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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
7Ps - price strategies - bundle prcing
sells package of goods for lower total price than the indiv price of each component of the bundle
26
7Ps - price strategies - psychological pricing
making the price look less then it is
27
7Ps - plce n prmotion - place
making the product available to the cust,wherever the cust chooses to purchase it
28
7Ps - price strategies - distribution channels
routes taken to get the product from factory to customer
29
distribution channels
1.producer to customer:direct 2.producer to retailer to customer: intermediary who buys from producer and resells to customer 3. 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
non store retailing
retailing activity conducted away from traditional store
31
market coverage
number of outlets a bus can choose for its product
32
types of makret coverage
1.intensive distribution:when bus wishes to saturate the market with its product 2. selective:usin only a moderate proportion of all possible outlets 3.exclusive:one retail outlet for product
33
promotion
methods used by bus to persuade and remind target market about its products
34
promotion mix
methods a bus uses in its promotional campaign
35
methods of promotion mix
1.personal selling:activities of a sales representitive directed to a customer in an attempt to make sale 2. opinion leader:person who influences others 3. publicity and public relations: free news or story abt the bus product 4.advertising:paid, non personal message communicated through mass medium
36
7PS - people
everone involved in products of a bus
37
7PS - physical evidencc
everything that the customer sees when interacting with a bus
38
7PS - process
activities taken place when there is any interaction between cstomer n bus like delivery
39
product life cycle
all stages that a product passes through. intro, growth, maturity,decline, extention
40
product life cycle - intro
when new product is launched brand est,price lower then compeitiors, stff trained
41
product life cycle: growth stage
product begins to increase sales to customers quality maintained, increased distribution channels
42
product life cycle - maturity
product fully accepted into market n sales reach peak products differentiate from competitiors, price adjusted to maintain market share
43
product life cycle - decline stage
no longer appeals to customers product discontinued, price reduced,special deals for pple
44
product life cycle - extention
products can b revived back to maturity
45
exports
gods or service sold by one country to indiv
46
diversification
when businesses vary their range of product of their field
47
diversification: 1. product 2.geographic
1. expand range of products 2. operate in diff locations
48
why do products decline
- new tech -market change - new products reduce demnad for old products
49
customer loyalty program
offered by a bus to customers whho frequent;y make purchases
50
adv of customer relations strategy dis
- repeat sales loyal customers, increased revenue - time, money, data from programs may not be accurate
51
search engine optimisation (seo)
improving a bus web to increase visibility when people search for products via search engine
52
AI
intelligence demon by machines, collects data, insights,anticipates customer moves
53
public relations
planned effort to est n maintain mutual understanding between bus and its publics
54
publics
groups that bus interacts with that has impact on bus objectives involing developing good relations with many griups, generating publicity, positive public perception
55
elements that make up bus image
name,logo,behaviour of employees, service,ads
56
publics are stakeholders - types of publics
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
public relation campaign
series of public relations activities undertaken to achieve objectives
58
stages in developing PR campaign
1. est PR camp obj 2.identify intended public 3. develop PR strategies 4.implement 5.eveluate results
59
risks maagement
identofying risks to wich a bus is liekly to be exposed to and determing how to solve them
60
crises public relations
strategies implemented when unfavourable publicity threaten image
61
crisis comm plan
how to handle unfavourable publicity

2023/24 (66 decks)

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