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business management > markerting test > Flashcards

markerting test Flashcards

1
Q

what is marketing

A

the management process responsible for identifying, anticipating and satisfying customer requirements profitably. (finding out customer needs and fulfilling those needs)

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2
Q

what are the 3 different meanings of market

A

-place where buyers and sellers come together or interact
- a location
- a type of product

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3
Q

what are the 4 ps for physical goods

A

price, product, place, promotion

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4
Q

what are the 3 ps for services

A

people, physical evidence, process

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5
Q

Explain “price” of the marketing mix

A

attract customers whilst earning profits for the business.

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6
Q

explain “place” of the marketing mix

A

the location needs to be convenient for customers and fit within the firm’s budget.

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7
Q

explain “product” of the marketing mix

A

having a broad and appealing product range

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8
Q

explain “promotion” of the marketing mix

A

Inform and persuade the customer to purchase with different types of promotion

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9
Q

what is above the line promotion

A

ex; advertising in newspapers

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10
Q

what is below the line promotion

A

ex; free testers

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11
Q

what is through the line promotion

A

ex; social media marketing

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12
Q

explain “people” of the marketing mix

A

the importance of employee-customer relationships in marketing a service.

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13
Q

explain “processes” of the marketing mix

A

refers to the way in which a service id provided or delivered. It is important as it can influence whether the customer will make future purchases

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14
Q

explain the “physical evidence” of the marketing mix

A

refers to the tangible aspect of a service. Creating a memorable experience for the customer

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15
Q

what is product orientation

A

a company is product oriented if it prioritizes research and development over market research. (new and innovative products)

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16
Q

what is market orientation

A

a company is market oriented if the needs of the customers are put above everything else. Extensive and ongoing market research will be at the center of all decision making; therefore new products are more likely to be accepted by the target market

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17
Q

what is the BCG matrix

A

it is a growth-share matrix that measures the market growth rate and relative market share.

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18
Q

what is market growth rate

A

it shows how attractive a product is in the market

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19
Q

what is relative market share

A

it looks at how much of the market a product has captured (its strength in the market)

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20
Q

what are the components of the big matrix

A

stars, question marks, cash cows, dogs

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21
Q
A
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22
Q

explain the “stars” of the big matrix

A

products with high market growth and high market share. They are successful products in the market and generate high amounts of income. ( they are the future cash cows)

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23
Q

explain the “cash cows” of the bcg matrix

A

products with low market growth and high market share. they are well-established products in a mature market.

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24
Q

explain “question marks” of the bcg matrix

A

products with high market growth and low market share. they are a concern because of the large amount of money needed to increase their share in the market.

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25
Q

explain “dogs” in the bcg matrix

A

products with low market share and low market growth. they offer low future prospects and need to be replaced. Many of these problems may lead to cash-flow problems it the business continue sustaining them.

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26
Q

what is the ansoff matrix

A

the matrix looks at potential in terms of the market and product, and considers both the existing markets and products and new market and products.

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27
Q

4 quartiles of ansoff

A

market development
diversification
market penetration
product development

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28
Q

what is market penetration

A

when a business grows by increasing its market share, selling more of its existing products in the same market. Market penetration is considered as one of the safest options, but opportunities for increasing market share may be limited by competitors in the market.

29
Q

3 key factors to increase the chance of success in market penetration

A
  • the growth potential of the market
  • the strength of customer loyalty
  • the power and ability of competitors
30
Q

what is market development

A

it consists of expanding the market by looking for new markets or for new market segments in the existing market. it is riskier than market penetration as the business may not understand the new market.

31
Q

3 key factors to reduce the risk of market development

A
  • effective market research
  • having local knowledge on the ground
  • having an effective distribution channel
32
Q

what is product development

A

it is the development of new products for the existing market. sometimes it may be wholly new products, but most of the time, they are upgrades of already existent products or a variation on an existing product. it is also riskier than market penetration, with much depending on how loyal the customer is to the original product.

33
Q

3 key factors to reduce the risks of product development

A
  • effective market research
  • having a strong research and development system
  • having first mover advantage
34
Q

what is diversification

A

it is the riskiest growth strategy a business can pursue; introducing a new product to a new market.

35
Q

2 elements of risk of diversification

A
  • lack of familiarity and experience in the new market
  • the untestedness of any new product
36
Q

what is market segmentation

A

it is the process of splitting a population into groups of people with similar needs or characteristics

37
Q

what is a target market

A

the consumer segment at which a company aims its marketing messages

38
Q

what are the 6 methods of segmentation

A

-geographic segmentation
- socio-economic segmentation
- residential neighbourhoods
-psychographic segmentation
-demographic segmentation
-technological adaptation segmentation

39
Q

what is geographic segmentation

A

it divides consumers according to their location.

40
Q

what is socio-economic segmentation

A

it divides the population using the factors of occupation, income, and level of education. It is useful in predicting spending patterns.

41
Q

what is residential neighbourhoods segmentation

A

combines both geographic and demographic information to classify postcode regions.

42
Q

what is psychographic segmentation

A

it divides the population according to their lifestyles and different personal interests.

43
Q

what is demographic segmentation

A

it studies the structure of a population based on factors such as age, gender, religion, race, occupations, education…

44
Q

what is technological adaptation segmentation

A

different consumer groups will be attracted to new tech at different times.

45
Q

the product life circle from left to right

A

-development
-introduction
-growth
-maturity
-decline

46
Q

if a product does not go through life circle, it goes through;

A

style
fads
fashion

47
Q

what is style

A

it is distinctive and it lasts long. it is a mode of expression that shows several periods of renewed interest. products that qualify into the category of style might turn into a necessity.

48
Q

what is fashion

A

it is extremely popular. it tends to grow and remain popular for a while, before declining slowly. it is considered trendy and is a talking point for quite some time.

49
Q

what are fads

A

they are temporary periods of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity. a lot of times, when brands see their products failing, they try to keep it alive by marketing or price reduction.

50
Q

what is an extension strategy

A

it is the name given to the actions a business takes when it identifies a product is close to entering the decline stage of the product lifestyle. these actions aim to extend the life of a product, by keeping the product within maturity stage and should improve sales.

51
Q

what is a usp

A

a unique selling point is the real or perceived benefit of a good or service that differentiates itself from the competing brands and gives its buyers a logical reason to prefer it over other brands.

52
Q

what are the 3 types of e-commerce

A
  • consumer to consumer (C2C)
  • business to business (B2B)
  • Business to consumer (B2C)
53
Q

what is C2C

A

consumer to consumer e-commerce businesses allow members of the public to sell to each other. these platforms do not sell anything themselves, they provide a place for others to trade. they make money by. charging a commission on every item that is sold.

54
Q

what is B2B

A

business to business e-commerce involves supplying other companies the goods and services they need. These companies have different priorities than the ones who sell directly to the end-consumer. “suppliers have to be able to deliver an agreed quantity at an agreed time” Long term relationships and customer loyalty are much more common than in consumer markets (groceries)

55
Q

what is B2C

A

business to consumer e-commerce can be thought of using a traditional business model. A company makes or purchases some goods and then attempts to sell them to the end consumer. the majority of e-commerce companies operate using this model so there may be more competition. the most successful work hard to develop strong brand loyalty.

56
Q

business etiquette

A

mannerism and customs by which business in conducted in different parts of the world

57
Q

cultural exports

A

the extensive availability and consumption of traditionally domestic products in overseas markets.

58
Q

demographics

A

the study of population trends in relation to its impacts on international marketing

59
Q

direct investment

A

involves business setting up operations in other countries, such as production facilities or distribution services.

60
Q

e-commerce

A

this refers to buying and selling goods and services via electronic means, most notably the internet

61
Q

exporting

A

this method of entering international markets involves a business selling its products to overseas customers without having to physically establish production or distribution facilities abroad.

62
Q

franchising

A

this involves international marketers seeking a third party organization (the franchise) tu supply the goods and services of another business (franchisor)

63
Q

globalisation

A

the process of integration and interdependence of the world’s economies, in terms of social, political and economic convergence

64
Q

joint venture

A

international marketers use this technique to sell their products in overseas markets by two or more parent companies forming a new business entity in its own legal right

65
Q

international marketing

A

refers to the marketing of an organization’s goods and services in overseas markets

66
Q

legal constraints

A

these rules and regulations of a country set the permissive parameters that international marketers can operate within, such as consumer protection Laws

67
Q

strategic allience

A

this method is used by international marketers to sell their products in overseas market by using partner firms in other countries, working in collaboration on a specific project

68
Q

strategic implications

A

this refers to the longer-term operations of a business ex; the formation of a strategic business alliance or joint venture as part of an international marketing strategy.

69
Q
A

business management (4 decks)

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