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CIM Level 4 > Exam > Flashcards

Exam Flashcards

1
Q

What is the research method that includes gathering opinions from a panel of experts until they reach a consensus?

A

The Delphi Method

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2
Q

What is Market Penetration in the Ansoff matrix?

A

This focuses on increasing sales of existing products to an existing market.

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3
Q

What is Product Development in the Ansoff matrix?

A

Focuses on introducing new products to an existing market.

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4
Q

What is Market Development in the Ansoff Matrix?

A

This strategy focuses on entering a new market using existing products.

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5
Q

What is Diversification in the Ansoff Matrix?

A

Focuses on entering a new market with the introduction of new products.

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6
Q

What is Market Segmentation?

A

The division of the market place into distinct subgroups or segments, each characterised by particular tastes and requiring a specific marketing.

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7
Q

What is Environmental scanning?

A

Monitoring of an organisation’s external environment, allowing the organisation to spot or anticipate emerging issues. This provides an early warning of changing external conditions. It is closely related to a S.W.O.T. analysis and should be used as part of the strategic planning process.

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7
Q

What is Marketing Planning?

A

The selection and scheduling of activities to support the company’s chosen marketing strategy or goals.

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8
Q

What is an Internal analysis?

A

The study of a company’s internal marketing resources in order to assess opportunities, strengths or weaknesses.

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9
Q

What is APIC?

A

Marketing planning process model that stands for Analyse, Planning, Implementation and Control.

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10
Q

What are the 7Ps?

A
  • Product
  • Promotion
  • Price
  • Place
  • People
  • Process
  • Physical evidence
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11
Q

What is focused on for PRODUCT?

A

This refers to what the company produces (whether it is product or service, or a combination of both) and is developed to meet the core need of the customer – for example, the need for transport is met with a car. The challenge is to create the right ‘bundle of benefits’ that meet this need.

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12
Q

What is focused on for PRICE?

A

This is the only revenue-generating element of the mix – all other marketing activities represent a cost (affected by objectives, resources, product costs, demand, competition, market structure).

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13
Q

What is focused on for PLACE?

A

This is the ‘place’ where customers make a purchase. This might be in a physical store, through an app or via a website (channels such as agents, distributors, wholesalers, retailers, the direct routes can be affected by factors such as market location, sales volume, product characteristics, competitor activity, cost, reliability, security issues, level of customer service required, legal issues).

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14
Q

What is focused on for PROMOTION?

A

The promotion element of the marketing mix refers to all of the tools and methods available to enable communication with a market (online/offline channels). Uses tools such as advertising, PR, sales promotion, marketing, personal selling and can be influenced by factors such as company resources, promotional objectives, message control, credibility, target audience, etc.

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15
Q

What is focused on for PEOPLE?

A

The people that the customer engages with: shop staff, call centres, representatives, service deliverers etc.

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16
Q

What is focused on for PROCESS?

A

The processes involved in considering, purchasing, delivering and supporting your products and services to the customer have an impact on the way in which your customers perceive you. This could be a process for ordering and delivery.

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17
Q

What is focused on for PHYSICAL EVIDENCE?

A

Physical evidence is a term used to describe the type of image your business portrays through its physical presence; the premises, the appearance of staff, company vehicles and so on.

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18
Q

What is the MICRO enviroment?

A

It refers to the factors/elements in a firm’s immediate environment which affect its performance and decision-making, including COSMIC, i.e. Competitors, Organization itself, Suppliers, Market, Intermediaries and Customers.

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19
Q

What is the MACRO enviroment?

A

The external factors which affect an organisation’s planning and performance, and are beyond its control. These factors include PESTEL (Political, Economic, Social, Technological, Environmental, Legal).

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20
Q

What is primary research data?

A

Data collected by a programme of observation, qualitative or quantitative research, either separately or in combination, to meet the specific objectives of a marketing research project.

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21
Q

What is secondary research data?

A

Data sourced from that which already exists and has been gathered for another purpose or objective. Secondary research, slso referred to as desk research, involved investigating data that already exists.

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22
Q

What is Cost per contact?

A

A specific type of cost-per-action program where advertisers pay for each time a user clicks on an advert or link.

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23
Q

What is a Market share?

A

A company’s sales of a given product or set of products to a given set of customers, expressed as a percentage of total sales of all such products to such customers.

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24
Q

What is SOSTAC?

A

Situation, Objective, Strategy, Tactics, Actions and Control (Marketing planning process model).

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25
Q

What is MOST?

A

Marketing planning process model that stands for Mission, Objectives, Strategy and Tactics.

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26
Q

What is APIC?

A

Marketing planning process model that stands for Analyse, Planning, Implementation and Control.

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27
Q

What is the internal enviroment?

A

Those cultural, social and economic factors that are contained within the organisation itself i.e staff, financial and management decisions and more.

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28
Q

What is an external analysis?

A

Study of the external marketing environment, including factors such as customers, competition and social change.

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29
Q

What is a tangible vs intangible product/service?

A

Tangible assets are physical. Intangible assets do not exist in physical form.

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30
Q

What is a ROMI?

A

Return On Marketing Investment

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31
Q

What is a marketing margin?

A

The difference between what a company pays for the product and what it charges for the product.

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32
Q

What is a discount level?

A

Discount levels are used to set up flexible criteria to allocate discounts to, for example, sales orders and lines or purchase orders and lines.

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33
Q

What is a marketing oriented busines?

A

An organisation that focuses on the needs of the customer. It aims to meet customer demands, and therefore profit through customer satisfaction and loyalty.

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34
Q

What are personal factors that influence an individual’s behaviour?

A

Personality, Motivation, Beliefs and Values

35
Q

What are social influences that influence an individual’s behaviour?

A

Culture, Social class, Reference groups

36
Q

What is market positioning?

A

Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the MINDS of target consumers. Formulating competitive positioning for a product and a detailed marketing mix

37
Q

What is a sales promotion?

A

A range of techniques used to engage the purchaser. These may include discounting, coupons, guarantees, free gifts, competitions, vouchers, demonstrations, BOGOF, bonus commission and sponsorship.

38
Q

What is personal selling?

A

One-to-one communication between seller and prospective purchaser.

39
Q

What are public relations?

A

The function or activity that aims to establish and protect the reputation of a company or brand, and to create mutual understanding between the organisation and the segments of the public with whom it needs to communicate.

40
Q

What is an inseparable service?

A

The production and consumption of a service can’t be separated from the provider of that service.

41
Q

What is a variable service?

A

Due to the human involvement in the service provision — no two services will be completely identical.

42
Q

What is synergy?

A

Building together components to produce a larger benefit than the components themselves can provide individually.

43
Q

What is a new task purchase?

A

A buying situation in which the customer has no previous experience with the purchase of a product within a given category.

44
Q

What is a straight rebuy?

A

A purchase in which the customer buys the same goods in the same quantity on the same terms from the same supplier.

45
Q

What is a modified rebuy?

A

A buying situation in which an individual or organisation buys goods that have been purchased previously but changes either the supplier or some other element of the previous order.

46
Q

What is customer sentiment?

A

The different emotions that your customers go through, positive or negative while engaging with your brand.

47
Q

What is ‘cost per conversion’?

A

A metric used to identify how much it actually costs in advertising to acquire each real customer.

48
Q

What is a bounce rate?

A

The percentage of visitors who enter the website and then leave (“bounce”) rather than continuing to view other pages within the same site.

49
Q

What is the consumer buying process for B2C?

A

Searching for information > Evaluating the alternatives > The purchase decision > Post-purchase

50
Q

What is the consumer buying process for B2B?

A

Recognition of problem/need > Diagnosis or description of need > Product specification > Search for suppliers > Evaluation of suppliers > Selection of supplier > Contract > Review

51
Q

What is a customer vs consumer?

A

The customer buys the product while being interested in your offers, the consumer uses the product but may not be interested.

52
Q

What is the difference between quantitative and qualitative data?

A

Quantitative data refers to any information that can be quantified, counted or measured, and given a numerical value. Qualitative data is descriptive in nature, expressed in terms of language rather than numerical values.

53
Q

What is cross-functional activity?

A

Any marketing activity that includes people with different functional expertise, often from marketing, operations, finance and human resources divisions, working towards the same objective.

54
Q

What is a MkIS?

A

Marketing Information System — practices and procedures to gather, sort, store, analyse and distribute marketing information.

55
Q

What is CRM?

A

Cause related marketing — Partnership between a company or brand and a charity or ‘cause’ by which the ‘cause’ benefits financially from the sale of specific products.

56
Q

What is corporate governance?

A

The processes, systems and principles by which an organisation operates.

57
Q

What is the role of marketing?

A
  • management process
  • business philosophy
  • exchange process
  • satisfy customer needs
  • catalyst for change
58
Q

What is consumer behaviour?

A

The buying habits and patterns of consumers in the acquisition and use of products and services.

59
Q

What is the term for the process that consumers go through when making a purchase decision?

A

Consumer buying decision-making process.

60
Q

What is FMCG?

A

Fast-moving consumer goods (i.e toiletries, food, beverages, tobacco)

61
Q

What are intermediaries?

A

People who promote the products or services of one company to another company or to end-consumers. They are sometimes referred to as ‘middlemen’. Retailers and wholesalers are intermediaries.

62
Q

What are logistics?

A

The physical distribution of products through the channel, including warehousing and transportation.

63
Q

What is the marketing mix?

A

A mix of 4Ps (Product, Price, Promotion and Place), these are tactics a marketer can implement and adapt to meet the needs of key stakeholders.

64
Q

What is relationship marketing?

A

The strategy of establishing a relationship with the customer, which continues well beyond the first purchase.

65
Q

What is a stakeholder?

A

An individual or group that affects or is affected by the organisation and its operations.

66
Q

What is The Planning Journey?

A

Marketing planning methodology

Where are we now? > Where do we want to be > How might we get there > Which way is best > How can we ensure arrival

67
Q

What are the stages of The Diffusion of Innovation curve?

A

Innovators > Early Adopters > Early majority > Late majority > Laggards

68
Q

What is category management?

A

A retailing concept in which the range of products sold is broken down into discrete groups of similar or related products, known as ‘product categories’.

69
Q

What are the main categories for consumer goods?

A

Convenience goods – commodities (milk, regular shopping list items)
Shopping goods – more durable (furniture, appliances)
Speciality goods – more exclusive (designer clothes, cruises)

70
Q

What are the main categories for business-to-business goods?

A

Raw materials – essential in production of product
Components – used in the production
Supplies – essential day to day but not in production i.e cleaning
Accessories – office equipment, furniture, etc.
Installations – capital goods, such as plant and machinery.

remember: businesses are RACIST(T)

71
Q

What is the core product?

A

This is the core benefit and purpose of the product/service.

72
Q

What is the actual product?

A

It includes basic characteristics of the product (colour, design, quality, etc).

73
Q

What is the augmented product?

A

Everything the product offers that is not related to its original purpose (experiences associated with the product, delivery side products, etc).

74
Q

In the BCG Matrix, what are stars?

A

(high market growth rate, low relative market share)
Products with high market share in a high-growth sector, and although they are usually generating revenue, they still require investment.

75
Q

In the BCG Matrix, what are cash cows?

A

(low market growth rate, high relative market share)
Products with high market share in a low-growth market, so no longer need investment and generate revenue that can support other products.

76
Q

In the BCG Matrix, what are question marks/problems?

A

(high market growth rate, low relative market share)

Products that have not achieved a high market share and are not yet generating significant revenue.

77
Q

In the BCG Matrix, what are dogs?

A

(low market growth share, low relative market share)

Products showing no growth potential and should be phased out if they are not generating any positive revenue.

78
Q

What two factors does the GE Matrix consider?

A

Business unit strength (measurement of how effective your current business unit is in the market - market share, growth rate, product quality, reputation, etc) and market attractiveness (size, growth rate, etc).

79
Q

What is the product lifecycle?

A

Development > Introcuction > Growth > Maturity > Decline

80
Q

What is the NPD process?

A

The New Product Development

81
Q

What is product line pricing?

A

Products across a product line have their prices ‘stepped’ according to the difference in their cost to produce, their benefits or features, different market segments and the way competitors price their equivalents.

82
Q

What is optional product pricing?

A

This is a tactic that involves selling a basic product with a range of optional extras.

83
Q

What is product bundle pricing?

A

Products are bundled together and sold cheaper than when sold separately.

84
Q

What is cost-plus pricing?

A

A simple pricing method that involves calculating the costs involved in producing a product (inc research & development costs), then adding a fixed percentage profit to these costs to arrive at a price.

85
Q

What is demand-based pricing?

A

The most marketing-orientated way of setting a price. Marketers use primary research to find out what potential customers are prepared to pay for a product.

86
Q

What is competitor parity pricing?

A

Where prices are matched to the competition. This means that products must be differentiated from the competition in some way in order to give the product a competitive advantage.

CIM Level 4 (9 decks)

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