Buisness marketing and PLC Flashcards

1
Q

What is marketing?

A

It is goods & services

producer—-Activities—consumer

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2
Q

What are the roles of marketing

A
  1. sell what a buisness makes or supplies

2. manage the brand

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3
Q

What are the 6 marketing activities?

A
  1. research🕵🏻‍♀️
  2. development
  3. sales🏷
  4. distrubution 📦
  5. advertising
  6. promotion
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4
Q

What is branding?

A

it is all about…image

  1. Brand name
  2. logo or trademark
  3. slogan
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5
Q

What is a brand name?

A

group of words that distinguish the products of a business for example roots
it should…
stand out🧍🏻‍♀️
be memorable

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6
Q

What is a logo? and 3 forms

A

A symbol associated with the business/product

  1. monogram ex: KFC🍗🐔
  2. visual symbol (line drawings ex: apple🍎
  3. Abstract symbol (ex: Nike swoosh)✅
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7
Q

What is trademark

A

Can be one of all

  • word
  • symbol
  • design
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8
Q

What is a slogan

A

Catchy advertising phrase ex…
Nike-just do it
Canadian blood services- it’s in you to give
when used for print or broadcast ads= tagline

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9
Q

What is brand identification goal?

A

To identify brand with product in the minds of consumers

It’s all about competition

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10
Q

What is brand identification

A

Everything about the product should be used consistently (name, logo, slogan) can also include…

  • colours
  • package design
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11
Q

What is a product life cycle?

A

Impact of marketing measured:
-sales analysis
-consumer reaction to the brand
plc is the progress of the brand

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12
Q

What is marketing success?

A

it is brand equity (value of the brand in marketplace)

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13
Q

What is best marketing=s

A

+Brand awareness (known)
+Brand loyalty (prefer)
+Brand insistence (only)

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14
Q

What are the 3 non-traditional product life cycle

A
  1. fads
  2. niches
  3. seasonal
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15
Q

What is fad

A
  • Popular with a select market more than 14 years
  • Short period of times more than a year
    ex: yoyo’s
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16
Q

What is niches

A

Section of market:

  • product dominate (ex: speciality parts for example tesla with cars 🚙)
  • few competitors ( barriers to entry: patents, cost of R&D)
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17
Q

What is seasonal

A

products popular at a specific time of year
ex: Christmas tree
requires careful inventory management

18
Q

What is good advertising?

A
AIDA.
Attention
Interest (=s read, watch, listen )
Desire (=want) 
Action (=sales)
19
Q

What are the 7 types of advertising?

A
\+Direct-to-home
\+Out-of-home
\+Radio
\+T.V
\+Newspaper
\+Magazine 
\+Internet
20
Q

What is market research?

A
Collect & analyse information about consumer groups 
depends on 
-info needed 
-how to collect 
-what to do with info
21
Q

What are the types of market research?

A
Consumer 
market 
motivation 
pricing
competitive 
product 
advertising
22
Q

Market research tool

A

secondary data (collected by others)

  • websites
  • Market research reports
23
Q

What is primary data

A

Collected for a specific purpose

  • test marketing
  • internal info sources
  • surveys
  • observations
  • focus groups
24
Q

What are marketing concepts?

A
  1. product concept=s 4P’s

2. Marketing concept=s 2C’s

25
Q

Product concept (1) 4Ps of marketing

A
  1. Product
  2. Place
  3. Price
  4. Promotion
    combined=s MARKETING MIX
26
Q

4Ps 1 product or service

A
  1. quality (more customers)
  2. design (way it looks)
  3. features (materials, scent, size, or taste)
  4. benefits (purposes)
27
Q

4Ps 2 price

A

Price sensitive due to competition (Ex: internet)

28
Q

4Ps 3 place

A

Paths of ownership as goods flow from producers/ manufacturers to the consumer

29
Q

Channels of distribution 1-2 place

A
  1. direct (connect producers with consumers)
  2. indirect (1 or more intermediaries)
    ex: importers, wholesalers, or retailers
30
Q

Channels of distribution 3 place

A

Speciality channels (i.e no retail store)

  • vending machines
  • telemarketing
  • catalogue sales
  • E-commerce
  • Door-to-door sales
31
Q

4Ps 4 Promotion

A
Goal- to sell a product
\+cupouns 
\+Contests 
\+Premiums
\+Samples 
\+Special events
32
Q

Marketing concepts 2C’s

A

2C’s of marketing

  • competitive market
  • consumer market
33
Q

2C’s competitive market

A

=s sellers of a specific product (expressed in total $ spent each year. ex: soft drinks
Market shares= S % of market that a company or brand has EX: Coca-cola

34
Q

2C’s competitive market segment

A

Market segment=s part of overall market with similar characteristics ex: flavoured diet segment
competition among products
direct (similar products -ex: movies) vs indirect (different products- ex car vs movies)

35
Q

2c’s consumer market

A

People who buy products:

  1. demographics
  2. lifestyle
36
Q

2c’s consumer market subtopic demographics

A

study of characteristics that categorise humans

  1. Age
  2. Gender
  3. Family lifestyle
  4. income level
  5. Ethnicity & culture
37
Q

2c’s consumer market subtopic Lifestyle

A
The way people live:
-Values
-Beliefs 
-motivation
Influences what consumers buy ex: environment
38
Q

What should our business make & sell is a ——concept

A

Product

39
Q

Product development should include…

A

Quality, design features and benefits

40
Q

Buy one get one free is an example of

A

premium