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Marketing > flashcards mid semester test > Flashcards

flashcards mid semester test

1
Q

Marketing

A

organisational function and a set of processes for creating, communicating, and delivering value to customers.
Manages customer relationships to benefit the organisation and stakeholders.

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2
Q

The 3 steps of the Marketing Plan

A

Planning phase, implementation phase,

control phase

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3
Q

Planning Phase

A

1) Business mission and objectives (what are we trying to achieve)
2) Situation analysis (SWOT)

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4
Q

Implementation Phase

A

3) Identify opportunities (segmentation, targeting, and positioning)
4) Implement marketing mix (product, price, place, & promotion)

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5
Q

Control Phase

A

5) Evaluate performance using marketing metrics

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6
Q

Potential customers have

A

An interest in the offer and the ability to buy it

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7
Q

Value

A

what you get / what you give

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8
Q

4 P’s of Marketing

A

Promotion, product, place, and price

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9
Q

Product

A

Create value by developing a variety of offerings (service, goods, ideas) to satisfy customers needs

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10
Q

Service is …

A

Tangible

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11
Q

Goods is…

A

Intangible

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12
Q

Price

A

Capturing value. Not always monetary

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13
Q

Place

A

Describes all activities necessary to get the right product to the right customer at the right time, at the right place.

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14
Q

Promotion

A

Communication by a marketer that informs, persuades, and reminds potential buyers about a product, service or idea to influence their opinions or elicit a response

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15
Q

Marketing is about satisfying … & ….

A

Customer needs & wants

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16
Q

What are the various eras of marketing?

A

Production, Sales, Marketing, Value-based marketing

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17
Q

Does providing good value simply mean selling at a low price?

A

No, it means that it is a fair price/profitable, and satisfies the customers’ wants and needs at the right time and place

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18
Q

The balance of power has shifted from the marketer due to:

A

Transparency of information,

and ubiquity of choice

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19
Q

Empowered customers are…

A

More demanding, less forgiving, and want appropriate, relevant, individualised interaction.
They have more access to products, prices, and competition.

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20
Q

Active consumers

A

influence brand perceptions through blogs and reviews

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21
Q

E-word of mouth (E-WOM)

A

Occurs outside the control of the firm.
Allows consumers to engage with other consumers (both positive and negative)
Shapes the brand’s story and becomes the customer’s reality.

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22
Q

The Digital Channels

A

1) Websites and Social Media
2) Search Engines
3) E-mail
4) Mobile phones

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23
Q

The 4-E framework for Social Media

A

Excite - through relevant offerings
Educate - communicated product value
Experience - simulate product trial
Engage

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24
Q

Customer engagement by

A

Listening and responding (via social media sites)
Involving - particularly opinion leaders and/or bloggers
Empowerment - consumers answering other consumers questions, the notion of co-creation

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25
Q

Engagement leads to increased:

A

loyalty, commitment, and profitability

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26
Q

Going mobile has resulted in…

A

the growth of price-check and fashion-apps.

Gamification

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27
Q

What can Customer data management do?

A

(Big Data) can answer questions such as:
“who are our most influential customers?”
“where does our material get shared?”
“what excites different people?”

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28
Q

How does digital marketing empower consumers?

A

It gives the consumers the facility of accessing to information about prices, products and competitors

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29
Q

What is Big Data?

A

Information we can collect from customers on our businesses.
“Have they shared? What’s trending?”

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30
Q

Firms asses their marketing position and decide on their marketing strategy by developing ….

A

A marketing plan

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31
Q

Marketing is about …

A

Satisfying customers needs and wants

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32
Q

The term … refers to the trade of things of value between the buyer and seller.

A

exchange

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33
Q

The four fundamental decisions that marketers make concern the following:

A

Product, price, place and promotion

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34
Q

(optional) Placement, which is one of the elements of the marketing mix, involves creating value for customers by:

A

Making sure that all the aspects of the supply chain , including suppliers, manufacturers, warehouses, stores and other firms involved, are working together.

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35
Q

At the Lewis Coffee Shop, customer can bring their own make of coffee and the baristas will steam the milk for them, free of charge. The Lewis Coffee Shop is involved in…

A

Customer Relationship Management

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36
Q

The process of ensuring that a website is highly ranked on a search engine is called …

A

Search Engine Optimisation

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37
Q

Maggie’s smartphone app builds customer loyalty by having users go through a game-live design to create interest and engagement. This process is called …

A

Gamification

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38
Q

Corporate partners

A

Firms that work together to create a seamless system that delivers goods and services to customers when they want them

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39
Q

Analysing the macroenvironment reveals your

A

SWOT (strengths, weaknesses, opportunities, threats)

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40
Q

What is culture?

A

The shared meanings, beliefs, morals, values and customs of a group

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41
Q

What is Country Culture?

A

Perceptible nuances such as behaviour, dress, symbols, ceremonies, language, tastes and food preferences

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42
Q

What is Regional Culture?

A

The culture of the particular region in which people live.

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43
Q

Various cultures influence …

A

what, why, how, where, and when we buy

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44
Q

Demographics provides…

A

An easy-to-understand snapshot of the typical consumer in a specific target market.

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45
Q

Generational cohorts

A

Traditionalists (born before 1946) - prefer face to face communication. Less inclined to share emotions.
Boomers (born between 1946-1964) - feel comfortable communicating on the phone. Like to collaborate and communicate in groups.
Gen X (born between 1965-1981) - are protective of their time, interested in different points of views, and are heavy users of e-mail.
Gen Y (born between 1982-2000) - feel less comfortable communicating face to face. Like to engage and contribute or share feelings and ideas. Texting.

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46
Q

Under-Employment

A

Under-use of a worker because of a job does not use the worker’s skills

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47
Q

Big 5 social trends

A 
Thrift
Health and wellness
Greener consumers
Privacy concerns
Time-poor society
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48
Q

Australian Competition and Consumer Commission (ACCC) imposes …

A

Heavy penalties on anti-competitive practices such as price fixing and collusion.

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49
Q

Why do we need to analise our own company?

A

So that we know our strengths, weaknesses, opportunities, and threats.

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50
Q

Analysing the macroenvironment reveal …

A

SWOT

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51
Q

Which of the following is not part of a firm’s immediate environment?

A

Retailers

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52
Q

The term … refers to the shared meanings, beliefs, morals, values and customs of a group of people

A

Culture

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53
Q

The term … refers to the characteristics of human populations and segments

A

Demographic

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54
Q

Over the years, the distribution of income has …

A

Become more polarised

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55
Q

Malcolm is becoming more price sensitive. One could say that he is …

A

Thrifty

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56
Q

What is Consumer Buying Behaviour

A

It is the buying behaviour of the final consumer who buys goods and services for personal consumption.

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57
Q

what is the Maslow’s Hierarchy of Needs

A 
It is a theory of motivation which states that five categories of human needs dictate an individual's behaviour. 
Self actualization (self development)
Esteem needs (self esteem, status)
Social needs (sense of belonging, love)
Safety needs (security protection)
Psychological needs (hunger, thirst)
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58
Q

Psychological factors

A

Motivation
Perception
Learning
Beliefs and Attitudes

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59
Q

Perception consist of:

A

Selective Learning
Selective Distortion
Selective Retention

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60
Q

Learning consists of:

A

Past experiences with a product/brand

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61
Q

Social Factors consist of:

A

Groups (membership and reference)
Family
Social Roles and status

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62
Q

Situational Factors consist of:

A 
Purchasing situation (shop only accepts cash)
Shopping situation (well-trained sales people)
Temporal states (mood consumer is at that point)
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63
Q

The 4 types of Buying Decisions

A

Extended Problem Solving
Limited Problem Solving
Impulse Buying
Habitual Decision Making

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64
Q

What is Extended Problem Solving?

A

Buying decision that calls for a lot of effort and time (High involvement product)
e.g., buying a house, car.

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65
Q

What is Limited Problem Solving?

A

Requires little to moderate amount of effort and time

e.g. buying a t shirt

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66
Q

What is Impulse Buying?

A

Buying decision made on the spot when you see the product

e.g., buying one chocolate

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67
Q

What is Habitual Decision Making?

A

Consumer engage little conscious effort (e.g. shampoo)

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68
Q

The consumer decision process

A

1) Need recognition
2) Information search
3) Attribute sets
4) Purchase and consumption
5) Post-purchase

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69
Q

Need recognition can be triggered by … or …. stimuli

A

Internal or external

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70
Q

Example of internal stimuli:

A

Hunger, thirst

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71
Q

Example of external stimuli:

A

marketers aim to highlight unsatisfied need or desired states

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72
Q

Consumer needs can be … or …:

A

Functional or psychological

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73
Q

Internal search for information:

A

Consumer refers to their own memories and knowledge

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74
Q

External search for information:

A

Consumer refers to friends, family, salespeople and commercial exposure

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75
Q

Types of risks that can complicate or even discourage a purchase

A 
Performance risk
Financial risk
Social risk
Physiological (or safety) risk
Psychological risk
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76
Q

Performance risk

A

Risk of a poorly performing product

77
Q

Financial Risk

A

Associated with high cost of the purchase

78
Q

Social Risk

A

What others think about the purchase

79
Q

Physiological (or safety needs) Risk

A

Risk to personal safety when using the wrong product

80
Q

Psychological risks

A

Risk that you may not feel comfortable or happy about using the product

81
Q

Universal set

A

All possible brands for a product category

82
Q

Retrieval set

A

Brands that can be readily retrieved from memory

83
Q

Evoked set

A

Comprises of shortlisted brands you would readily consider purchasing

84
Q

Market research is used to …

A

Identify the consumer’s evaluation criteria

85
Q

Evaluation of alternatives.

A

Product attributes - evaluation of quality, price and other features
Degree of importance - which attributes matter most to me?
Brand beliefs - what do I believe about each available brand?
Expected product satisfaction
Evaluation procedures - choosing a product based on one or more attributes

86
Q

Determinant attributes

A

Top few important attributes to the buyer.

87
Q

Consumer decision rules

A

The information processing strategies of consumers

88
Q

Decision rules can be either … or …

A

Compensatory or Non-compensatory
Compensatory - trade one product attribute against another
Non-compensatory - buyer makes a decision from only one or a small number of product attributes

89
Q

Name a compensatory model

A

Multi-attribute model (aka Weighted Additive Model)

90
Q

Name a non-compensatory model

A

Lexicographic Model

91
Q

Post-purchase outcome

A

Customer satisfaction, post-purchase dissonance, and customer loyalty

92
Q

Customer satisfaction is the gap between…

A

Expectation of performance and Perceived performance

93
Q

Steps to ensure post-purchase satisfaction

A

Demonstrating correct product use
Encouraging feedback
Making contact with customers
After sales service/warranty claims

94
Q

What is Post-purchase dissonance?

A

When a consumer questions the appropriateness of a purchase they have made

95
Q

Customer loyalty

A

Opportunity to solidify relationship with the customer, so as to achieve repeat purchase.

96
Q

Which social factors have the most influence on the purchase of a new outfit for a job interview?

A

Social roles and status

97
Q

List some of the tactics stores can use to influence consumer’s decision processes

A

Use brand ambassadors, advertise it

98
Q

Jacqueline bought a product and found that it was defective. She knows not to buy the same brand again. What has Jacqueline experienced?

A

Post-purchase decision

99
Q

The term ‘…’ refers to needs pertaining to a products performance

A

Functional

100
Q

… occurs when consumers spread negative information about a product, service, or store

A

Negative Word of Mouth

101
Q

Andre was afraid his condominium would look shabby to his future in-laws, so he had it painted just before their visit. Andre was addressing his … risk

A

Social

102
Q

When Maya decided to buy a new computer, she thought about all the brands she could recall seeing advertised, but she would only consider those brands that she could buy at her local electronic store. This represents Maya’s … set

A

Evoked

103
Q

Jonathan prefers shirts made with a 50-50 cotton blend, but he will sometimes buy shirts with less cotton if they are cheaper. Jonathan uses a … to decide which shirt to buy

A

Compensatory decision rule

104
Q

What is STP?

A

Segmentation, targeting and positioning

105
Q

Steps of STP

A

1) Establish overall strategy or objectives
2) Segmentation methods
3) Evaluate segment attractiveness
4) Selecting a target market
5) Develop positioning strategy

106
Q

Geographic

A

Dividing customers on the basis of where they live

107
Q

Demographic

A

Dividing customers based in age, gender, income and education

108
Q

Psychographic

A

Dividing your market based on customer’s personality traits, values, attitudes, interests, and lifestyle (AIO’s)

109
Q

What is VALS?

A

(Values and Lifestyle Classification)

VALS framework is a research instrument that measures Activities, Interests and Opinions (AIOs)

110
Q

VALS consist of:

A

Principle oriented (buy based on idealised criteria) - thinkers and believers
Status oriented (opinion of others) - achievers and strivers
Actions oriented (activity and variety) - experiencers and makers
Innovators (abundant resources)
survivors (minimal resources)

111
Q

Benefit segmentation

A

Divides consumers on the basis of product benefits.

Enables marketers to use specific products to satisfy specific needs.

112
Q

Behavioural segmentation

A

Divides consumers into segments on the basis of usage occasion, usage rate, and loyalty

113
Q

Online behavioural segmentation

A

based on a customer’s past and current shopping behaviour, and the behaviour of similar customers (from Data analytics)

114
Q

A product/brand must be:

A

Identifiable - firms must be able to identify who is within their market to be able to design products to meet their needs.
Substantial - just because a market can be segmented does not necessarily mean it is a good segment
Reachable - be accessible to marketing messages.
Responsive - consumers in a segment should react similarly and positively .
Profitable - A hot segment today may not last long

115
Q

Targeting strategies include:

A

Undifferentiated marketing
Differentiated marketing
Concentrated marketing
Micromarketing (one-on-one)

116
Q

Undifferentiated marketing

A

Also called mass marketing
“One message for the whole market”
Company marketing mix -> market

117
Q

Differentiated marketing

A

Company marketing mix 1 -> segment 1
Company marketing mix 2 -> segment 2
Company marketing mix 3 -> segment 3

118
Q

Concentrated marketing

A

Company marketing mix -> segment 2

119
Q

Micromarketing

A

Unique product -> individual consumer

120
Q

What is a Product’s Position?

A

The place the product occupies in consumers’ mind relative to competing products

121
Q

Benefits of using a positioning/perceptual map

A

Show how target market perceives the product.
Help understand the strengths and weaknesses of competitors.
Identify opportunities in the market.
Track progress of positioning strategy over time.
Enable successful repositioning to be planned.

122
Q

Why information is needed

A

Marketing environment
Competition
Strategic planning
Customer needs

123
Q

Marketing research consists of

A

A set of techniques for collecting, recording, analysing and interpreting data that aid marketing decision making

124
Q

Assess

A

What info needs?

125
Q

Develop

A

Where to get it?

126
Q

Distribute information

A

Who needs it?

127
Q

parts of the Iceberg Principle

A

Organisation
Symptoms
Problem definition based on symptoms
True problem

128
Q

The 5 step marketing research process

A

1) Defining the objectives and research needs.
2) Designing the research.
3) Collecting the data.
4) Analysing the data and developing insights.
5) Formulating and implementing an action plan.

129
Q

Defining the objectives and research needs

A

What information is needed to answer specific research questions?
How should that information be obtained?

130
Q

Types of Research

A

Observational Research - gathering data by observing people, actions and situations (exploratory).
Survey Research - asking individuals about attitudes, preferences or buying behaviour (descriptive).
Experimental Research - using groups of people to determine cause-and-effect and relationships (causal)

131
Q

How to Collect the data

A

Secondary Data Sources: Internal data (cheap, quick, but insufficient), Marketing intelligence.
Primary Data Sources: Marketing research (expensive)

132
Q

What are the various segmentation methods?

A

Geographic, psychographic, demographic, benefit, behavioural, and online behavioural segmentation

133
Q

Mary’s cupcake shop segments consumers based on their lifestyle, or the way they live. The shop is employing a …

A

Psychographic segmentation.

134
Q

The term ‘demographic segmentation’ refers to …

A

Organising customers based on their age, gender, income and education.

135
Q

Procter & Gamble sells different products to different consumers using different advertising campaigns. Procter & Gamble is employing a … strategy

A

Differentiated targeting.

136
Q

An undifferentiated targeting strategy is also known as …

A

Generic marketing

137
Q

Sarah wishes to see how her product is perceived by consumers on price and quality relative to Mark’s. She can create a … to do so

A

Perceptual map

138
Q

Qualitative Research

A

Focus group interviews.
Depth interviews.
Third person technique.
Role playing.

139
Q

Qualitative Research techniques

A

Focus group interviews.
Depth interviews.
Third person technique.
Role playing.

140
Q

Quantitative Research techniques

A

Survey research.
Physiological measures.
Questionnaire design

141
Q

Types of questions in a research

A

Complex question.
Loaded question.
Double barrelled question.
Better question.

142
Q

Formulating and implementing an action plan

A 
Executive summary
Body
Conclusions
Limitations
Supplements, including tables, figures and appendices.
143
Q

Ethics and standards developed by the Australian Market and Social Research Society (AMSRS)

A

Avoid intrusions into the consumer’s privacy.
Avoid the misuse of information.
Avoid pitching products in the disguise of marketing research.

144
Q

Difference between data and information?

A

Information is useful, processed, organised data.

Data is an individual unit that carries no specific meaning.

145
Q

What are some sources of secondary data?

A

Scanner data, social media sources, commercial sources.

146
Q

… helps marketers understand the phenomenom of interest through broad, open-ended responses.

A

Quantitative research

147
Q

Data that has been interpreted become …

A

Information

148
Q

The last step of marketing research is to …

A

Formulate and implement an action plan.

149
Q

Mark is engaging in … when he is seeking structured responses that can be statistically tested

A

Quantitative research

150
Q

A marketer who likes to examine purchase and consumption behaviours through personal or video camera scrutiny is engaging in

A

Observation

151
Q

James conducts marketing research by manipulating variables to determine which has a casual effect on other variables. He is engaging in …

A

Experimental research

!!!!!!!!!!

152
Q

What is a product?

A

Anything that can be offered to a market for attention, acquisition, use or consumption. It satisfies a want or a need.

153
Q

Components of a product

A

Core product / customer value - basic need being addressed.
Actual product: physical attributes (brand name, features, packaging)
Augmented product: associated services or non-physical aspects of the product (warranties, financing, after-sale services)

154
Q

Types of consumer products

A

Convenience products
Shopping products
Specialty products
Unsought products

155
Q

Convenience products

A

Buy frequently and immediately.
Low priced.
Many purchase locations.

156
Q

Shopping products

A

Buy less frequently.
Gather product information.
Fewer purchase locations

157
Q

Specialty products

A 
Special purchase efforts.
Unique characteristics.
Brand identification.
Few purchase locations 
(e.g. car)
158
Q

Unsought products

A

New innovations
Products consumers don’t want to think about.
Require much advertising and personal selling.
(e.g. life insurance)

159
Q

Product mix decisions

A

Breadth, Depth, Product mix

160
Q

Breadth

A

Number of different product lines.

161
Q

Depth

A

Total number of items within the line.

162
Q

Product mix

A

All the product lines offered.

163
Q

Product line decisions

A

Product Line depth
Stretching
Filling

164
Q

Product line depth

A

Number of items in the product line.

165
Q

Stretching

A

Lengthen beyond current range (upward or downward).

166
Q

Filling

A

Lengthen within current range.

Fill the gaps to keep out competitors or match the more closely.

167
Q

… is key to a company’s survival

A

Brand awareness.

168
Q

Advantages that brands provide:

A 
Facilitates purchasing.
Establishes loyalty.
Protects from competition.
Is an asset.
Affects market value (brand equity).
169
Q

Brand loyalty

A

Occurs when a consumer buys or consumes the same brand’s product repeatedly over time, rather than using multiple suppliers within the same category.

170
Q

Brand strategies

A 
Brand ownership
Brand extension
New brands and multibrands
Co-branding
Brand licensing
Brand repositioning or rebranding
171
Q

Brand ownership

A

manufacturer brands or national brands (owned and managed by manufacturer)

172
Q

Brand extension

A

Line extension - existing brand names extended to new firms, sizes and flavours of an existing product company. (coke and diet coke).
Brand extension - existing brand names extended to new product categories.

173
Q

New brands and multibrands

A

Multibrands - new brand names introduced in the same product category. Capture variety seekers or other segments.
New brands - new brand names in new product categories.

174
Q

What is co-branding?

A

It is the practice of marketing two or more brands together, on the same package or promotion.
Attracts the consumers of one brand to other.

175
Q

Brand licensing

A

Is a contractual agreement between firms, whereby one firm allows another to use its brand name, logo, symbols and characters in exchange for a negotiated fee.

176
Q

Re-branding or brand repositioning

A

Improves the brand’s fit with its target segment.

Boosts the vitality of old firms

177
Q

Types of packaging

A

Primary package - used by consumers (toothpaste tube)

Secondary package - wrapper or exterior carton that contains the primary package.

178
Q

Packaging can determine success of products by:

A

Allowing for the same product to appeal to different markets with different sizes and graphs.
Increasing exclusivity and hence price.
Smaller package size may be a hidden price increase.

179
Q

Why is Product Labelling important?

A

Because it provides information needed for the purchase and consumption of the product.

180
Q

Health insurance can be considered to be a …

A

Unsought product

181
Q

The complete set of all goods and services offered by Driscoll’s Surf Shop is called the …

A

Product mix

182
Q

The term ‘…’ refers to the number of product lines offered by a firm

A

Breadth

183
Q

If many consumers are aware of a brand, you could say that … is high

A

Brand awareness

184
Q

If Apple decides to sell electric cars under the ‘Apple’ brand name, it is engaging in …

A

Brand extension

185
Q

Toothpaste tubes are an example of a …

A

Primary package

186
Q

A line extension is an increase of an existing product line’s …

A

Depth

187
Q

beliefs and attitudes may be based on …

A

Real knowledge, opinion, or faith

188
Q

Motivation is…

A

Pressing need that requires satisfaction

189
Q

Attribute sets:

A

Universal set
Retrieval set
Evoked set

Marketing (2 decks)

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