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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
Q

Distribution channels for services

A

Service provider
Agent
Consumer or business customer

26
Q

Pull or Push system means

A

Pull – Work with the “consumers” demand
Push – Work with the distributors wish to sell

27
Q

Channel strategy three components

A

Channel selection
Distirbution intensity - Intensive, selective, exclusive
Channel integration - Conventional, franshising, ownership

28
Q

In advertising, AIDA means

A

Attention
Information
Desire
Action

29
Q

Communications Decisions for promotional campaign

A
  1. Identify target audience
  2. Set communication objectives
  3. Create messages
  4. Decide on promotional mix
  5. Set the budget
30
Q

Promotional mix is the

A

Combination of marketing channels we choose to use

31
Q

Examples of mass marketing

A

Advertising
Public relations
Sales promotion

32
Q

Examples of direct marketing

A

Personal selling
Exhibitions
Direct mail
Telemarketing
Email marketing

33
Q

Example of digital marketing

A

Digital promotions
social media communications
Search engine marketing

34
Q

Influences on the promotion mix

A
  • Available resources
  • Push or pull strategy
  • Buyer readiness stage – where in the decision process
  • Product life cycle
  • Product characteristics
  • Market size and concentration
35
Q

Characteristics of services

A

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
Q

Four causes of poor perceived service quality

A

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
Q

Managing service productivity is a balance between productivity (P) and quality (Q).
However, there are ways to improve P without compromising Q

A

Technology
Customer involvment in production
Balancing supply and demand

38
Q

Managing service staff

A
  • 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
Q

Triangle/Pyramid of Service Marketing

A

Company
Employees
Customers
(Technology)

40
Q

Value should be created…

A

..at every point where a customer touches a firm

41
Q

Benifits of successful relationship for company

A
  • Increased purchases
  • Lower cost
  • Lifetime value of a customer
  • Sustainable competitive advantage
  • Word of mouth
  • Employee satisfaction and retention
42
Q

Benifits of successful relationship for customer

A
  • Risk and stress reduction
  • Higher-quality service
  • Avoidance of switching costs
  • Social and status benefits
43
Q

Channel management
issues to adress (5)

A

Selection
Motivation
Training
Evaluation
Managing conflict

44
Q

Business to business marketing (B2B) is characterised by

A

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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