Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

mnb > Chapter 13 Marketing Mng > Flashcards

Chapter 13 Marketing Mng Flashcards

1
Q

The marketing process consists of?

A 
Environmental scanning (market research)
Development of market offering
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the objective with misleading advertisements and unethical sales methods?

A

To sell products at any cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the Marketing Concept?

A

It is the ethical code according to which the marketing task is performed.

It directs all the marketing decisions about products,
distribution methods,
marketing communication
and price determination.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the 4 principals of the Marketing Concept?

A

1) Profitability
2) Consumer Orientation
3) Social Responsibility
4) Organisational integration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the primary objective of businesses in a freemarket system?

A

Maximise profitability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the Principle of Social Responsibility about?

A

Besides a responsibility towards the consumers of its products, marketing management also has a responsibility towards the community in which it operates.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the Principle of organisational integration about?

A

Close cooperation between marketing, operational, purchasing and all other functions of the business
in pursuit of the business’
mission + objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define marketing.

A

Consists of all management tasks and decisions
directed at successfully meeting opportunities and threats
in a dynamic environment,
by effectively developing and transferring
a need-satisfying market offering
to consumers in such a way
that the objectives of the business, the consumer and society will be achieved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Name the 4 variables used for decision making in Marketing Management.

A

The 4 P’s

1) product itself
2) place it is offerred
3) promotion - comm methods used to inform consumers
4) the price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Market research includes 2 broad types of research. Name them.

A

1) Problem Identification research

2) Problem Solving research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the information used for in marketing research?

A

To identify and define opportunities and problems that marketing can tackle.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the most commonly recognised scientific method of doing market research?

A

Survey method

This can be done through a questionnaire or interview

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Name the 12 steps in conducting a survey?

A

1) Define research problem
2) Identify research objective
3) Investigate secondary resources
4) Compile questionnaire
5) pre-test questionnaire
6) Select sample for distribution
7) training of fieldworkers
8) analysis of data collected
9) interpret info
10) report and recommendations
11) management evaluation
12) implementation of mng decision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the purpose of pre-testing the questionnaire in Market Research?

A
  • does all ? address issues investigated
  • time taken to complete
  • identify any problems
  • ? clear and understandable
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the purpose of Market Forecast?

A

To establish the potential profit of an opportunity to be exploited. viability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What can be said about consumer behaviour?

A

Not all consumers are the same but all consumers are unpredictable.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What does Consumer behaviour refer to?

A

The behaviour patterns of decision making units directly involved in the purchase,
decision making preceding the purchase
and determining these patterns.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is referred to by Overt Acts in consumer behaviour?

A

Acts that can be observed by people

Eg. Enjoying it, looking at it, throwing it away.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is referred to in Covert behaviour in terms of consumer behaviour?

A

Behaviour that cannot be seen

Eg. Financial position of consumer, weighing merits of brands against each other

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Why do Marketers need to know why consumers behave as they do!

A

Because then consumer behaviour can be explained, influenced and predicted

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Which 6 individual factors influence consumer decision making?

A 
Motivation
Attitude
Perception
Learning ability
Personality
Lifestyle
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Which 4 group factors influence consumer decision making?

A

Family
Reference group
Opinion leaders
Cultural group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are the 2 determinants of consumer behaviour?

A

Individual factors

Group factors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is the driving force behind all behaviour patterns in consumers?

A

Needs - also called motives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What does consumers' perception determine?
What they pay attention to and what excites their interest.
26
Name the 4 markets in terms of market segmentation, in which a country can be subdivided.
Consumer market Industrial market Resale market Government market
27
Name the 3 market-segmentation approaches.
1) Total market approach (1 market strategy for whole of market) 2) Single-segmented approach (1 market strategy for more than one target market) 3) Multi-segmented approach ( many market strategies for many diff target markets)
28
Name the 4 criteria for market segmentation.
Geographic criteria (place, density, climate) Demographic criteria (age, gender) Psychographic (lifestyle, personality, social class) Behavioural criteria (occation, usage rate, loyalty status, attitude to product)
29
What is meant with"Reverse price sensitivity"?
Consumers react negatively when a price is perceived to be too low. It is immediately assumed that if price is low then quality will also be low.
30
What does a consumer product consist of?
Core product (tech + physical qualities) Formal product (in addition to product - smart packaging) Need satisfying product (free delivery, repair service) Total product (all abovementioned)
31
Consumer products can be divided into:
Durable and | Non - durable products
32
After durable and non-durable products, what other 3 classifications can be given to consumer goods?
Convenience products - snacks, magazines Shopping products - clothing, jewellery Speciality products - Mercedes
33
What are the 5 advantages offered by the use of brands?
1) facilitate identification 2) assurance of quality 3) offer degree of protection 4) facilitate decision making 5) serve as warning against other products
34
Brands are registered under which Act?
Trademarks Act no 194 of 1993
35
What are the 6 advantages of using brands for the marketer?
1) foundation of comm strategy 2) promote loyalty 3) make price comparisons difficult 4) inseparable part of product image 5) make product differentiation possible 6) facilitate expansion of product ranges
36
What are the 3 phases of brand loyalty?
Brand recognition Brand preference Brand insistence
37
What is Individual / Family brands?
This is where marketers have individual brands for each of their products. Eg. Lux, Dove Family brands is where a brand is allocated to a whole range of specific products Eg Heinz Soup, Heinz Tomato sauce
38
In terms of the characteristics of a Manufacturing brand, who does it see as its target market?
Quality conscious buyer | Brand loyal
39
In terms of the characteristics of a Dealer brand, who does it see as its target market?
The price conscious , loyal buyer
40
In terms of the characteristics of a Generic brand, who does it see as its target market?
The price conscious Discriminating buyer Large family Accepts lower quality
41
In terms of the characteristics of a Manufacturing brand, how is its products viewed?
Well-known product Strict quality control Clearly distinguishable brands Wide range of products
42
In terms of the characteristics of a Dealer brand, how is its products viewed?
Mostly same as manufacturing brand except less known | Limited number of products in range
43
In terms of the characteristics of a Generic brand, how is its products viewed?
Poorer quality Less emphasis on packaging and labelling Few product items
44
In terms of the characteristics of a Manufacturing brand, how is its prices perceived?
Hi price | Controlled by manufacturer
45
In terms of the characteristics of a Dealer brand, how is its prices perceived?
Price controlled by retailer
46
In terms of the characteristics of a Generic brand, how is its prices perceived?
Lower price | Controlled by retailer
47
In terms of the characteristics of a Manufacturing brand, how is its distribution perceived?
Generally available at all large retail shops
48
In terms of the characteristics of a Dealer brand, how is its distribution perceived?
Generally only available at branches of a specific retailer
49
In terms of the characteristics of a Generic brand, how is its distribution perceived?
Generally only available at branches of a specific retailer
50
In terms of the characteristics of a Manufacturing brand, how is its Marketing communication perceived?
Campaigns launched by manufacturer
51
In terms of the characteristics of a Dealer brand, how is its Marketing communication perceived?
Campaigns launched by relevant retailer | Most favourable shelf arrangement
52
In terms of the characteristics of a Generic brand, how is its Marketing communication perceived?
Sales promotion at point of sale
53
Name some of the qualities Packaging should have.
- should be able to handle product without damaging product inside - packaging should promote sales - should be distinguishable between other products - bright colours + striking design attract consumer attention
54
Name the 3 types of different packaging .
Family packaging - all products in range look more or less identical Speciality packaging - gives image of exclusivity Popular as gifts - perfume, fancy chocolates Reusable Packaging - gives the impression of a free container. Can be used later again - ice cream
55
What is understood with Product Obsolescence?
A product may intentionally be made technically difficult / psychologically obsolete or have a short lifespan to compel the consumer to make repeat purchases. ``` Eg batteries (short lifespan) Introduction of New model (psychological obsolete) ```
56
Name the 7 phases in New Product Design.
Phase 1 - Idea developed Phase 2 - ideas screened to financial criteria Phase 3 - nor viable ideas eliminated Phase 4 - prototype Phase 5 - marketing strategy (position in market, package design, price, distribution) Phase 6 - test marketing on small segment of market Phase 7 - product introduced to market
57
What is meant with a products life cycle?
``` In respect of sales / profits a product goes through 4 phases from the Introduction phase Growth phase Maturity phase Declining phase ``` Not all products have the same life cycle
58
What is the meaning of price?
It is regarded as the exchange value of a product or service and is closely linked to concepts such as benefit and value The value of a product is determined by its benefit to the consumer.
59
Name the 3 phases in the Price determination process.
Phase 1 - determination of cost price Phase 2 - determination of market price (price consumer is prepared to pay) Phase 3 - determination of target price (price that will realise the target rate of return)
60
Name the 6 adaptations of the final price.
``` Skimming prices Market-penetration prices Market-price level Leader prices Odd prices Bait prices ```
61
What is meant with Skimming Prices?
If the product is a new innovation and therefore a unique product consumers will be prepared to pay higher prices. As a new product, higher prices will also allow the development costs of the product to be recovered quicker.
62
What is meant with Market-penetration | Prices?
Here the initial price is lower in the hope to penetrate the market more rapidly.
63
What is meant with Market-price level?
This strategy is followed where the is numerous similar products and competition.
64
What is meant with Leader Prices?
These are special offers. | Used by retailers to lure consumers to their shops.
65
What is meant with odd prices?
The final price of products have an odd number. Even prices are avoided as consumers are more likely to accept odd prices. The odd price looks smaller.
66
What is meant with Bait prices?
These are unethical Avoided by honest retailers Widely advertised but not intend to sell at bait price. Normally there is no stock and consumer is forced to buy another product at higher price.
67
Which activities does the Physical Distribution of products entail?
``` Transportation Storage Inventory Holding Receipt and dispatch Packaging Administration Ordering ```
68
What is understood under the Marketing Communication process?
The process of: Informing Persuading Reminding the consumer
69
What is the 6 combination elements marketers use to communicate with consumers?
``` Advertising Personal selling (like Tupperware) Direct marketing (verimark) Sales promotions Publicity Public relations ```
70
What are the 3 main components of an advertisement?
Heading (attract attention + deliver main message) Illustration (photo or drawing of product) Copy (info about product + need satisfaction it can provide.
71
Crisis management forms part of "special events" under Public Relations. What must be in place to limit damage for a company?
A Crisis plan
72
Market research is divided in 2 broad types. | Name them.
Problem identification - Market-potential research - Market-share research - image research - market-characteristic research - sales-analysis research - forecasting research - business-trends research Problem-solving Research: - segmentation Research - product research - pricing research - Promotion research - distribution- research

mnb (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions