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BUSINESS MANAGEMENT UNIT 2 > KK2 > Flashcards

KK2 Flashcards

1
Q

marketing

A

process of implementing strategies to price, promote and distribute products to potential customers

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2
Q

market research

A

collecting info relating to cust needs and expectations

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3
Q

target market

A

specific group bus products aimed at

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4
Q

customer base

A

cust who purch g + s from bus

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5
Q

what does a business need to recognise when trying to building a cust base

A

need to recognise types of cust likely to purch products thru market research or cust profile eg.age,hobbies,income

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6
Q

building cust base

benefits

A
  • ▼ cost bc won spend unnecessary $$
  • ▲ profitability, efficiency and sales
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7
Q

marketing / customer base / business objective

A
  • successful marketing more likely to achieve bus objective
  • marketing that targets a bus cust base ☞ ▲ cust repeats ☞ ▲ sale and profits
  • meeting needs of cust base = ▲ cust satisfaction ☞ achieving bus goals
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8
Q

market orientation

A

strategic focus on identifying cust needs to define new products to develop

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9
Q

cust profile

A

specific description of cust to help recognise their interests eg.age, income, hobbies

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10
Q

operating factors (little control)

A

bus have little control over but can effect how bus can maintain its cust base

eG cust, competitors, suppliers

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11
Q

operating factors little control

cust

A

cust needs = essential marketing Strat must be focused around them

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12
Q

operating factors little control

suppliers

A

provider of raw material, eg. qual, CSR,timeliness

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13
Q

operating factors little control
competitors

A

owner need to be aware of marketing Strat used by comp to create a P.O.D.

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14
Q

macro factors no control

A

beyond control of bus but still have impact on how bus deals w cust base

eg. legal factors, tech factors, economic fact, social fact

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15
Q

operating factors little control
legal factors

A

must be complaint to laws = seem more ethical ☞▲reputation ☞▲ cust base and sales

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16
Q

operating factors little control
tech factors

A

improvements to enhance marketing to reach target market and promote bus ☞▲cust base and sales

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17
Q

external factors no control
economic factors

A

strong economic growth can expand cust base due to ▲ consumer confidence

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18
Q

external factors no control
social factors

A

social trends and fashions is important in market plan as can ▲ cust satisfaction. ▲ sales and profits

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19
Q

summary of external macro and operating factors

A

many factors can affixer yr brand image and ability to form a cust base

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20
Q

Branding

A

a marketing concept to id a comp

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21
Q

macro factors economic factors

A

eg, unemployment or inflation rates (gen level of prices) or i.r.

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22
Q

macro suppler factors

A

eg. qual or CSR

quality = ▲cust loyalty + sat ☞▲cust repeats t/f ▲ cust base
CSR= in rep, bc adhering to Societal values t/f in cust loyalty and sat t/f in cust base

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23
Q

internal factors

A
  • owners and managers
  • employees
  • corporate culture
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24
Q

corporate culture

internal factors

A

values and beliefs if people un org

Pos culture = ▲ productivity = ▲ success = ▲ cust base

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25
types of corporate culture CS/I/Q
cust service - better cust exp ☞▲loyalty + sat = ▲cb innovation - resp cust needs and expectations ☞▲ cust sat t/f repeats = ▲cb quality - good qual ☞▲cust sat +repeat = ▲cb
26
primary research
info collected 1st hand + up to date + more trustworthy - room for bias - time conusming
27
secondary research
info already collected + instantly available / cheaper + convenient - may not be up To date may not be reliable
28
market segmentation
splitting the market into 4 diff cat to id diff types of consumers and their needs. eg. 1. geographic 2. demographic 3.income 4.behavioural
29
4 types of market segmentation
1. geographic eg. location 2. demographic eg. age/gender/$$/occupation/RE/nationality 3.income eg. socio economic group 4.behavioural eg. when they buy/ how much they buy
30
niche marketing
- product targeting a small target market eg. bus targets gluten free bread consumers in broader bread market
31
mass marketing
selling goods To promote all types of cust
32
market positioning
after targeting a specific segment, bus must consider how their prods are perceived relative to their comp
33
marketing mix
elements of bus apporach to marketing enabling them to satisfy their cust = max profits and sales inc. cust loyalty and creating a USP (unique selling point)
34
marketing mix product
physical features of prod eg look, reliabilty, qual bus needs to consider intended cust when designing products to meet cust needs
35
marketing mix price
way product is priced
36
marketing mix price PRICE SKIMMING
highest initial $$$ then lower over time
37
marketing mix price PENETRATION PRICING
lower price during initial offering (help to penetrate market and attract cust away from comp)
38
marketing mix price COST PLUS
taking unit cost and adding % markup to determine its selling price
39
marketing mix place
where prod sold must consider where will ppl be looking for prod ect
40
marketing mix promo
how the prod is advertised.this is what pub notices hence bus must choose most appropriate method of promo for target aud
41
marketing mix aim of promo
- inform consumer eg. price, location - create awareness - build a brand image - create cust loyalty - persuade cust to purchase more reg
42
marketing mix TYPES OF PRMO advertising
paying fr a message thru media eg tv, social media, radio (can be $$$)
43
marketing mix TYPES OF PRMO sponsorship
prov financial assist in return for exposure + advertising
44
marketing mix TYPES OF PRMO sales promos
short term free sales initiaves to boost sales eg. buy one get one free
45
marketing mix TYPES OF PRMO direct marketing
sending messages directly to consumer eg. emails letters
46
marketing mix merchandising
prod w branding on it
47
marketing mix FIAD physical evidence
non human elements bus that cust interact with eg. facilities - (furniture, equipment) - interior design - design of bus - ambience - atmosphere of enviro (scent, temp, mood) - digital world - ▲ rep in dig world reviews + feedback from cut (Pos review = entice other cust)
48
marketing mix process
how comp deal w cust ie process of prov cust w g+s
49
marketing mix OEC ppl
all pppl that contrib to bus rep - owners - influence bus culture determining level of cust sat - employees- qual of customers serv determine $$$$ - cust - pos attitude towards bus = likely to reccomened bus to other
50
Product life cycle
time from when prod is first released into market until its removed eg. r+D, intro, growth, maturity, (Saturation), decline
51
Product life cycle R+D
market research to id heat the cust wants. expensive period bc no sales and prod X yet available
52
Product life cycle intro
sales begin slowly, expenses on pro to convince distributors to stock new products
53
Product life cycle growth
sales accelerating (if well advertised) break even on costs and being making prof
54
Product life cycle maturity
sales slow down. product start to ▼ pop. bus should Q'n intro diff versions to keep sales ▲
55
Product life cycle decline
sales fall bc ▼ pop. Bus should Q'n spending more on marketing or withdraw from the market
56
Product life cycle extension strategies
1. withdraw product 2. let it ▼ until X longer gen prof 3. extend prod life by EG. adv campaign, foreign market, new brand image
57
customer relation strategies
managing interactions w cust = ▲rep, attract new cust, ▲loyalty
58
customer relation strategies quality cust service
cust - bus no 1 priority ☞▲ comp adv - great prod knowledge - prompt service - listening to cust needs
59
customer relation strategies being PROACTIVE to qual service
- invest in training staff - friendly - clear staff guidelines = build loyalty + strong r/ship w cust
60
customer relation strategies\ loyalty programs
earnings benefit/gain eg. points based on amount of $$ spend in shop ☞ keeps cust coming bc more tailored experience = ▲ cust loyalty
61
public relations (PR)
bus want to PROACTIVELY build a pos image thru planned comms + Strat = fav image , ▲ sale and prof eg. open days/tours, sponsorship
62
planned PR
transmit a message to pub to build r/ship = ▲ CB eg. open days/tours, sponsorship
63
crisis PR
issues that threaten the existence of a bus - req immediate attention eg. plane crash (trigger)
64
crisis comm plan
id how a bus should handle a crisi especially under intense scrutiny from media - ensure facts = correct - get info out quick - prepare to answer Q from media - give reg updates
65
x4 functions of PR
1. PROMO POS IMAGE - reinforce fav attitudes to inc. rep 2. EFFECTIVE COMM- eg. advertising to convey info 3. ISSUES MONITORING - early warning of things that could affect bus sales + prof 4. CRISIS MANAGEMENT - protect bus rep bc of unfair rumours = ▼ sales
66
PR VS CRM
MAIN POD = aud CRM = strong r/ship w CUST PR = (+) perecption of GEN PUB
67
CSR in marketing
- bus demonstrates socially responisble behaviours (concerning the enviro, society, employees)
68
criticism of marketing
lacks strong code of professional conduct eg. marketing which creates artifical needs ☞ materialism
69
marketing to benefit of the com 1. comm sponsor ships
supporting local orgs eg.sport team thru donations of $ or equip in return for promo of bus
70
marketing to benefit of the com 2. green marketing ☞
selling g+s by highlighting their enviro benefits of aiming to ▼ impacts + be sustainable

BUSINESS MANAGEMENT UNIT 2 (3 decks)

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