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2023/24 > BUSMAN 5 2 > Flashcards

BUSMAN 5 2 Flashcards

1
Q

MARKET SEGMENTATION

A

total market is subdevided into groups who share one or more common characterisistcs

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2
Q

market dimension

A

those broad elements that allow potential market segmens to be identfied

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3
Q

target market

A

groups of customers with sim haracteristics who currently purchase goods or may do so in future

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4
Q

target market selection is easier or the bus t increase sales and profits bc

A

-cost effective, time-efficient, better understanding of buying behaviours

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5
Q

primary targe market

A

segmant at which most of marketing resources are directed

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6
Q

sec target market

A

usually maller n less imp market segmants

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7
Q

niche market

A

a narrowly selected target market segmant

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8
Q

consumer bying behaviour

A

decisions and actions of consumers when they purchase gns, and what motivates the purchase

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9
Q

factors influencin consumer behaviour - psychological influences

A

1.perception: customers wont purchase product if percieved as poor

  1. motives: reason fo buying (amusement,health, safety,fear)

3.attitude: overall feeling
4. personality: behaviours and personalities that make up that person

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10
Q

factors influencin consumer behaviour - psychological influences

A

1.family: roles influence buying behaviour

2.peer groups: buying behav may cange to be inline with others

3.social class: influencesthe type,quaity,and quanitity of products that customer buys

4: culture: wear,eat,live

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11
Q

7PS - product

A

development,positionng,branding, packaging

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12
Q

marketing mix

A

combonation of 7 elements, product,price,place,promotion,people,physical evidence, process

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13
Q

product

A

good, services, experiences that can be offered in return of satisfying needs

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14
Q

product development

A

creation of a product with new or diff characteristics that offer beenfits to customers

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15
Q

product positioning

A

dveleopemnt of product image

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16
Q

7Ps - price strategies

A

1.recommended retail price
2.percentage markups
3.price leadership and comp
4.what the market will bear
5.quotes
6.price skimming
7.penetration pricing
8.premium pricing
9.bundle pricing
10.psychological pricing

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17
Q

7Ps - price strategies - rec retail price (RRP)

A

price rec by either wholesaler or manufacturer of good being sold by retail bus

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18
Q

7Ps - price strategies - percentage mark up

A

increases cost price by a fixed % to give the selling price

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19
Q

7Ps - price strategies - leadership and comp

A

dom company sets price for product and other companies follow suit

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20
Q

7Ps - price strategies- what the market will bear

A

bidding auction

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21
Q

7Ps - price strategies - qoutes

A

estimate of costs involved with indiv job

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22
Q

7Ps - price strategies - price skimming

A

placing high price on new product, knwoing that customers will be willing to pay, then is lowered to attract more cust

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23
Q

7Ps - price strategies - penetration

A

when new item introd, a low price might be offered to attarct new cust

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24
Q

7Ps - price strategies - premium pricing

A

product is priced higher than competitors to convey sense of higher quality

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25
Q

7Ps - price strategies - bundle prcing

A

sells package of goods for lower total price than the indiv price of each component of the bundle

26
Q

7Ps - price strategies - psychological pricing

A

making the price look less then it is

27
Q

7Ps - plce n prmotion - place

A

making the product available to the cust,wherever the cust chooses to purchase it

28
Q

7Ps - price strategies - distribution channels

A

routes taken to get the product from factory to customer

29
Q

distribution channels

A

1.producer to customer:direct

2.producer to retailer to customer: intermediary who buys from producer and resells to customer

  1. producer to wholesaler to retailer to cust:wholesaler buys bulk from producer, then resells in smaller quantities to retailers

4.producer to agent to wholesaler to retailer to cust:agent distributes products to wholesalers but never owns the product, agents are paid commision from producer

30
Q

non store retailing

A

retailing activity conducted away from traditional store

31
Q

market coverage

A

number of outlets a bus can choose for its product

32
Q

types of makret coverage

A

1.intensive distribution:when bus wishes to saturate the market with its product

  1. selective:usin only a moderate proportion of all possible outlets

3.exclusive:one retail outlet for product

33
Q

promotion

A

methods used by bus to persuade and remind target market about its products

34
Q

promotion mix

A

methods a bus uses in its promotional campaign

35
Q

methods of promotion mix

A

1.personal selling:activities of a sales representitive directed to a customer in an attempt to make sale

  1. opinion leader:person who influences others
  2. publicity and public relations: free news or story abt the bus product

4.advertising:paid, non personal message communicated through mass medium

36
Q

7PS - people

A

everone involved in products of a bus

37
Q

7PS - physical evidencc

A

everything that the customer sees when interacting with a bus

38
Q

7PS - process

A

activities taken place when there is any interaction between cstomer n bus like delivery

39
Q

product life cycle

A

all stages that a product passes through. intro, growth, maturity,decline, extention

40
Q

product life cycle - intro

A

when new product is launched

brand est,price lower then compeitiors, stff trained

41
Q

product life cycle: growth stage

A

product begins to increase sales to customers

quality maintained, increased distribution channels

42
Q

product life cycle - maturity

A

product fully accepted into market n sales reach peak

products differentiate from competitiors, price adjusted to maintain market share

43
Q

product life cycle - decline stage

A

no longer appeals to customers

product discontinued, price reduced,special deals for pple

44
Q

product life cycle - extention

A

products can b revived back to maturity

45
Q

exports

A

gods or service sold by one country to indiv

46
Q

diversification

A

when businesses vary their range of product of their field

47
Q

diversification:
1. product
2.geographic

A
  1. expand range of products
  2. operate in diff locations
48
Q

why do products decline

A
  • new tech
    -market change
  • new products reduce demnad for old products
49
Q

customer loyalty program

A

offered by a bus to customers whho frequent;y make purchases

50
Q

adv of customer relations strategy

dis

A
  • repeat sales loyal customers, increased revenue
  • time, money, data from programs may not be accurate
51
Q

search engine optimisation (seo)

A

improving a bus web to increase visibility when people search for products via search engine

52
Q

AI

A

intelligence demon by machines, collects data, insights,anticipates customer moves

53
Q

public relations

A

planned effort to est n maintain mutual understanding between bus and its publics

54
Q

publics

A

groups that bus interacts with that has impact on bus objectives involing developing good relations with many griups, generating publicity, positive public perception

55
Q

elements that make up bus image

A

name,logo,behaviour of employees, service,ads

56
Q

publics are stakeholders - types of publics

A

1.internal: employees managers - good morality,safe env,fair pay
2.general:expects fair n honest bus practices
3.local community: represents local residents
4. citizen action publics: action groups advocates

57
Q

public relation campaign

A

series of public relations activities undertaken to achieve objectives

58
Q

stages in developing PR campaign

A
  1. est PR camp obj
    2.identify intended public
  2. develop PR strategies
    4.implement
    5.eveluate results
59
Q

risks maagement

A

identofying risks to wich a bus is liekly to be exposed to and determing how to solve them

60
Q

crises public relations

A

strategies implemented when unfavourable publicity threaten image

61
Q

crisis comm plan

A

how to handle unfavourable publicity

2023/24 (66 decks)

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