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Business and its environment > Marketing > Flashcards

Marketing Flashcards

1
Q

concept of marketing

A

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

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2
Q

Marketing orientation

A
  • product orientation D>S
  • sales orientation D=S
  • market orientation S
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3
Q

marketing management orientation

A
  • selling concept

- marketing concept

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4
Q

selling concept

A

profits through sales volume

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5
Q

marketing concept

A

profits through customer satisfaction

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6
Q

market share

A

company’s sales/total market sales

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7
Q

marketing mix: 4ps

A
  1. product
  2. price
  3. place
  4. promotion
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8
Q

1.price

A
  • pricing strategy
  • knowing the market
  • elasticity
  • keeping an eye on rivals
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9
Q

pricing strategy

A
  • competition price
  • cost + margin
  • dynamic pricing: the price is changing due to a lot of traffic on the website, or due to the high season (vacations, special dates etc…)
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10
Q

elasticity

A
  • elastic demand: means there is a substantial change in quantity demanded when another economic factor changes (typically the price of the good or service)
  • inelastic demand: means that there is only a slight (or no change) in quantity demanded of the good or service when another economic factor is changed
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11
Q

2.product

A

The objective is to improve/differentiate the product and increase sales to gain a competitive advantage:

  • Design
  • Value: the ratio between price and quality is very good
  • Usefulness
  • Quality
  • Packaging: using expensive packaging to improve your product
  • Technology: electronic devices use this tool to stand out their product.
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12
Q

product life cycle

A
  • Introduction phase: very expensive because you are spending a lot of money on promotion.
  • Growth: your product is really working in this phase because they are buying it and the sales are very high
  • Maturity: you get the maximum sales here and you do not need to make a lot of effort because everyone knows your product.
  • Decline: the increase is getting smaller because you will need to innovate your product or change your product a little bit
  • Disruptive innovation: innovation that simplifies and makes more affordable products and services to undesirable or ignored markets
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13
Q
  1. promotion
A

Strategies to make the consumer aware of the existence of a product or service
NOT just advertising; mouth to mouth communication
For example: MADCOOL festival

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14
Q
  1. place
A

The means by which products and services get from producer to consumer and where they can be accessed by the consumer
-The goods must be in the right place at the right time. Making sure that the goods arrive when and where they are wanted is an important question

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15
Q

marketing plan

A

written documenting that describes your advertising and marketing effort for the upcoming year

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16
Q

Marketing plan steps

A
  • 1.Situation analysis: Micro, macro and internal environment (PEST)
    2. SWOT: strategies, weakness, opportunities , threats
    3. Objectives: you set them after you have analyzed the environment then you start using SMART. (Specific Measurable Achievable Realistic Time)
    4. Strategy: the plan on how to get there, there are many strategies like Ansoff strategies.
    5. Actions: delivering flyers for your company is an action.
    6. Control: when an action doesn’t work you need to know how to control it and solve the situation. For example: Zara analyzes their sales through computers and filters their products every week based on the results.
17
Q

strategic marketing (theoretical)

A
  • External analysis: macro environment and microenvironment (PEST)
  • Internal environment: SWOT
  • Strategy: segmentation and positioning
18
Q

operational marketing (practice)

A
  • Marketing mix 4ps
  • Budget
  • Implementation
  • Control
19
Q

segmentation

A

Market segmentation splits up a market into different types of groups (segments) to enable a business to better target its products to the relevant customers.

20
Q

Segmentation main base

A
  1. Geographic: customers, location, region, urban/rural, ACORN, classification. Ex: customers within 10 miles of the M25 (autoweg circle london)
  2. Demographic: age, gender, occupation, socio-economic groups. EX: a level and university students
  3. Behavioural: rate of usage (when a businessman rents a car every time he works abroad), benefits sought (something that benefits the customer’s life/health) , loyalty status, readiness to purchase. EX: customers wanting a value for money impulse buy
  4. Psychological: personality, lifestyles, attitudes, class. EX: customers who prefer to buy organic food
21
Q

positioning

A

A marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer.

22
Q

E-marketing domains

A
  1. B2B: sell to other companies. For example Coca Cola. it is better B2B because companies are much bigger than customers and also there is lesser risk
  2. B2C: companies that sell directly to the customer. EX: retail stores
  3. C2C: second hand “companies”. Consumer sell their used clothes to other consumers
  4. C2B: consumers are creating reviews. Ex: Tripadvisor before booking a travel; freelancers, contractors
23
Q

SEO

A
  • The process of maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by a search engine
  • organic search → The SEO industry is continually changing due to the frequent changes made to Google’s algorithm
24
Q

SEM

A
  • The process of gaining website traffic by purchasing ads on search engines
  • paid search→ SEM includes the use of paid search, such as pay per click (PPC) listings and advertisements
25
Q

Big data

A

Extremely large data sets may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions.

26
Q

3 V’s of big data

A
  • Variety: you can use everything besides numbers like images, sounds etc…
  • Velocity: you have to analyze it as quickly as possible because it is outdated very fast.
  • Volume: we can analyze so much more.

Business and its environment (6 decks)

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