Marketing Flashcards
What is Marketing
The managing process that identifies, anticipates and satisfies customer requirements for profitability
Product- Orientated approach to marketing
Focus on skills, knowledge & systems needed to produce a specific product
- research done focuses on the characteristics of the product
Market- Orientated approach to Marketing
- focus on satisfying needs & wants
- do market research on an on-going basis in order to identify new trends
The marketing process
1.Market research & development
2. Promotion
3. Logistics/ distribution
4. Sales
What are the aims of the marketing function
- increase market share by maintaining a competitive advantage
- broadening the target market by developing new products/ improving the current ines
- identifying new markets so business can grow
Market segmentation
Divides the overall market into different groups to focus the business resources on customers with similar characteristics
What does market segmentation look at
- Income bracket
- Lifestyle
- geographical area
- cultural grouping
What is the marketing mix and are its components
Element used to ensure products/ services are marketed effectively
- product
-place
- price
- promotion
Different types of products
- Consumer goods
- Consumer services
- Producer goods
- Producer services
What makes a product successful
- satisfies needs & wants
- design
- cost
- competitive advantage
Steps taken to develop a product
- Generate ideas
- Research/ filter the ideas
- Feasibility and viability studies
- Build prototype
- Market testing
- Product launch
Product life cycle
1.Development
2. Introduction
3. Growth
4. Maturity
5. Decline/ withdrawal
How can you extend the product life curve
- Variation
- New market
- Development
- Distribution channels
- promotion
- price
What is the importance of packaging
Protection of products
Makes product handling easier
Promotes product( appealing)
Reinforces brand image
Price
- can indicate quality
- must be able to recover costs
Pricing objectives
- cover production costs
- increase profit
- competitive edge
- increase business market share
What are the different types of pricing strategies
Cost-plus pricing
Competitive pricing
Pentration pricing
Promotional pricing
Price skimming
Psychological pricing
What should you consider when deciding in a distribution channel
- Type of product
- location of customers
- Purchase timing
- Competitors
What is promition
Is about giving the customer information about the products
Advertising steps
- Set objectives
- Advertising budget
- Design advertising campaign
- Media selection
- Evaluate success
What are the types of promotion techniques
- Price
- Free samples
- Competitions
- Point of sale displays
Personal sales
Used when there are variations of the product/ service
What is an advantage of international marketing
Access to better quality material
Cheaper labour
Bigger market
What is the disadvantage of International marketing
Greater competition
