Buisness marketing and PLC Flashcards
What is marketing?
It is goods & services
producer—-Activities—consumer
What are the roles of marketing
- sell what a buisness makes or supplies
2. manage the brand
What are the 6 marketing activities?
- research🕵🏻♀️
- development
- sales🏷
- distrubution 📦
- advertising
- promotion
What is branding?
it is all about…image
- Brand name
- logo or trademark
- slogan
What is a brand name?
group of words that distinguish the products of a business for example roots
it should…
stand out🧍🏻♀️
be memorable
What is a logo? and 3 forms
A symbol associated with the business/product
- monogram ex: KFC🍗🐔
- visual symbol (line drawings ex: apple🍎
- Abstract symbol (ex: Nike swoosh)✅
What is trademark
Can be one of all
- word
- symbol
- design
What is a slogan
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
What is brand identification goal?
To identify brand with product in the minds of consumers
It’s all about competition
What is brand identification
Everything about the product should be used consistently (name, logo, slogan) can also include…
- colours
- package design
What is a product life cycle?
Impact of marketing measured:
-sales analysis
-consumer reaction to the brand
plc is the progress of the brand
What is marketing success?
it is brand equity (value of the brand in marketplace)
What is best marketing=s
+Brand awareness (known)
+Brand loyalty (prefer)
+Brand insistence (only)
What are the 3 non-traditional product life cycle
- fads
- niches
- seasonal
What is fad
- Popular with a select market more than 14 years
- Short period of times more than a year
ex: yoyo’s
What is niches
Section of market:
- product dominate (ex: speciality parts for example tesla with cars 🚙)
- few competitors ( barriers to entry: patents, cost of R&D)
What is seasonal
products popular at a specific time of year
ex: Christmas tree
requires careful inventory management
What is good advertising?
AIDA. Attention Interest (=s read, watch, listen ) Desire (=want) Action (=sales)
What are the 7 types of advertising?
\+Direct-to-home \+Out-of-home \+Radio \+T.V \+Newspaper \+Magazine \+Internet
What is market research?
Collect & analyse information about consumer groups depends on -info needed -how to collect -what to do with info
What are the types of market research?
Consumer market motivation pricing competitive product advertising
Market research tool
secondary data (collected by others)
- websites
- Market research reports
What is primary data
Collected for a specific purpose
- test marketing
- internal info sources
- surveys
- observations
- focus groups
What are marketing concepts?
- product concept=s 4P’s
2. Marketing concept=s 2C’s
Product concept (1) 4Ps of marketing
- Product
- Place
- Price
- Promotion
combined=s MARKETING MIX
4Ps 1 product or service
- quality (more customers)
- design (way it looks)
- features (materials, scent, size, or taste)
- benefits (purposes)
4Ps 2 price
Price sensitive due to competition (Ex: internet)
4Ps 3 place
Paths of ownership as goods flow from producers/ manufacturers to the consumer
Channels of distribution 1-2 place
- direct (connect producers with consumers)
- indirect (1 or more intermediaries)
ex: importers, wholesalers, or retailers
Channels of distribution 3 place
Speciality channels (i.e no retail store)
- vending machines
- telemarketing
- catalogue sales
- E-commerce
- Door-to-door sales
4Ps 4 Promotion
Goal- to sell a product \+cupouns \+Contests \+Premiums \+Samples \+Special events
Marketing concepts 2C’s
2C’s of marketing
- competitive market
- consumer market
2C’s competitive market
=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
2C’s competitive market segment
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)
2c’s consumer market
People who buy products:
- demographics
- lifestyle
2c’s consumer market subtopic demographics
study of characteristics that categorise humans
- Age
- Gender
- Family lifestyle
- income level
- Ethnicity & culture
2c’s consumer market subtopic Lifestyle
The way people live: -Values -Beliefs -motivation Influences what consumers buy ex: environment
What should our business make & sell is a ——concept
Product
Product development should include…
Quality, design features and benefits
Buy one get one free is an example of
premium
