Use purchasing power to support charity
Charitable Benefits: Raise Funds

118
Q

What is societal marketing?

A

Consumer needs - Company Requirements - Long Term Social Needs

119
Q

Discuss fair trade marketing

A

Makes consumers happier as they are supporting farmers, increases sales

120
Q

Define Market Research

A

Market research is about gathering information to inform decision making through a number of different technologies.

121
Q

What are the two types of research?

A

Quantitative - Statistics - Telephone Survey, Postal Survey, Online
Qualitive - Emotions - Interview, focus group

122
Q

What are some reasons for not trusting customers?

A

Might forget if questioning them on past experiences
May give incorrect information if being asked to look forward to future
May lie to please you

123
Q

What are the key charactersitcs of Big Data?A

A

Volume - Magnitude of Data
Variety - Unstructured v Structured
Velocity - Rate of Generation, Analysis and Acting
Veracity - Unreliability
Variability - Complexity
Value - Zero at Margin, needs combining and analysis

124
Q

What are the four methods of analytics?

A

Text, Audio, Video & Social Media

Marketing Principles (1 decks)

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