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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
Q

types of corporate culture

CS/I/Q

A

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

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26
Q

primary research

A

info collected 1st hand

+ up to date
+ more trustworthy
- room for bias
- time conusming

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27
Q

secondary research

A

info already collected
+ instantly available / cheaper
+ convenient
- may not be up To date
may not be reliable

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28
Q

market segmentation

A

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
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29
Q

4 types of market segmentation

A
  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
Q

niche marketing

A
  • product targeting a small target market eg. bus targets gluten free bread consumers in broader bread market
31
Q

mass marketing

A

selling goods To promote all types of cust

32
Q

market positioning

A

after targeting a specific segment, bus must consider how their prods are perceived relative to their comp

33
Q

marketing mix

A

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
Q

marketing mix

product

A

physical features of prod eg look, reliabilty, qual

bus needs to consider intended cust when designing products to meet cust needs

35
Q

marketing mix

price

A

way product is priced

36
Q

marketing mix

price
PRICE SKIMMING

A

highest initial $$$ then lower over time

37
Q

marketing mix

price
PENETRATION PRICING

A

lower price during initial offering (help to penetrate market and attract cust away from comp)

38
Q

marketing mix

price
COST PLUS

A

taking unit cost and adding % markup to determine its selling price

39
Q

marketing mix

place

A

where prod sold must consider where will ppl be looking for prod ect

40
Q

marketing mix

promo

A

how the prod is advertised.this is what pub notices hence bus must choose most appropriate method of promo for target aud

41
Q

marketing mix

aim of promo

A
  • inform consumer eg. price, location
  • create awareness
  • build a brand image
  • create cust loyalty
  • persuade cust to purchase more reg
42
Q

marketing mix

TYPES OF PRMO

advertising

A

paying fr a message thru media eg tv, social media, radio (can be $$$)

43
Q

marketing mix

TYPES OF PRMO

sponsorship

A

prov financial assist in return for exposure + advertising

44
Q

marketing mix

TYPES OF PRMO

sales promos

A

short term free sales initiaves to boost sales eg. buy one get one free

45
Q

marketing mix

TYPES OF PRMO

direct marketing

A

sending messages directly to consumer eg. emails letters

46
Q

marketing mix

merchandising

A

prod w branding on it

47
Q

marketing mix

FIAD
physical evidence

A

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
Q

marketing mix

process

A

how comp deal w cust ie process of prov cust w g+s

49
Q

marketing mix

OEC
ppl

A

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
Q

Product life cycle

A

time from when prod is first released into market until its removed

eg. r+D, intro, growth, maturity, (Saturation), decline

51
Q

Product life cycle

R+D

A

market research to id heat the cust wants. expensive period bc no sales and prod X yet available

52
Q

Product life cycle

intro

A

sales begin slowly, expenses on pro to convince distributors to stock new products

53
Q

Product life cycle

growth

A

sales accelerating (if well advertised) break even on costs and being making prof

54
Q

Product life cycle

maturity

A

sales slow down. product start to ▼ pop. bus should Q’n intro diff versions to keep sales ▲

55
Q

Product life cycle

decline

A

sales fall bc ▼ pop. Bus should Q’n spending more on marketing or withdraw from the market

56
Q

Product life cycle

extension strategies

A
  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
Q

customer relation strategies

A

managing interactions w cust = ▲rep, attract new cust, ▲loyalty

58
Q

customer relation strategies

quality cust service

A

cust - bus no 1 priority ☞▲ comp adv
- great prod knowledge
- prompt service
- listening to cust needs

59
Q

customer relation strategies

being PROACTIVE to qual service

A
  • invest in training staff
  • friendly
  • clear staff guidelines

= build loyalty + strong r/ship w cust

60
Q

customer relation strategies\

loyalty programs

A

earnings benefit/gain eg. points based on amount of $$ spend in shop

☞ keeps cust coming bc more tailored experience = ▲ cust loyalty

61
Q

public relations (PR)

A

bus want to PROACTIVELY build a pos image thru planned comms + Strat = fav image , ▲ sale and prof

eg. open days/tours, sponsorship

62
Q

planned PR

A

transmit a message to pub to build r/ship = ▲ CB
eg. open days/tours, sponsorship

63
Q

crisis PR

A

issues that threaten the existence of a bus - req immediate attention

eg. plane crash (trigger)

64
Q

crisis comm plan

A

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
Q

x4 functions of PR

A
  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
Q

PR VS CRM

A

MAIN POD = aud

CRM = strong r/ship w CUST
PR = (+) perecption of GEN PUB

67
Q

CSR in marketing

A
  • bus demonstrates socially responisble behaviours (concerning the enviro, society, employees)
68
Q

criticism of marketing

A

lacks strong code of professional conduct
eg. marketing which creates artifical needs ☞ materialism

69
Q

marketing to benefit of the com
1. comm sponsor ships

A

supporting local orgs eg.sport team thru donations of $ or equip in return for promo of bus

70
Q

marketing to benefit of the com
2. green marketing ☞

A

selling g+s by highlighting their enviro benefits of aiming to ▼ impacts + be sustainable

BUSINESS MANAGEMENT UNIT 2 (3 decks)

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