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Business > Marketing [11] *G11 > Flashcards

Marketing [11] *G11 Flashcards

1
Q

Marketing

A

Activities that have impact on the business and customers decision to buy or not

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2
Q

What’s must be considered when setting
price

A

Products demand and competition

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3
Q

What is sensitivity

A

How willing people are to pay for something
High sensitivity means that the market finds price high and will purchase elsewhere

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4
Q

Loading

A

Linked to output required to full orders and prevent overloading of employees and machines

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5
Q

Elements in marketing mix *4

A

Product
Price
Place
Promotion

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6
Q

Elements in promotion marketing communication mix *4

A

Advertising
Sales promotion
Personal selling
Publicity

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7
Q

What is the market *2

A

*Any place where goods and services are bought and sold
*Goods are bought by the target market

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8
Q

What is product orientated marketing *2

A

*concentration on the skills, knowledge and systems needed to produce a specific output
*when research is done, focus is on product’s characteristics

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9
Q

What is market oriented marketing *2

A

*concentration on satisfying needs and wants of customers
*when research is done, focus is ensuring changes in customer needs and wants are timeously identified

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10
Q

Why will a successful business combine product and market orientated marketing *2

A
  • Business will continue to develop the product/service in accordance to the customer’s needs and once. This will help extend the life cycle of product and service

*Businesses that adapt to satisfy customer needs through top quality.
More sustainable and successful

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11
Q

What should a business do to build?And protect a competitive advantage *2

A

*understand the needs and wants of the target market
* Business should be able to predict future trends

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12
Q

What are the steps in the marketing process *4

A

Market research and development
Promotion
Logistics/distribution
Sales

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13
Q

Explain market research

A

Research done to understand consumer behaviour and delivery expectations

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14
Q

How does market research help better understand expectations of of consumers *4

A

*product/service and packaging demands
*price people are prepared to pay
*place where target market wants to access
*preferred channels of communication

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15
Q

Explain promotion

A

Informing target market about product/service offered

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16
Q

Logistics/distribution *2

A

Movement of product/service* to ensure it reaches desired market on time*

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17
Q

Sales

A

Transferring product ownership from business to customer

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18
Q

What are the aims or the marketing function *3x2

A

*creating and maintaining competitive advantage > increase market share
*improving current product/service > broaden target market
*identifying new markets to grow in > ensures opportunity to grow

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19
Q

Market segments *7

A

*income groups
*similar ages
*geographical regions
*gender
*lifestyle
*product use
*cultural

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20
Q

What does marketing mix ensure

A

Businesses product is marketed affectively
Keeping segment in time

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21
Q

What are the elements of the marketing mix *4

A

*product
*price
*place
*promotion/marketing communication

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22
Q

Product

A

Characteristics of product- logo, packaging, trademark

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23
Q

Name and explain different types of products/services *4x2

A

*consumer goods - goods bought by consumers
*consumer services- purchased for personal use
*producer goods - goods used in the day to day running of the business- machines
*producer services- assist the business with daily operations- banking

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24
Q

Characteristics of branding *4

A

*unique product features + bs image
*distinguishes > persuades customer
*loyalty form creating status
*guarantee product represents a particular quality

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25
Q

What is a brand

A

Name, logo, slogan added to a product to assist the customer to recognise them

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26
Q

What makes a product successful *4
Brief elaboration

A

*satisfies needs/wants (must still monitor)
*design - consumer must desire by looking
*competitive advantage - unique product builds it
*cost - bs wants to recover costs+make profit

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27
Q

What does design refer to *4+1

A

Quality, consistency, performance, appearance, and overall brand image

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28
Q

What is opportunity cost

A

The fact that a customer has to sacrifice another item if the product is purchased

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29
Q

Steps to developing a product *6 x 2

A

*generate ideas - input from variety sources e.g employees, competitors, customers
*research - resources needed e.g capital, skills, raw material
*feasibility and viability - assess potential market share and look at break even points
*prototype- tests to identify and fix problem
*market testing - small group, feedback to adjust
*product launch - approval of final product or service, introduced to market on larger scale

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30
Q

Steps in the product life cycle *5

A

*development
*introduction
*growth
*maturity
*decline/withdrawal

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31
Q

Explain introduction (Steps in the product life cycle) *3

A

*product is introduced
*sales increase slowly
*little profit - business has to recover research and development costs

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32
Q

Explain growth (Steps in the product life cycle) *4

A

*sales increase as promotion strategies attract customers
*business must be aware of competitors reaction to introduction to adapt
*starts to make profit
*frequently communicating generates loyalty

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33
Q

Explain maturity (Steps in the product life cycle)

A

Sales volume are maintained or start decreasing

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34
Q

Explain decline/withdrawal *2

A

*customers lose interest as there is a new product
*business usually puts products on sale to get rid of old stock

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35
Q

How can the life cycle of a product/ service be extended *6

A

*variation
*new markets - geographical area/ new market
*development - redesign to modernise or improve
*distribution channels - make more accessible
*promotion
*price

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36
Q

What does packaging refer to

A

The way a product is presented to the customer

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37
Q

Importance of packaging *6

A

*protects against breakage
*makes it easier to handle product
*assists with transportation
*used as part as advertisement by looking appealing
*ensures brand image is reinforced
*contains important information like ingredients and warnings

38
Q

Factors to consider with price determination *5

A

*set price sufficient enough to recover costs
*conduct research to determine what target market is prepared to pay
*set price as an indicator of the quality
*keep competitors price in mind
*strong brand = higher price

39
Q

Pricing objectives *5

A

*break even - recover costs
*enter new markets
*increase business market share
*increase profit
*steer consumers away from competitors

40
Q

Name pricing strategies *6

A

*cost-plus pricing
*price skimming
*penetration pricing
*competitive pricing
*promotional pricing
*psychological pricing

41
Q

Explain cost-plus pricing

A

Mark up is added to cost price

42
Q

Explain price skimming *2

A

*Usually when new product is introduced to the market
*Offering goods at a high price and justifying it by uniqueness

43
Q

Explain penetration pricing *2

A

*putting price lower than competitors
*after loyalty is gained, price with be raised higher

44
Q

Explain competitive pricing

A

Looking at what competitors prices are and setting it at a similar level

45
Q

Explain promotional pricing

A

Offering promotions so customers can save
Usually to sell unwanted stock

46
Q

Explain psychological pricing *2
Aka prestige pricing

A

*Making it seem that people are paying less
*Setting status symbol

47
Q

Name possible distribution channels *4

A

*business > customer
*business > retailer > customer
*business > wholesaler > retailer > customer
*business > agent > wholesaler > retailer > customer

48
Q

What to keep in mind when deciding on distribution channel *4

A

*type of product - perishable, tech person
*location of customers - intermediaries + availability
*purchase timing - see how often and when people buy to decide on best DC to ensure they can buy whenever
*competitors - distribute better than competitors

49
Q

Promotion/marketing communication mix *4

A

*advertising
*sales promotion
*personal selling
*publicity

50
Q

Planning the advertising campaign *5x2

A

*setting advertising objectives - purpose + what to achieve
*advertising budget - decide on money amount allocated
*designing advertising campaigns- looking @ TM, objectives and duration
*media selection - best value for money: correct media used
*evaluate process - see if it was successful + gain feedback, was it cost effective

51
Q

Examples of purpose and what to achieve from advertising (ad campaign) *4

A

*capturing new market
*product awareness
*improving business brand
*increasing market share by increasing sales

52
Q

Examples of promotion techniques *4

A

*price - refer to price a.p.o marketing mix
*free samples - encourages to try and buy
*competitions - encourages to use product
*point of sale displays - displays (that provide demonisation) viable from point of sale - encourages to buy

53
Q

After sales service *4

A

*cheaper to retain current customers
*business engages with customers to assess satisfaction and feedback is given
*follow ups to address demands and concerns
*customer feels important and will buy again

54
Q

Additional elements of personal sales *4

A

*providing advice
*delivering goods to customers
*arranging/assisting with credit facilities
*exchanging goods

55
Q

What is E marketing

A

Use of the internet and social networks as part of the business marketing campaign

56
Q

Benefits of e marketing *2

A

*possible to purchase goods 24h
*less expensive than traditional marketing

57
Q

Explain internet and social media as a method of e marketing *2x2

A

*internet > quicker feedback
WEBSITE - direct access to product service
APPS - push new info and specials
*social media > inexpensive interactions
>short promotional messages

58
Q

Delete this

A

*inexpensive ways to interact with customers
*easier to interact with customers

59
Q

What is the pro and con of international marketing *2

A

*Access to bigger market, better material and cheaper labour
*greater competition

60
Q

Why do governments place restrictions on international trade *2

A

To: protect the rights of local people and businesses
control competition

61
Q

Restrictions and regulations *4

A

*trade agreements
*import duties
*export subsidies
*import quotas

62
Q

What is the aim of Consumer protection Act (24 April 2009) *3

A

*protect consumers from unethical marketing
*assist previously disadvantaged individuals of their right to be respected as customers
*align SA with international practices of protecting consumer acts

63
Q

What rights does the consumer protection act give *8

A

*terms and conditions
*fair value, quality and safety
*fair and honest dealings
*fair and responsible marketing
*disclosure of information
*to choose
*privacy
*equality of the market

64
Q

What does intellectual property refer to

A

Protection of a persons work

65
Q

How can a persons work be protected

A

By the law through patents, copyright and trademarks

66
Q

Where is intellectual property registered in SA

A

CIPC
Companies and Intellectual Properties Commission

67
Q

Types of IP *4

A

*trade marks
*collective marks
*industrial design
*patents

68
Q

Trade mark *2 (face of the business)

A

*symbol/words legally registered to be used
*helps customers distinguish the business

69
Q

Collective mark *2

A

*sign that distinguishes by geographic origin, materials used or a particular way of manufacturing
*businesses must meet and maintain a standard to use these marks

70
Q

Industrial designs

A

when it’s trademarked - aesthetic appeal is protected
E.g colour, shape, pattern

71
Q

Patents *2

A

*sole right to a particular product or manufacturing process for a certain period of time
*use it advantageously to attract loyal customers ASAP

72
Q

Market segmentation *3

A

*dividing overall market to focus resources on customers with similar needs and wants
*research is done to gain understanding
*ideal to create a market big enough to reach ROI

73
Q

Feasibility vs viability

A

Feasibility- workable, practically implemented
Viability- generate sustainable profit

74
Q

Price

A

Amount target market is prepared to exchange for product or service

75
Q

Place

A

Different channels used to ensure product reaches desired market segment
Looks at different structures (places) product will pass through first

76
Q

Promotion/marketing communication

A

Informing target market about product or service through different types of advertising media

77
Q

Aim of promotion

A

Formulate message in a way that convinces customer that they won’t do without the product

78
Q

Advertising (as part of promotion communication) is used to…

A

Reach and persuade audience into buying product/service

79
Q

Examples of correct media (ad campaign) *min 4 max 7

A

*vehicles
*television
*radio
*newspaper
*magazine
*billboards
*directcmail

80
Q

Sales promotion is used as… *2

A

a support mechanism for advertising* with the aim of persuading consumers to buy product*

81
Q

Personal sales or tailor made customer service *2

A

*product/service variations available
*sales assistant helps by discussing specifications

82
Q

Branding *2

A

*Uniqueness of product that portrays certain values (image)
*Name, logo, slogan added to help customers recognise brand

83
Q

Trade agreements *3

A

*entered with the aim of increasing trade between countries
*countries gain access to goods that aren’t found locally
*helps increase market

84
Q

Export subsidies *3

A

*government support to sectors that export
*keeps exported prices low to compete with international markets
*in tax rebates OR refunding part of import tax used to produce exports

85
Q

Import duties *3

A

*tax paid to SARS when goods are imported
*import duty can by Ad volarem or specific
*purpose is to make imports more expensive (buy local)

86
Q

Ad volarem and specific import duties

A

Ad volarem - duty is a % based on good’s value
Specific - levied according to product weight

87
Q

Import quotas *2

A

*SA gov laws to protect sustainability and growth of local economy
*restrict volume of imports

88
Q

Intellectual property ensures the correct people…

A

Receive benefits
*financial gain
*recognition

89
Q

LSM

A

a marketing tool used to segment the population into 10 groups based on their living standards. The groups are ranked from 1 to 10, with 1 being the lowest and 10 being the highest.

90
Q

What does LSM stand for

A

Learning Management Style

Business (26 decks)

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