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HSC business > MARKETING > Flashcards

MARKETING Flashcards

1
Q

Strategic role of marketing

A

Plan, Price, Promote and Distribute products, services and ideas to customers → achieve business objectives

enhancing revenue + increasing market awareness

effective marketing = long term business success +profit

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2
Q

operations and marketing interdependence

A

produce the required quantities to match marketing promotions

Q affects marketing decisions by determining the capabilities and constraints in pricing, product design, promotion etc.

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3
Q

finance and marketing interdependence

A

finance to source funds for marketing to fund promotional campaigns.

Q marketing strategies are judged using financial criteria ie sales, market share and profitability analysis

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4
Q

HR and marketing interdependence

A

Depends on HR to attract, retain and train marketing workers

Q Developing job descriptions and designing training programs.

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5
Q

production approach

A

Customers prefer products they can afford →improving production methods and distribute goods and services efficiently and effectively

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6
Q

selling approach

A

designs goods they think consumers should want

use promotion to convince potential customers they they need the products

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7
Q

the marketing approach

A

Business focus on consumer needs and wants → customer = first priority

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8
Q

customer orientation

A

Business strives for customer satisfaction → development of marketing decisions based on customer’s changing needs

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9
Q

relationship marketing

A

Priority of customer retention → rewards programs, after sales services

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10
Q

resource market

A

Sale of raw material → agriculture, fishing mining etc.
Provide high quality at a cheap price → marketing is usually undertaken by the industry as a whole e.g. meat and livestock australia

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11
Q

intermediate markets

A

Goods for reselling or renting
Goods made by other businesses
Wholesalers and retailers e.g. myer

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12
Q

consumer markets

A

Products made for consumers (not for resale or further production)
individuals/households consume the products
Sellers use an array of marketing techniques to make a profit

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13
Q

mass markets

A

Large general marketing → promotes a large amount of one product → all consumers are the same
Fruit, food, cars etc (no vary in demand)
Businesses aim to sell as much as possible → requires strong branding

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14
Q

niche markets

A

Smaller markets for specialised goods → only few people interested/can afford

IKEA = niche → modern scandinavian design

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15
Q

situational analysis

A

gathering and studying aspects of the business

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16
Q

purpose of marketing

A
  • increase customer awareness
  • focus on target markets
  • satisfy the needs and wants
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17
Q

market research

A

Gathering of information about a specific topic, group, product or social issue with a specific purpose in mind → assist decision making

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18
Q

data collection

A

primary - gathering its own information directly from - - Surveys, experimental research, observational research

secondary - gathering research from already existing sources.
- internal sources - accounting, sales reports - within the business
- external sources - media, government

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19
Q

undifferentiated marketing

A

business provides one product for the whole market and is taking a mass market approach.

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20
Q

differentiated marketing

A

group their customers according to different characteristics such as age, income level, family size etc.

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21
Q

concentrated marketing

A

some businesses select just one part of the total market ie ferrari

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22
Q

geographic segmentation

A

when the market is divided into different geographical units

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23
Q

demographic segmentation

A

when the market is divided into groups based on variables such as age, gender, family size, income, education etc.

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24
Q

psychographic segmentation

A

this is when buyers are grouped according to, socioeconomic status (occupation, income and education), lifestyle ( interests and hobbies) or personality

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25
Q

behavioural segmentation

A

when buyers are grouped based on their knowledge of the product, their attitudes towards it, the way they use it and their responses to it.

Qantas mainly uses behavioural segmentation to select its target market. Buyers are distinguished according to trip purpose eg business and leisure/ travellers.

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26
Q

product/service differentiation

A

Differentiation involves providing greater customer value and making the product stand out clearly from that of competitors.

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27
Q

positioning

A

how consumers perceive the product in terms of the relationship between product quality and price.

By positioning in relation to its competitors i.e. launching Jetstar has eroded some of the market share held by virgin

IKEA positions its products at the lower end of the furniture market as the products are cheap compared to their competitors

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28
Q

branding

A

A brand can be a name, term, symbol or special design that identifies a good or service of a seller.

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29
Q

generic branding strategy

A

this uses a non brand name and very plain packaging. Businesses usually use this strategy when they want to position their product as low cost, i.e. Woolies select

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30
Q

individual brand strategy

A

with this each major product or product line is given its own brand name. A separate name can be used for many different products which are made by the same producer, ie Omo, Lux, Drive, Surf and Softy are all made by Unilever.

31
Q

family brand strategy

A

this groups all of a business’s products under one single brand name. This allows one image to be created and promoted, leading to increased awareness of the business and its products

32
Q

packaging

A

Packaging is the activity of designing and producing a container or wrapper for a product.
- persuade consumers to purchase the product
to protect purchasers by
- using anti-tampering devices and child safety caps

33
Q

family packaging

A

distributing several products in a similar way e.g. cadbury

34
Q

changing the packaging

A

a business may decide to change the packaging of a product in order to improve the quality

35
Q

reusable packaging

A

often used as a marketing technique, it stimulus repeat customers

36
Q

multiple packaging

A

this is when several items are packaged as a unit ie toilet paper

37
Q

cost pricing

A

markup on original price to cover costs

qantas determines cost of production then adds markup for profit

38
Q

market pricing

A

business looks at how much it thinks the consumers are willing to pay

39
Q

competition based pricing

A

when a business sets its price in relation to a similar product from a competitor

qantas monitors airlines such as virgin australia prices

40
Q

market skimming pricing

A

high price when entering the market used for first class and flights straight from perth to london

41
Q

market penetration pricing

A

low initial price when entering the market → large number of sales immediately

used for jetstar

main strategy used by IKEA

42
Q

loss leaders

A

some goods set below cost price to attract customers

sydney to melbourne as low as $19 to compete with tiger air

regularly used by IKEA

43
Q

price points

A

psychological price e.g $9.95 instead of $10 all IKEA products are priced ending in .99

44
Q

personal selling

A

advantages:
Explaining product benefits, demonstrate product correctly, answer questions

Disadvantages:
Leads to high costs

Q Sales representatives sell directly to travel agents, businesses and government departments

IKEA Representatives are available to assist customers

45
Q

advertising

A

Mass communication where the product is clearly identified → TV, radio, billboards etc.

Q Uses less blanket advertising and more direct however many people receiving the message are not in the target market

IKEA Catalogue printed in 208 million copies in more than 30 languages

46
Q

publicity/public relations

A

Non paid form of advertising → good image with business market and general public
Publicity: provides nw or information to the media that relates to the business

Q Has used John Travolta as brand ambassador, sponsoring sports for team travel and foundations

IKEA UNICEF’s largest global partner → support through soft toy campaign

47
Q

intensive distribution

A

where the product is available at every possible outlet, ie soft drink

48
Q

selective distribution

A

widely distributed but not intensive

49
Q

exclusive distribution

A

limits supply → very expensive to achieve elite image

50
Q

customised pricing

A

consumers in different countries are charged different prices for the same product. This is commonly used due to the added expense associated with exporting ie apple

51
Q

market-customised pricing

A

This sets the price according to local market conditions. It is more flexible.

52
Q

standard worldwide price

A

charging customers the same price for a product anywhere in the world.

53
Q

global branding

A

Name, term sign or logo that distinguishes one product from competitors
Global branding improves margins → drives down packaging design and advertising production costs

Global logo has the same colours as swedish flag to create sense of familiarity

Flying kangaroo creates instant recognition → safety, reliability, engineering

54
Q

standardisation

A

Offering the same product on a worldwide basis:
→ Customer interests are similar worldwide
→ Customers are willing to sacrifice product features and design for price
→ Economies of scale can be achieved through supplying globally

Q Uses standardisation to capture greater share of market → same product design, brand name packaging etc

IKEA Standardisation lead to greater economies of scale → lower prices → more profit

55
Q

differentiation

A

Used to stand out from competitors → reflect individual customer needs in different countries

IKEA had to customise european products to fit american market

Q Asian flights include asian meals and fluent asian speakers

56
Q

SWOT

A

Strengths - internal advantages
Weaknesses - internal disadvantages
Opportunities - external advantages
Threats - external disadvantages

57
Q

product life cycle

A

introduction

growth

maturity

decline

58
Q

marketing objectives

A

increasing market share
develop new products and services
expand existing markets
expanding sales through export markets

increase domestic flights as state borders have reopened
resume international flights

59
Q

product marketing

A

the strategy relating to product, deals with the particular product that the business is selling to capture the target market

59
Q

product marketing

A

the strategy relating to product, deals with the particular product that the business is selling to capture the target market

59
Q

price marketing

A

this is crucial when developing a marketing strategy because if customers do not accept the price of particular products then all other efforts relating to the good have been wasted

59
Q

promotion marketing

A

this can take on many forms such as personal selling, mass selling and sales promotion. It is the role of the marketer to blend these different types of promotion to achieve optimal results

60
Q

place marketing

A

getting the product in the right place at the right time

61
Q

implementing, monitoring and controlling

A

Implementation - marketing plan is put into operation

Monitoring - ensuring business objectives are being achieved

Controlling - keeping the business informed about its performance

62
Q

psychological factors

A

motivation
perception
lifestyle
personality and self concept
learning
attitudes

63
Q

socio cultural factors

A

culture
subcultures
family
reference groups

64
Q

consumer defenition ACL

A

Section 3 of ACL 2010: consumer = person who acquires goods or services priced under $40,000 for personal, domestic or household consumption

65
Q

deceptive and misleading advertising

A

Section 18 of the ACL prohibits a person from engaging in misleading or deceptive conduct

Bait and switch advertising - product advertised as reduced with only a limited number in stock → does not notify consumer →attracts sonumer to store to offer similar good at higher price

66
Q

price discrimination

A

Setting of different prices for products in separate markets

Q Fined by ACCC after colluding with airlines to fix fuel surcharges on its freight services to the US.

67
Q

implied conditions

A

Contractual terms which have no been expressly stated but courts are willing to enforce

Part 5-4 of the ACL states consumer can seek a refund, replacement or repairs if a supplier fails to satisfy obligations in relation to consumer guarantees

Q Fined $2m in 2019 for misleading consumers about their rights to refunds when a jetstar flight was elated or cancelled

68
Q

warranties

A

return products if they become faulty during a specified period
effective marketing tool for businesses, especially if they advertise extra warranty

The extent of the guarantee given for each product is described alongside each product. IKEA will examine the product and choose either repair or replace the product

69
Q

truth and accuracy, good taste in advertising

A

Promotional material should be true, accurate and in good taste
Truth and accuracy are legal requirement while good taste is an ethical issue

IKEA has come under fire for airbrushing women and girls out of its catalogues in Saudi Arabia. “We are looking into the issue and holding a dialogue with our Saudi franchise holder,” said, a spokeswoman for inter ikea systems.

70
Q

Engaging in fair competition

A

Section 45 of the ACL prohibits contracts, arrangements or understandings containing a provision which has. the purpose, effect or likely effect of substantially lessening competition.
Fostering the competitive environment to giver consumer diversity of choice quality and service

71
Q

sugging

A

selling under the guise of research.

unethical because the research motive is misleading to the consumer
when a product marketer falsely pretends to be a market researcher conducting a survey, when in reality they are simply trying to sell the product in question

Qantas was accused of ambush marketing during the sydney 2000 olympics when it linked itself to the olympics despite not being an official sponsor

HSC business (8 decks)

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