Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing (MKC1200) > Chapter 2 & Chapter 13 - Done > Flashcards

Chapter 2 & Chapter 13 - Done Flashcards

1
Q

What are the two types of market environment?

A

Internal and external environments

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

What does the internal environment refer to and what are some characteristics?

A

Refers to parts of the organisation, the people and the processes used to create, communicate, deliver and exchange offerings that have value

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

What are the main parts of a typical organisation?

A
  • Senior management - responsible for making decisions about the overall objectives and strategy of the organisation
  • Middle management - Typically responsible for a department or geographic region and make decisions pertaining to the individuals in the said department or area
  • Functional departments - Where organisations are structured around specific functions and/or regions
  • These may include:
    * Marketing
    * Sales
    * Research and Development
    * Customer Services
    * Distribution/logistics
    * Manufacturing
    * Finance
    * Human Resources
    * Administration
  • Employees - responsible for carrying out the work required to meet departmental objectives
  • External Vendors - where organizations often outsource functions and roles if they can be done more efficiently
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is internal marketing and how is it conducted?

A
  • Is a cultural framework and a process to achieve strategic alignment between front-line employees and marketing
  • Primary role of internal marketers is to manage internal communications to ensure that employees’ actions are aligned with company goals (internal communication)
  • Second, internal marketing managers use market research to understand the needs and wants of employees (internal market research)
  • Thirdly, they provide the training to ensure that all members understand their role in creating, communicating, delivering and ultimately exchanging offers that have value for the target audience
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the external environment and what two parts does it consist of?

A

Is concerned with things outside of the organisation and the things that the organisation cannot control but can attempt to influence
Consists of the micro- and macro-environment

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

What does the micro-environment consist of?

A

Consists of customers, clients, partners and competitors
* The organisation can to some extent, exert pressure to influence customers, clients, partners, competitors and other parties that make up the industry

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

What does the macro-environment consist of?

A

Encompasses the factors outside the industry that influence the survival of the organisation and can be at any geographic level
It includes the PESTEL factors

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

What are the PESTEL factors?

A

Political, Economic, Socio-cultural, Technological, Environmental and Legal factors

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

What do the political factors describe?

A
  • Describe the influence of politics on marketing decisions
  • Organisations can also campaign for policy or legal changes that can have a fundamental impact on their operating environment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What do the economic factors describe?

A
  • Refer to all those factors that affect how much money people and organisations can spend and how they choose to spend it
  • The obvious components of this are income, price, the level of savings, the level of debt and the availability of credit
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What do the socio-cultural factors describe?

A
  • A term used to describe the social and cultural factors that affect people’s attitudes, beliefs, behaviors preferences, customs and lifestyles
  • A population can be characterized by its demographic characteristics: age, gender, race, ethnicity, educational attainment, marital status, parental status and so on
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What do technological factors describe?

A
  • It is a broad term that is used to describe a concept based on finding better ways of doing things
  • Technology, however, is not always a benefit and can also be a threat to companies that do not keep with the trends and improvements in their industries
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What do environmental factors describe?

A
  • Is a term used to describe the environmental factors that affect individuals, companies and societies
  • Includes various aspects including ecological and environmental aspects such as weather, climate, and climate change
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What do legal factors describe?

A
  • Laws and regulations are intimately tied to politics
  • Laws and regulations govern what marketing organisations can and cannot legally do
  • To stall legal regulation, many industries have adopted codes of conduct as a self-regulatory device. It is also usually cheaper than resorting to legal regulation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is situational analysis?

A

*Involves identifying the key factors that will be used as a basis for the development of marketing strategy

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

What is included in a situational analysis?

A

Company analysis, market analysis, environmental analysis and competitive analysis

17
Q

What factors are considered in company analysis?

A
  • The firm’s goals and objectives
  • Market share
  • Service quality
  • Positioning
  • Operations and resources
  • Marketing mix strategies
  • HR policies and procedures
  • Financial status
18
Q

What factors are considered in market analysis?

A
  • Size
  • Growth
  • Customer segments
  • Customer needs
  • Buyer behaviour
  • Intermediates
19
Q

What factors are considered in environmental analysis?

A

PESTEL factors

20
Q

What factors are considered in competitive analysis?

A
  • Major competitors
  • Their goals and objectives
  • Marketplace behavior
  • Market share
  • Growth
  • Service quality
  • Positioning
21
Q

What are marketing metrics?

A

Are measures that are used to assess marketing performance
The Australian Marketing Institute offers a framework (which states that the metrics must relate to the underlying strategy of the company) to guide marketers choice of metrics

22
Q

What are some things that the metrics used by a company ought to include?

A 
Return on investment
* Sales (Volume or number value)
* Marketing investment (costs, share of voice)
* Bottom line profit
Customer Satisfaction
* Churn (% of customers lost)
* Number of complaints
* % on time delivery
* Retail queue waiting times
Market Share
* % market share
* % market share growth/decline
* Performance relative to competitors
Brand Equity 
* Awareness - % of target market
* Preference - % of target market
* Loyalty - share of category purchases
23
Q

What is a SWOT analysis?

A

It comes after the situational analysis and considers the strengths, weaknesses, opportunities and threats for an organisation

24
Q

What are the different components of the SWOT analysis?

A
  • Strengths are attributes that help an organisation achieve its objectives; competitive and core advantages
  • Weaknesses are attributes that hinder it in trying to achieve its objectives
    • Strengths and weaknesses are internal factors and therefore directly controllable by the organisation
  • Opportunities are factors that are potentially helpful to achieving the organisation’s objectives. These are external factors and are only effective if the organisation responds effectively
  • Threats are factors that are potentially harmful to the organisation’s efforts to achieve its objectives. These are also external factors, however can be potentially harmful to the organisation if the business fails to respond appropriately
25
Q

What is globalisation?

A

It is a process through which individuals, organisations and governments become increasingly interconnected with consequences for national identity, national sovereignty, economic activities, law and culture

26
Q

What is standardisation?

A

Refers to applying a uniform marketing mix across international markets, with only minor modifications to meet local conditions (printing instructions in the local language, choosing a different price point to accommodate local incomes etc)

27
Q

What is customisation?

A

Refers to carefully tailoring the marketing mix to the specific characteristics and wants of each market

28
Q

What forces act on the international market?

A

PESTEL the same as before for a local market, however on a larger scale

29
Q

What are the steps for an organisation to go international?

A
  1. Selecting an overseas market
    * First, marketers should screen markets using secondary data to generate a short list of countries to consider
    * Secondly, there should be more detailed primary research to permit a thorough examination of short-listed markets prior to selecting the preferred country or countries to enter
  2. Entering the market
30
Q

What are the different methods of entry into an overseas market?

A 
Exporting
* Direct exporting 
* Indirect exporting
Contractual agreeements
* Licensing
* Franchising
* Contract manufacturing
Strategic Alliance and Joint Venture
* International Strategic Alliance
* International Joint Venture
Foreign Direct Investment
31
Q

What is direct exporting?

A

Is an approach to exporting in which the marketing organisation will deals directly with the international market

32
Q

What is indirect exporting?

A

Allows marketing organisations to access international markets without having to develop the expertise and contacts required to successfully place products into what an unfamiliar market through export intermediaries

33
Q

What is licensing?

A

Is an arrangement in which a business, licensee, in a foreign country undertakes to manufacture and sell the products of the home country company (licensor) and pays a commission on the sales it makes

34
Q

What is franchising?

A

Is also an arrangement in which the business (a franchisee) pays the franchisor a fee in return for the right to market the franchisee’s products using the franchisor’s overall marketing and business plan

35
Q

What is contract manufacturing?

A

Is an approach to international marketing in which the domestic market pays a foreign business to manufacture its product and market it in the foreign country under the name of the domestic company

36
Q

What is an international strategic venture?

A

Requires that both businesses be confident in the abilities and products of the other

37
Q

What is an international joint venture?

A

Where both business joint together and form a new business in the target market, distinct from the parent business

38
Q

What is foreign direct involvement?

A

It involves outright ownership of a foreign operation

39
Q

Are there any differences between the marketing mix of a local vs that of an international organisation?

A

Not really, but the needs of the international market and the overseas market must be catered for

Marketing (MKC1200) (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions