Marketing Flashcards
Topic 1
Role of marketing
Topic 2
Influences on marketing
Topic 3
Marketing process
Topic 4
Marketing strategies
Role of marketing
Strategic role of marketing goods and services
Interdependence with other key business functions
Production, selling, marketing approaches
Types of markets- resource, industrial, intermediate, consumer, mass, niche
Influences on marketing
Factors influencing customer choice- psychological, sociocultural, economic, government
Consumer laws
- deceptive and misleading advertising
- price discrimination
- implied conditions
- warranties
Ethical- truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging
Marketing process
Situational analysis- SWOT, product life cycle
Market research
Establishing market objectives
Identifying target markets
Developing marketing strategies
Implementation, monitoring and controlling- developing a financial forecast; comparing actual and planned results, revising the marketing strategy
Marketing strategies
Market segmentation, product/service differentiation and positioning
Products- goods and/or services
- branding
- packaging
Price including pricing methods- cost, market, competition-based
- pricing strategies- skimming, penetration, loss leaders, price points
- price and quality interaction
Promotion
- elements of the promotion mix- advertising, personal selling and relationship marketing, sales promotions, publicity and public relations
- the communication process- opinion leaders, word of mouth
Place/distribution
- distribution channels
- channel choice- intensive, selective, exclusive
- physical distribution issues- transport, warehousing, inventory
People, processes and physical evidence
E-marketing
Global marketing
- global branding
- standardisation
- customisation
- global pricing
- competitive positioning
