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Marketing > Introduction to Marketing > Flashcards

Introduction to Marketing Flashcards

1
Q

What is marketing?

A

“The management process responsible for identifying, anticipating and satisfying customer requirements.

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2
Q

What are the elements of the Marketing Mix?

A

Product
Price
Place
Promotion
Processes
Physical Evidence
People

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3
Q

What is included within the price element?

A

Branding
Ranges
Management

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4
Q

What is included within the Price element?

A

Perceptions
Cost
Values
Regulations

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5
Q

What is included within the Place element?

A

Location
Market Coverage

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6
Q

What is included within the Promotion element?

A

Promotional mix
Constraints
Regulations

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7
Q

What is included within the Processes element?

A

Order processing
Database management
Queueing systems
Service delivery
Standardisation

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8
Q

What is included within the Physical Evidence element?

A

Essential evidence
Peripheral evidence
Premises
Equipment
Literature

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9
Q

What is included within the People element?

A

Capability
Efficiency
Availability
Effectiveness
Customer interaction
Internal marketing

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10
Q

What are the six features of Todays Market Place

A

Heightened competition
Globalisation
Technologies
Industry convergence
Retail transformation
Disintermediation

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11
Q

What are the 7 things that are marketed?

A

Services
Products
Events
Experiences
People
Places
Ideas

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12
Q

What are some examples of stakeholders?

A

Sellers
Buyers
Investors
Community
Buyers

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13
Q

What are some examples of consumers?

A

Organisations
Governments
Individuals
Charities
Companies

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14
Q

What is Form?

A

Transforming raw materials into finished products

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15
Q

What is Place?

A

Making products/services available where customers want them

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16
Q

What is Time?

A

Storing products until they’re needed

17
Q

What is Possession?

A

Enabling customers to own and use the product/service or store it for future use.

18
Q

What are three examples of Customer-Generated value?

A

People are generating value by creating their own ads.
Buyers can be brand communities and harness power to produce user-generated content.
Social networks provide opportunities

19
Q

What is included within the customers interface?

A

Current product needs
Future product needs
Price
Information needs
Product availability

20
Q

What is included within the Intermediaries interface?

A

Quantity
Demand
Price
Sales support
Logistics
Timing

21
Q

What is included within the Competitors interface?

A

Current products
Future products
Target markets
Communication strategy
Distribution
Strategy

22
Q

What is included within the Suppliers interface?

A

Specifications
Quality
Quantity
Logistics
Price

23
Q

What is included within the Marketing Environment interface?

A

Sociocultural change
Technological change
Economic/Competitive change
Politica/Legal change

24
Q

What are the elements included within the Evolution of Marketing

A

Mobile marketing
User-generated content
Corporate citizenship
Big data

25
Q

What is Social Marketing Concept?

A

Maintains that marketers must satisfy customers needs in ways that are not only profitable for the firm but also beneficial to society

26
Q

What is Green Marketing Strategy?

A

Effort to choose packages, product designs and other aspects of the marketing mix that are earth friendly but still profitable.

Marketing (5 decks)

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