exam Flashcards
What does context refer to in terms of online customer experience?
A websites aesthetic appeal and functional look and feel, reflected in site layout and visual design
Which of the following characterises organisational buyer-seller relationships?
Purchases are often made after lengthly or complex negotiations
What is price lining?
Setting different price points among products offered
What is prestige pricing?
setting a high price to attract quality or status conscious consumers
What is skimming pricing?
Setting a higher price to maximise profit margins
What is penetration pricing?
setting a relatively low price initially to increase market share or maximise sales volume
What do disruptive innovations do?
What is a SWOT Analysis
Strengths (competitive advantages)
Weaknesses (work on urgent and important weaknesses
Opportunities (Prioritise and utilise the opportunities
Threats (Watch out for changes)
What is environmental scanning
The ongoing tracking of trends and occurrences in an organization’s internal and external environment that bear on its success, currently and in the future
What is social marketing
A social marketing campaign aimed at encouraging people to exercise more involves the target audience
Modifying a current behaviour
Why is the hero story structure effective? (2)
Audience connects to hero through values such as community, justice, truth and self expression
We see ourselves as the hero
Must have parts of story telling (3)
Main character/hero
Conflict/journey
Ending/resolution
What is an individual interview
What are the must have parts of storytelling?
A beginning, a middle and an ending
In the evaluation phases of the strategic marking process it includes (2 things):
- Tracking reports to measure results
- Action memos to correct problems and exploit opportunities
What is the ASA?
Advertising Standards Authority that is the regulatory boy which monitors advertising and advertisers
What is the ASAs primary objective?
To seek to maintain at all times and in all media a proper and generally acceptable standard of advertising and to ensure that advertising is not misleading or deceptive, either by statement or by implication.
What is green marketing?
Environmentally sensitive products
What is cause marketing?
Firms charitable contributions tied to its revenue
What does sustainable marketing describe?
Meet todays needs without sacrificing the future
What does the triple bottom line describe?
People, plant and profit for long-term growth
What is the difference between primary and secondary data?
Primary data is collected collected for this study while secondary data is already existing data
What are the five steps to the marketing research approach?
- Define the problem
- Develop the research plan
- Collect relevant information
- Develop findings
5, Take marketing actions
What is the “best practise” approach for incorporating te reo Maori into product branding?
Brands should hire their own te reo Maori expert to manage the relevant product branding efforts and consult with the relevant external experts to ensure that process is tick (correct)
What is the multi-branding strategy?
What is product differentiation branding strategy?
What is multi product branding strategy?
What is segmentation branding strategy?
What is private branding strategy?
What is the difference between law and ethics?
Ethics is the moral principles and values while laws are the value enforceable in court
What factors influence personal moral philosophy and ethical behaviour? (3)
Social culture and norms
Business culture and industry practises
Corporate culture and expectations
What is market segment (not to be confused with market segmentation)
result of segmentation and each segment is a group of people who are relatively similar to each other in terms of features
What is market segmentation?
aggregrating prospective buyers into groups or segments that
1) have common needs and
2) respond similarly to marketing action
What are the four primary segmentation bases?
Demographic, geographic, psychographic and behavioural
What is product positioning?
The place a product occupies in consumers’ minds based on important attributes relative to competitive products
What are the product life cycles?
Different product and services exhibit different curves due to consumer behaviour
What are the objectives of promotion strategies in each of the four stages of the product life cycle?
- Introduction (uptake slow and consistent)
- Growth (growing)
- Maturity (maturing and most people have it)
- Decline (people have it or due to competition)
Describe the three variations of the consumer purchase decision process: extended, limited and routine problem solving:
What causes a shift in the demand curve?
What is the circular economy?
It is regenerative by design and aims to gradually decouple growth from the consumption of finite resources
What is the possession utility?
Efforts by intermediaries to help buyers take possession of a product or service
What is the form utility?
Enhancing a product or service to make it more appealing to buyers
What is the place utility?
Having a product or service available where customers want it
What is the time utility?
Having a product or service when you want it
What are the three main function in marketing channels to add value for the buyer?
Transactional, logistical and facillitating
What is the breadth of a product line?
refers to the variety of different items a store carries, such as appliances and books (horizontal)
What is the depth of a product line?
Means the store carries a large assortment of each item, such as a shoe store that offers different types of shoes
What is inelastic demand?
Changes in price have little or no impact on sales
What is unitary demand?
The situation where price changes are offset exactly by changes in demand. Price and demand are perfectly related.
What is elastic demand?
the small changes in price that produce large changes in quantity demanded
What is organisational buying?
The decision making process by which formal organisation establish the need for purchased products and services and identify, evaluate and choose among alternative brands and suppliers
What is the buying objective for reseller markets?
To buy physical products or services and resell them again at a profit without any reprocessing
What is the buying objective for industrial markets?
Industrial firms: primarily sell physical goods
Service companies: sell services
What is the buying objective for non-profit and government organisations?
Buy products or goods for use in the production of public goods and services
What is an organisational buyer?
the manufacturers, wholesalers, retailers, service companies, not-for-profit organisations and govt agencies that buy products and services for their own use or for resale.
What is a reverse auction in an e-marketplace?
Online auction in which a buyer communicated a need for a product or service and would-be suppliers are invited to bid in competition with each other.
What is a traditional auction in an e-marketplace?
Online auction in which a seller puts an item up for sale and would-be buyers are invited to bid in competition with each other
What is an E-Marketplace?
Online trading communities that bring together buyer and supplier organisations to make possible the real time exchange of information, money, products and services.
What is derived demand?
demand for industrial products and services that’s driven by, or derived from the demand for consumer P&S
What is B2B Marketing?
Involves the marketing or products and services to different companies (etc) for use in the creation of goods and services that they can produce and market to others
What is the buying centre?
The group of people in an organisation who participate in the buying process and share common goals, risks and knowledge important to purchase decision
What is semiotics?
The study of ‘signs’ (words, pictures, gestures, symbols, etc) and the ways in which they acquire meaning
What is country partisanship?
What is cultural ethnocentrism?
What is economic ethnocentrism?
What is consumer enthocentlrism?
What is nationalism?
What is brand equity?
As the perceived worth (value) of a brand
What is a new buy?
First time buyer of a product or service who has greater potential risks, the buying centre is larger and a higher level of information is required
What is a modified buy?
A modification from a previous order and is more competitive amongst suppliers while having a moderate level or information required
What is a straight buy?
Reordering an existing product with familiar suppliers so little information is required
What are the six steps in price setting?
- Identify pricing objectives and constraints
- Estimate demand and revenue
- Determine cost, volume, and profit relationships
- Select an approximate price level
- Set list or quoted price
- Make special adjustments to list or quoted price
What is demand orientated pricing?
It focuses on the customer side such as expected customer tastes and preferences more heavily than other factors.
What is cost oriented pricing?
A pricing method that is based on the cost of production, manufacturing, and distribution of a product
What is profit orientated pricing?
The price per product is set higher than the total cost of producing and selling each product to ensure that the company makes a profit on each sale.
What is competition orientated pricing?
A method of pricing in which a manufacturer’s price is determined more by the price of a similar product sold by a powerful competitor than by considerations of consumer demand and cost of production
Why are marketing metrics valuable to marketing managers when measuring marketing performance?
What is an intermediary?
Independent firms which assist in the flow of goods and services from producers to end-users; they include agents, wholesalers and retailers; marketing services agencies; physical distribution companies; and financial institutions. Also referred to as Middlemen.
What are the 4 Ps of the marketing mix?
Product, Price, Promotion and Place
What are the 7 Ps of service marketing?
- Product
- Price
- Place
- Promotion
- Physical environment
- People
- Process
What are the four I’s of services?
Intangibility, Inconsistency, Inseperability, Inventory
What is customer value?
How much a product or service is worth to a customer
What is retailing?
The sale of goods or services from a business directly to a consumer for their own use
What are the four utilities offered to consumers through retailing?
Time, Place, Possession and Form
What is personal selling?
What does PESTLE stand for?
Political, Economic, Social, Technological, Legal and Environmental
What is Porters generic business strategy?
It is how we make decisions as a business
1. Threat of new entrants
2. Threat of substitutes
3. Bargaining power of buyers
4. Bargaining power of supplies
5. Rivalry among existing competitors
What is a brand equity?
The perceived worth (value) of a brand
What is multibranding?
What is the five stages of consumer purchase decision making process
- Problem recognition
- Information Research
- Alternative evaluation
- Purchase decision
- Postpurchase behaviour
What is a dynamic pricing policy?
Setting different prices in real time in response to supply and demand condition
What is a fixed price policy?
Setting one price for all buyers
What are some pricing approaches?
Demand or cost orientated, profit orientated, competition orientated
Demand: skimming, penetration, prestige pricing and price lining
Cost orientated: Standard markup pricing, experience curve pricing
Profit orientated: target profit pricing, target return on investment pricing,
Competition orientated: customary pricing, loss-leader pricing,
What are the different types of organisational markets?
What is mulitproduct branding strategy?
What is multibranding strategy?
