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Principles of Marketing > Marketing > Flashcards

Marketing Flashcards

1
Q

Example of a need

A

Adam is hungry

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2
Q

A ______ delivers a benefit when it satisfies a _____

A

Product; need or want

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3
Q

What does a customer experience when a product is expensive, complex or outcome of use is uncertain?

A

Perceived risk

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4
Q

List the 5 steps of consumer decision-making process.

A
  1. Problem or need recognised
  2. Information search
  3. Evaluation of alternatives
  4. Purchase
  5. Post-purchase evaluation
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5
Q

When Anna was invited to go skiing she realised she needed a much warmer coat than her current coat. Anna was in which stage of the decision-making process?

A

Problem or need recognised

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6
Q

Evaluation of alternatives

A

When a customer gathers information, identifies a small number of products and narrows down the choice by comparing pros and cons or both.

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7
Q

Perception

A

Is the process by which people select, organise and interpret information from the outside world.

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8
Q

What does Maslow’s hierarchy suggest?

A

A person cannot move to the next level until previous need levels are satisfied.

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9
Q

Learning is ______?

A

A change in behaviour caused by information or experience.

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10
Q

Strategic business marketing _____.

A

Should identify and build on the firm’s strengths, and it helps managers at all levels make informed decisions.

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11
Q

A marketing manager sets the objective of gaining a 20% share of the market and introducing three new products over the coming year. This objective would be part of what plan?

A

A functional plan.

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12
Q

What is the first step in strategic planning?

A

Develop a mission for the total corporation.

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13
Q

(SBUs) Dogs

A

Small market share in slow-growth markets.

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14
Q

(SBUs) Question marks

A

Low market share in high-growth markets

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15
Q

(SBUs) Cash cows

A

Dominant market share in low-growth markets

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16
Q

(SBUs) Star

A

Dominant market share in high-growth markets

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17
Q

Sources of information for a marketing intelligence system?

A
  • Trades publications
  • Salespeople
  • Observational research
  • Current customers
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18
Q

Marketing research is the process of ________.

A

Collecting, analysing, and interpreting data about customers, competition, and the business environment to improve marketing effectiveness.

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19
Q

Secondary data refers to data ________.

A

Collected for some other purpose than the one at hand.

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20
Q

Primary data refers to data _____.

A

Collected to help in making a specific decision.

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21
Q

List parts of the marketing concept.

A
  • Providing customer satisfaction
  • Relies on the integrated effort of numerous departments, not just marketing.
  • That corporate goals can be achieved through customer satisfaction.
  • Understanding customer needs.
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22
Q

What decision making is a customer considering buying a new car going to use?

A

Extended consumer decision making

23
Q

Before selecting a marketing strategy, a marketing manager should consider ________.

A
  • Company’s resources and objectives
  • Company’s competitors.
  • The needs of potential customers
  • Relevant technological changes in the area.
24
Q

According to the BCG growth matrix, what does diversification strategies emphasise?

A

Both new products and new markets to achieve growth.

25
Q

In which kind of market would a production orientation be most successful?

A

When demand exceeds supply

26
Q

List the 5 utilities and what they are.

A

Form utility - the creation of the product
Place utility - accessibility
Time utility - availability when needed
Possession utility - transfer of ownership, use
Image utility - emotional or psychological

27
Q

List the 4 forms of customer value

A

Price
Performance
Emotional
Relational

28
Q

List the 4 Ps of the marketing mix.

A
  • Price
  • Product
  • Place
  • Promotion
29
Q

List the 4 marketing orientations

A

Social marketing orientation
Sales orientation
Production orientation
Marketing orientation

30
Q

Management focus of production orientation

A
  • Improving production efficiency and distribution efficiency
  • Consumers will favour products widely available and low cost.
  • Improving product features.
31
Q

Management focus of sales orientation

A
  • Improving sales techniques
  • Increasing spending on promotion
  • Relatively short-term view
  • Unsought goods
32
Q

Management focus of marketing orientation

A
  • Customer needs and wants
  • Functional integration
  • Long-term success, profits come from need satisfaction.
33
Q

Mananagment focus of social marketing orientation

A
  • Satisfying customer needs and wants
  • Achieving the organisation’s goal
  • Trying to maintain and improve society/at least not diminish
34
Q

What are the dimensions of social responsibility?

A

Philanthropist
Ethical
Legal
Economic

35
Q

4 elements of SWOT analysis

A

Strengths
Weaknesses

Opportunities
Threats

36
Q

What 2 questions does the mission statement answer?

A
  1. Who are our customers?

2. What is our core competency?

37
Q

Elements of corporate identity.

A
  • unique symbols
  • personalities
  • philosophies
38
Q

What are the SMART marketing objectives

A 
Specific
Measurable 
Actionable 
Relevant 
Time-bound
39
Q

Marketing goals should be ________. (4)

A
  • Stated in clear, simple terms
  • Accurately measurable
  • Specific time-frame to accomplish
  • Consistent with business-unit and corporate strategy.
40
Q

What is marketing strategy?

A

A plan of action of identifying and analysing a target market and developing a marketing mix to meet the needs of the market.

41
Q

Characteristics of effective marketing strategy?

A
  • Reflects overall direction of organisation
  • Coordinated with firm’s functional areas
  • Contributes to achievement of marketing objectives and organisational goals
42
Q

What is marketing implementation?

A

The process of executing marketing strategies.

Determines the success of marketing strategies.

43
Q

What does CRM stand for?

A

Customer Relationship Management.

44
Q

What is CRM?

A

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.

  • Uses technologies to enable marketers to better satisfy their customers’ needs.
  • Aims to estimate customer lifetime value (CLV)
45
Q

(2) types of organisation of marketing unit

A

Centralised: top management delegates little authority to levels below.
Decentralised: decision-making authority is delegated as far down the chain of command as possible.

46
Q

What is market research?

A

Systematic design, collection and interpretation of data. Helps marketers solve specific problems or take advantage of marketing opportunities.

47
Q

The purpose of market research is to inform about ________.

A
  • customers’s need and desires
  • marketing opportunities for particular goods and service
  • changing attitudes and purchase patterns of customers.
48
Q

What are the value of marketing research

A
  • Provide new insights that can increase company’s ability to respond to customer needs. Changing customer trends.
  • Improve company’s ability to make profitable decisions. General profit: pay staff, suppliers, make new products.
  • Improve marketer’s ability to make informed decisions.
49
Q

List the 5 steps of marketing research.

A
  1. Determining the scope for marketing research.
  2. Selecting the research design.
  3. Collecting and preparing the data.
  4. Analysing the data.
  5. Transforming the analysis results into insight.
50
Q

Define reliability.

A

A condition exisiting when a reseach technique produces almost identical results in repeated trials. REPEATIBILITY

51
Q

Define validity.

A

A condition exisiting that a research method actually measured what it is supposed to.

52
Q

What are the 3 types of research?

A

Exploratory
Descriptive
Experimental

53
Q

Characteristics of qualitative research?

A
  • Descriptive in nature
  • Used in exploratory research
  • Yields non-numerical data
  • Common techniques: focus groups, observation and interviews.
54
Q

Characteristics of quantitative research?

A
  • used in descriptive and experimental research.
  • yield numerical data
  • common techniques: structured questionnaires, and surveys.

Principles of Marketing (1 decks)

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