Marketing Flashcards
What is marketing?
This is identifying, anticipating and satisfying the customer requirements.
What are customer requirements?
Goods - physical products
Services - Provide benefits with human or mechanical efforts
Ideas - concepts or philosophies
What are main categories of marketing?
Business to Business - satisfying the needs of other businesses
Business to customer - delivering products to customers
Customer to customer - selling used things eBay Gumtree and Facebook marketplace
What are the business orientations?
Product orientation - A business that centres its activities on refining its products
Production orientation - A business that focuses on streamlining its production process
Sales orientation - A business effort to increase turnover by selling more products/services
Marketing orientation - A business that centres its activities on satisfying customer demands
What are the sources of marketing information?
Internal records - Customer data, sales records financial performance
Marketing intelligence - macro and micro environment analysis, competitor analysis market research
What are the different characteristics of market segmentation?
Gender, price, location, lifestyle, religious interests, income and household size
What is segmentation?
Is the classification of customers by one or more characteristics to identify customers with similar needs and similar product demands
What are the 4 P’s in the marketing mix?
Product - design, features, variety
Price - list price, discount, credit
Place - coverage, location, transport
Promotion - publicity, advertising, promotion
What does marketing mix price involve?
Determines the image low = primark, high = Prada
Must cover costs of production and distribution
Must be priced around expectations
What does marketing mix place involve?
Ways the product is distributed
Could be direct or through third parties
Decisions will be based on cost, quality, image and demand
What does marketing mix promotion involve?
Sometimes referred to marketing communications
Used to change customers attitude
Used to create customer loyalty
What does marketing mix product involve?
Products are more than core products this can include packaging, after sales services, guarantee and insurance
This can also include bespoke products
What are different types of marketing communications?
Literature, adverts, sales promotion, websites and sponsors
What are the different stages in a product life cycle?
Introduction, growth, maturity and decline
What is involved in the introduction of a product life cycle?
Market entry, low profit due to turnover not met, high investment to raise awareness
