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Business Driven Strategic Marketing Management > Market offer / Marketing mix > Flashcards

Market offer / Marketing mix Flashcards

1
Q

7 P’s

A

Product
Price
Place / Distirbution
Promotion
Process
People
Physical Evidence

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2
Q

Basic model of product has three layers

A

Core product
Actual product
Augmented product

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3
Q

Core product is

A

The product itself

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4
Q

Actual product is

A
  • Features
  • Quality
  • Styling
  • Package
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5
Q

Augmented product is

A
  • Installation
  • Delivery
  • Guarantee
  • Brand
  • Service
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6
Q

Why strong brands are important

A
  • Company value
  • Barriers to competition
  • High profits
  • Base for brand extensions
  • Quality certification
  • Trust
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7
Q

Four stages of the Product lifecycle

A

Introduction
Growth
Maturity
Decline

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8
Q

Strategic objectives in markets

A

Build (High growth rate, low-high market share)
Hold (low growth rate, high market share)
Harvest (High-low growth rate, low market share)
Divest (High-low growth rate, low market share)

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9
Q

Product strategiesfor growth, Existing markets + existing products =

A

Market penetration

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10
Q

Product strategiesfor growth, Existing markets + new products =

A

Product development

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11
Q

Product strategiesfor growth, New markets + existing products =

A

Market development

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12
Q

Product strategiesfor growth, New markets + new products =

A

Diversification

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13
Q

Three pricing methods

A

Cost-oriented (B2B)
Competitor-oriented (based on competitors)
Market-oriented (based on customers)

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14
Q

Cost-oriented pricing

A
  • What does it cost to produce and sell?
  • Full-cost or Direct-cost
  • Minimum price
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15
Q

Competitor-oriented pricing

A
  • Price set due to the influential competitors’ prices
  • Going-rate (Most similar to perfect competition) or Competitive bidding
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16
Q

Market-oriented pricing

A
  • Marketing strategy – New prods, in line with positioning. Old prods, in line with strategy
  • Customer value – Trade off Analysis / Experimentation / Econ Value to the Customer
  • Price-quality relationships – Relation ship between price and quality
  • Product line pricing – Price in line with other products in the company’s prod line
  • Negotiating margins
  • Political factors – In line with public interest
  • Costs
  • Effects on supply-chain – Profits in all parts of a chain
  • Competition – Many levels of competition
  • Explicability – Can the price setting be explained
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17
Q

Price strategies for product launch: High price + high promotion =

A

Rapid skimming

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18
Q

Price strategies for product launch: High price + low promotion =

A

Slow skimming

19
Q

Price strategies for product launch: Low price + high promotion =

A

Rapid penetration

20
Q

Price strategies for product launch: Low price + low promotion =

A

Slow penetration

21
Q

Conditions for charging a high or low price

A

High price:
* Product provide high value
* Customers have high ability to pay
* Lack of competition
* Excess demand

Low price:
* Only alternative
* Market penetration or domination
* Experiece curve effects / low costs
* Make money later
* Make money else where

22
Q

Functions of channel intermediaries (retailers, wholesalers)

A
  • Reconciling the needs of producers and consumers
  • Improving efficiency
  • Improving accessibility
  • Providing specialist services
23
Q

Distribution channels for consumer goods

A

Producer
Agent
Wholesaler
Retailer
Consumer

24
Q

Distribution channels for B-2-B

A

Producer
Agent
Distributor
Bussiness customer

25
Distribution channels for services
Service provider Agent Consumer or business customer
26
Pull or Push system means
Pull – Work with the “consumers” demand Push – Work with the distributors wish to sell
27
Channel strategy three components
Channel selection Distirbution intensity - Intensive, selective, exclusive Channel integration - Conventional, franshising, ownership
28
In advertising, AIDA means
Attention Information Desire Action
29
Communications Decisions for promotional campaign
1. Identify target audience 2. Set communication objectives 3. Create messages 4. Decide on promotional mix 5. Set the budget
30
Promotional mix is the
Combination of marketing channels we choose to use
31
Examples of mass marketing
Advertising Public relations Sales promotion
32
Examples of direct marketing
Personal selling Exhibitions Direct mail Telemarketing Email marketing
33
Example of digital marketing
Digital promotions social media communications Search engine marketing
34
Influences on the promotion mix
* Available resources * Push or pull strategy * Buyer readiness stage – where in the decision process * Product life cycle * Product characteristics * Market size and concentration
35
Characteristics of services
Inseparability - Simultaneous production and consumption Intangibility - Pure services cannot be seen, tasted, touched, or smelled Perishability - Cannot be stored, hard to match supply/demand Variability - Execution is dependant on the person who performs the service
36
Four causes of poor perceived service quality
Misconception - We don’t understand what the customer expects Inadequate resources - We don’t/can’t provide resources to meet customer expectations Inadequate delivery - We deliver poor or inconsistent service quality Exaggerated promises - We promise more than we can deliver
37
Managing service productivity is a balance between productivity (P) and quality (Q). However, there are ways to improve P without compromising Q
Technology Customer involvment in production Balancing supply and demand
38
Managing service staff
- Selection of suitable people - Empower staff - Maintain a motivated workforce - Evaluate services Staff-customer interpersonal relationships is key Staff can provide vital input for R&D People who stop buying a service, do it because of staff being indifferent or unhelpful
39
Triangle/Pyramid of Service Marketing
Company Employees Customers (Technology)
40
Value should be created...
..at every point where a customer touches a firm
41
Benifits of successful relationship for company
* Increased purchases * Lower cost * Lifetime value of a customer * Sustainable competitive advantage * Word of mouth * Employee satisfaction and retention
42
Benifits of successful relationship for customer
* Risk and stress reduction * Higher-quality service * Avoidance of switching costs * Social and status benefits
43
Channel management issues to adress (5)
Selection Motivation Training Evaluation Managing conflict
44
Business to business marketing (B2B) is characterised by
Few actors (long term relationshiops) Each market is unique Complexity of buying is often high. E-commerce is common. Risks and uncertainty affects the buying decision Often very specific requirements apply Prices are negotiated Derived demands

Business Driven Strategic Marketing Management (6 decks)

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