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Marketing Flashcards

1
Q

Marketing

A

Total system of interactive activities designed to plan, price, promote and distribute goods and services to present and potential customers

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2
Q

Marketing plan

A

Document that lists activities aimed at achieving particular marketing outcomes in relation to products. It provides a template for future action aimed at reaching business goals through the following:
- Connecting the customer to the business
- Satisfying customer wants
- Generating revenue

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3
Q

Finance (interdependence)

A
  • Marketing budget
  • Revenue forecasts
  • Each product’s cash flow
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4
Q

Operations (interdependence)

A
  • Product design
  • Product quality
  • After-sale service
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5
Q

Human Resources (interdependence)

A
  • Ensuring right people are employed
  • Staff are customer oriented
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6
Q

Production approach

A

Products are mass produced and sold to consumers regardless of demands

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7
Q

Selling approach

A

Selling the product to consumers is further emphasised by showing the benefits however consumer demand is not really considered

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8
Q

Marketing approach

A

Market research is undertaken to determine what consumers want and consumer-business relationships are built

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9
Q

Resource markets

A

Economically known as factor markets, these are:
- Land
- Labour
- Capital
- Enterprise

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10
Q

Industrial markets

A

Sale to businesses rather than consumers
- Requires a different marketing approach due to small number of purchasers
- Examples include office furniture, certain computer software and raw materials

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11
Q

Intermediate markets

A

Wholesalers and importers bulk buying goods with the aim of reselling them to retail stores for consumer purchase
- Hold a major supply chain role

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12
Q

Consumer markets

A

Markets where consumers can purchase products for their own use
- Includes white goods (e.g. washing machines), brown goods (e.g. computers), soft goods (e.g. clothes) and services (e.g. dental)

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13
Q

Mass markets

A

Marketplace is homogenous and differentiation/segmentation is no required (e.g. electricity)

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14
Q

Niche markets

A

Marketing efforts are focused on a narrow yet defined population segment with uncatered specific requirements

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15
Q

Customer choice

A

The decisions and actions of customers when they search for, evaluate, select and purchase goods and services

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16
Q

Psychological influences

A

Influences within an individual that affect their buying behaviour
- Perception
- Motives
- Attitude
- Personality
- Self-image

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17
Q

Sociocultural influences

A

Forces exerted by other people and groups that affect an individual’s buying behaviour
- Family and roles
- Peer group
- Social class
- Culture and subculture

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18
Q

Economic influences

A

Economic forces that influence a business’s capacity to compete and a customer’s willingness and ability to spend
- Economic cycle fluctuations can affect this

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19
Q

Government influences

A

Policies that directly or indirectly influence business activity and consumer spending habits
- Competition and Consumer Act 2010 (Cwlth)
- Sale of Goods Act 1923 (NSW)
- Fair Trading Act 1987 (NSW)

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20
Q

Competition and Consumer Act 2010

A

Federal legislation (act of parliament) that united 17 various state and territory laws in order streamline legal compliance (expensive) for large organisations.

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21
Q

Australian Competition and Consumer Commission

A

Regulatory body that monitors and enforces the CCA 2010. It:
- Protect consumers against undesirable practices
- Regulate trade practices that restrict competition. Acquisitions between firms in same market must be approved by ACCC. Competition is healthy for consumers and prevents a single business from becoming a monopoly.

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22
Q

Deceptive and misleading advertising

A

Creating advertising material that intentionally misinforms consumers through use of fine print, false tests/surveys, incorrect country of origin, before-and-after advertisements, false impressions, bait and switch

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23
Q

Price discrimination

A

The setting of different prices for the same product in different markets in Australia

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24
Q

Implied conditions

A

These are unspoken/unwritten terms of contract that are assumed to exist regardless of explicitly being mentioned.
- Products must be fit for use, meet safety standards, and be free of defects
- Businesses cannot suggest a product has a characteristic that it does not possess

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25
Warranties
Obligations that offer consumers a degree of protection - Businesses must replace or repair a damaged item, no matter what the conditions of a warranty entail
26
Materialism
Creation of ’needs’ to sell ’solutions’ for profit; emphasis on material possessions as source of meaning and status in society
27
Stereotypes
Advertising can reinforce social norms and stereotypes around gender roles, race, class, ethnicity and national characteristics
28
Sex to sell
Using narrow definition of masculine and feminine beauty and appeal to gain attention to sell products unrelated to sex - Sexualisation of children especially unethical
29
Product placement
Paying to insert products into movies, TV shows to gain expo- sure to audience that has switched off from advertising messages
30
Truth and accuracy
- Exaggerated claims - Vague statements - Concealment of facts - Invasion of privacy
31
Good taste in advertising
Intentionally creating controversy through offense and shock
32
Promotion of products damaging to health/wellbeing
- Fast food - Soft drinks - High sugar children's foods - Smoking - Alcohol - Gambling - Short-term loans
33
Engaging in fair competition
Unfair treatment of competitors/suppliers
34
Sugging
Selling under the guise of a survey - Invasion of privacy and deceptive marketing practice
35
Marketing process
- Situational analysis - Market research - Establishing market objectives - Identifying target market - Developing marketing strategies - Implementing, monitoring and controlling
36
Situational analysis
Provides a precise understanding of the business’ overall position which then provides the basis for making decisions regarding future courses of action - Information derived from monitoring and controlling is used to form this
37
SWOT analysis
Tool to determine the internal (strengths and weaknesses) and external (opportunities and threats) conditions of a business - A business should exploit its strengths and position itself to overcome its weaknesses - It has little control over external conditions and thus should closely monitor them to take advantage of opportunities and be prepared for threats
38
Product life cycle
Stages a product passes through; must be determined to apply appropriate marketing strategies towards - Establishment - Growth - Maturity - Post-maturity
39
Market research
Process of systematically collecting, recording and analysing information concerning a specific marketing problem. It involves: 1. Determining information needs 2. Collecting primary and secondary data 3. Analysing and interpreting data
40
Primary data
Data collected for market research - Survey method – Consumers asked in interviews, electronically, questionnaires and focus groups - Observation method – Consumer behaviour is watched and analysed - Experiment method – Market testing, comparing results between a test and a control group
41
Secondary data
Data that already exists, having been collected for another purpose - Internal data – Business's own record keeping - External data – Outside the business (e.g. ABS, magazines, consumer databases)
42
Establishing marketing objectives
Realistic and measurable goals to be achieved through the marketing plan. Include: - Increase market share - Expand product range - Maximising customer service - Geographical expansion - Export expansion - Obtain price advantage
43
Identifying target markets
Identifies a group of present and potential customers to focus marketing strategies towards that group - Mass marketing approach – Seller mass-produces, mass-distributes and mass-promotes to all buyers - Market segmentation approach – Total market is subdivided into groups sharing characteristics - Niche market approach – Narrowly selected target market segment
44
Developing marketing strategies
Using relevant tools to achieve the business's marketing objectives through the marketing mix (product, price, place, promotion)
45
Implementation, monitoring and controlling
Putting strategies into operation, observing the actual process of the plan, comparing planned performance against actual performance and taking corrective action to ensure KPIs are attained
46
Sales analysis
Examination of sales of a particular product among different customer groups, by sales representatives and during various times of the year
47
Market share analysis
Examination of sales performance of a business and its comparison with direct competitors
48
Marketing profitability analysis
Evaluating the financial and non-financial benefits that have been achieved by a specific marketing plan against the costs of implementing the plan
49
Market segmentation
Process of subdividing the mass market into definable groups who share similar characteristics enabling a business to determine their target market. Can be done: - Demographically – Income, education, age, occupation, gender - Geographically – Urban, suburban, rural, residence type - Psychographically – Lifestyle, interests, self-conception, subculture - Behaviourally – Buying behaviour, brand loyalty
50
Product differentiation
Products require a point of difference in order to stand out in the market and gain a favourable consumer perception. It can be done by: - Product variations - Customer service - Environmental sustainability - Convenience - Social and ethical issues
51
Positioning
How consumers perceive a business/product offering - Businesses attempt to create images through marketing strategies to set themselves apart from competitors - Can be done through product features, packaging, branding, prices, distribution strategies and the nature and placement of promotional messages
52
Product
The physical good or service produced and delivered by a business
53
Total Product Concept
The total combination of tangible and intangible aspects of a business' offering to create maximum value for customers
54
Branding
The use of a name, image and slogan to easily identify a business in relation to its competitors - High brand recognition generally leads to high sales - Re-branding can change consumer attitudes to a business
55
Labelling
The presentation of information on a product or its package
56
Price
Exchange value given to a product - Flexible marketing tool which is critical in determining revenue and sales levels
57
Price/quality interaction
Generally, the higher the price the higher the perception of quality - Premium pricing and discount pricing send different messages
58
Cost-based pricing
Adding a percentage mark-up to production costs
59
Market-based pricing
What consumers are willing to pay determined by supply and demand
60
Competition-based pricing
Set in relation to competitor's pricing
61
Price skimming
Setting high prices for initial product launch, lowering costs as sales slow or competitors enter the market - Only for high demand products
62
Price penetration
Setting prices below competition for product launch to gain market share and sales before lifting them once market share is established - Good for highly competitive markets with low differentiation
63
Loss leader
Intentionally setting below cost prices for a single good to draw consumers before making further sales on higher margin items
64
Price points
Using a range of set prices to suit various segments of the market - Can be customary or psychological, allowing consumers to make easy decisions and possibly trade-up to higher price points
65
Place
The way through which the target market is able to access the product of a business
66
Distribution channels
Routes taken for a product to move from site of manufacture to consumer. Includes: - Producer to consumer - Producer to retailer to consumer - Producer to wholesaler to retailer to consumer - Producer to agent to wholesaler to retailer to consumer
67
Intensive distribution
Widespread availability aiming for market saturation
68
Selective distribution
Use of limited outlets
69
Exclusive distribution
One retail outlet per large geographical area (high degree of control)
70
Physical distribution issues
- Transport – Intricate network is required to deliver the vast array of products to customers - Warehousing – Set of activities involved in receiving, storing and dispatching goods - Inventory – Maintenance of quantity and variety of appropriate products
71
Promotion
Methods used to inform, persuade and remind the target market of its products
72
Advertising
Communication forms used to reach an audience. Provides businesses with flexibility to reach an extremely large audience or to focus on a small, distinct market segment. Media include: - Print publications - TV - Radio - Billboards - Direct mail - Window display - Internet - Telemarketing
73
Sales promotion
Use of activities and materials as direct inducements to customers, aiming to entice new customers, encourage trial purchases of new products and increase repeat sales. Includes: - Limited time offers - Free gifts - Refunds - Samples - Point-of-purchase displays
74
Personal selling
Activities of a sale representative directed to a customer in an attempt to make a sale. Offers the following advantages: - Message can be modified to suit individual customers - Individualised assistance to a customer can create a relationship, resulting in repeat sales - Sales consultant can provide after-sales customer service in relation to features, installation, warranties and servicing
75
Publicitiy
Free news story about a business's products aiming to raise product awareness and enhance business image
76
Public relations
Activities aimed at creating and maintaining favourable relations between businesses and their customers. Its main objective is to increase sales through: - Promoting a positive image - Effective message communication - Issues monitoring - Crisis management
77
Opinion leaders
A person who influences others
78
Word-of-mouth
When people influence each other during conversations
79
People
Interaction quality between customers and staff delivering the service
80
Physical evidence
Everything the customer sees when interacting with a business
81
Processes (strategy)
Flow of activities that a business will follow in service delivery
82
E-marketing
The practice of using the internet to perform marketing activities. Can be done through: - Websites - Podcasts - SMS/DMs - Blogs - Location-based marketing - Social media advertising
83
Global standardisation
Assumes the way the product is used and the needs it satisfies are the same globally
84
Global customisation
Assumes product needs and usages differ among countries
85
Global branding
Worldwide use of a name, term, symbol or logo to identify the seller's products - Cost effective as ads can be used across various locations - Uniform worldwide image - Successful brand name can be linked to new products
86
Global pricing
How businesses co-ordinate their pricing policy across different countries
87
Customised pricing (global)
Consumers in different countries are charged different prices for the same product - Mainly occurs through increased export costs, taxes and tariffs
88
Market-customised pricing (global)
Prices are set according to local market conditions
89
Standardised pricing (global)
Charging consumers the same price regardless of location
90
Competitive prositionging

Business Studies (9 decks)

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