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Term 3 > Business > Flashcards

Business Flashcards

1
Q

What are common marketing objectives for businesses?

A

Increasing brand awareness.
Generating leads or sales.
Expanding market share.
Enhancing customer loyalty and retention.
Entering new markets.

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2
Q

What is a target market?

A

A target market is a specific group of consumers at which a company aims its products and marketing efforts. This group is defined by characteristics such as demographics, psychographics, geography, and behavior.

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3
Q

Why is it important to identify a target market?

A

Identifying a target market allows businesses to tailor their marketing strategies and messages to the needs and preferences of a specific group, leading to more effective and efficient marketing.

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4
Q

What is differentiation in marketing?

A

Differentiation is the process of making a product or service stand out from competitors by highlighting its unique features, benefits, or value propositions.

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5
Q

What are some common strategies for differentiation?

A

Offering unique product features or attributes.
Providing superior quality or performance.
Delivering exceptional customer service.
Implementing innovative design or technology.
Developing a strong brand identity.

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6
Q

What is sales forecasting?

A

Sales forecasting is the process of estimating future sales based on historical data, market analysis, and business trends.

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7
Q

What are some common methods for sales forecasting?

A

Historical sales data analysis.
Market research and surveys.
Trend analysis.
Sales team input.
Statistical models (e.g., time series analysis, regression analysis).

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8
Q

Why is market share important for a business?

A

Market share indicates a company’s competitive position, helps assess business performance, and can influence strategic decisions such as pricing, marketing, and expansion.

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9
Q

What is the role of marketing?

A

compete for customers market share

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10
Q

What are the types of markets?

A

resource, industrial, intermediate, mass, market segment and niche

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11
Q

What does the resource market include?

A

Natural resources, raw materials, used as inputs (examples: forestry, fishing and mining)

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12
Q

What does the industrial market include?

A

good, service or idea purchased for use in producing other products

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13
Q

What does the intermediate market include?

A

wholesalers purchase large quanities break into smaller units

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14
Q

What are the consumer markets?

A

mass, market segment, and niche

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15
Q

What does the mass market include?

A

all consumers, basic food items, electricity and water

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16
Q

what does the market segment market include?

A

more focused on one characteristic: one gender schools, 50+ insurance

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16
Q

What does the niche market include?

A

micro segments, highly specialists , small groups (example: macro organic range)

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17
Q

What is the consumer buying behaviours?

A

economic, government, socio cultural and psychological factors

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18
Q

What are the marketing objectives in growth stage and the three main parts ?

A

from the mission and goals, objectives are made to direct overall direction

three main parts sales, market share, brand awareness

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19
Q

What is market share

A

proportion of a market that a business has in comparison to its competition

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20
Q

What is brand awareness?

A

Provides consumers with a source of information and tell us what to expect from the product

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21
Q

What is branding important?

A

it revolves around customers associating a brand with a product and is important for encouraging repeat business and customer loyalty

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22
Q

What is geographic segmentation? (1st part of the target market square)

A

Areas where customers reside

23
Q

What is demographic segmentation? (2nd part of the target market square)

A

uses major demographic characteristics such as gender and age

24
What is psychographic segmentation? (3rd part of the target market square)
consumers lifestyle and activities
25
What is Behavioural segmentation? (4th part of the target market square)
people seek varying benefits from products and will use them in different ways (savings, convenience)
26
What is product positioning?
Product positioning is the process of defining how a product is perceived in the minds of consumers relative to competitors, highlighting its unique value or benefits.
27
What are the four P's of marketing?
Product, place, price, promotion
28
What is branding ?
easily identifiable to consumer characteristics about the product or service
28
why is packaging important?
conveys an image and reinforces the brand strategy
29
Why is price important?
Price is important because it directly influences consumer perception, demand, and profitability. too low = cash flow problems too high = discouraged customers
30
What are the 8 pricing strategies?
market skimming, penetration, prestige/premium, competition, cost-based, loss leader, psychological, dynamic pricing
31
What do the 8 pricing strategies do?
Market skimming: setting highest as possible, then gradually decrease Penetration: slowly raise prices Prestige: sell a premium brand, Competition : based on your competitions pricing (must conduct market research Cost-Based: sets price based on the cost of producing loss leader: offered at significant discount (often below cost price_) Psychological: odd pricing (couple cents under the real price), perception of high price = better quality dynamic: prices continually adjust
32
What is promotion? (4 ps)
communicating with actual and potential customers to inform, persuade and create sales
33
What are the objectives of promoting?
increase sales, attract new customers, repeat purchases
34
what are the promotional avenues?
traditional, Digital, Emerging platforms
35
What do each promotional avenue do?
Traditional Platforms: These include TV, radio, print media, and billboards that reach a broad audience through established, non-digital channels. Digital Platforms: These encompass online channels such as social media, websites, email marketing, and search engine optimization (SEO) that engage audiences on the internet. Emerging Platforms: These include cutting-edge technologies like augmented reality (AR), virtual reality (VR), AI-driven chatbots, and influencer marketing, which offer innovative ways to engage consumers.
36
What is publicity?
Form of mass marketing
37
What does place do? (4 ps)
Place is the means of getting a product into the hands of the customer Involves distribution from where the product is made to the customers’ preferred place of purchase
38
What is Operations?
Operations is concerned with the function of transforming inputs, or producing the goods and services that consumers want.
39
What is in the internal environment?
owners/ managers, employees, organisational struture, organisational culture
40
What is in the operating environment?
customers, competitors, suppliers, interest groups
41
What is in the macro environment?
Social Technological Economic Environmental Political Legal Ethical
42
What is a trend?
trend is a general direction in which something is developing or changing over time
43
What is a pattern?
A pattern is a repeated or regular arrangement of elements or events that can be observed and predicted over time.
44
What is a relationship?
A relationship is a connection, association, or interaction between two or more elements, individuals, or entities
45
Explain the role of market research?
Market research plays a crucial role in understanding consumer needs, preferences, and behaviors, guiding businesses in making informed decisions about product development, marketing strategies, and identifying opportunities for growth and competition.
46
How do you evaluate marketing strategies?
To evaluate marketing strategies, assess their effectiveness in achieving business goals by analyzing key metrics such as customer acquisition and retention rates, market share growth, brand awareness, and customer satisfaction.
47
Describe the legislative facts affecting market entry.
Market entry in Australia is governed by the Competition and Consumer Act, including the Australian Consumer Law. Businesses must comply with fair trading practices, data privacy laws, and product safety standards. Understanding these legislative requirements is crucial for successful market entry.
48
Describe the competitive environment
The competitive environment in business involves companies vying for market share and customer loyalty. It's shaped by market structure, competitive forces, and industry dynamics. Businesses must analyze competitors, adapt to market changes, and leverage their strengths to succeed. This environment drives innovation, influences pricing, and motivates efficiency to maintain competitive advantage.
49
Explain the growth stage and the challenges
increasing sales, market share, and profitability. Challenges include managing rapid expansion, hiring training new staff, maintaining quality, dealing with increased competition.
50
What are some criteria for competitiveness?
customers (market share) Performance (profit, staff growth, turnover) Growth plans Resources (human and facilities) Strategies (to be competitive)
51
What are some criteria for effectiveness?
achieved desired goals must select best or most strategic option doing the right thing small wins = big picture
52
What are some criteria for Efficiency?
- Degree business has optimised use of resources - Ability to perform in the best possible manner - Minimum use of time and effort
53
What are some criteria for stakeholder satisfaction?
-understand the stakeholders (key understanding of their motives, identify all stakeholder) - manage the stakeholders (monitor and consult with) - measure success

Term 3 (4 decks)

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