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Professional Studies 4 > Marketing > Flashcards

Marketing Flashcards

1
Q

What is marketing?

A

Management process responsible for identifying, anticipating and satisfying customer requirements profitably

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2
Q

What is a market?

A

A group of people who are interested in buying a product or service

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3
Q

What is a marketing strategy?

A

A businesses overall game plan for reaching prospective clients and turning them into customers of the products/services the business supplies

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4
Q

What is a marketing strategy framework?

A

A high level, overall strategic plan that is connected to the entire brand, and its organisational objectives (bigger picture)
Used to help inform the marketing campaign

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5
Q

What is a marketing campaign?

A

More focussed, short term initiatives to achieve a very specific goal
Describes the logistical details for each specific project

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6
Q

What is market segmentation?

A

Dividing a market into segments characterised by similar factors

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7
Q

What are some ways the veterinary market can be segmented?

A

Farm, equine, small animal
Client demographics - income, age, family, couple. retired, working
Vet products - over the counter, prescription meds, vet procedures

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8
Q

How has the vet industry changed recently?

A

Companies can now own/run vet practices
Wholesalers, pet shops and online pharmacies can now supply veterinary medicines

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9
Q

What is the most price sensitive segment of clinical vet work atm?

A

Routine vet procedures - most take a low margin approach for high volume work

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10
Q

What segment of clinical vet work is most reliant on customer relationships atm?

A

High end vet procedures - price not a decision factor as so high, more difficult to price compare between practices
Customer relationships get you the money

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11
Q

What different acronyms can you use when setting a marketing strategy?

A

SMART marketing objective and goals
PEST analysis
SWOT analysis

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12
Q

What does SMART stand for when setting a marketing strategy?

A

Specific, measurable, achievable, relevant and time bound

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13
Q

What does PEST stand for when setting a marketing strategy?

A

Political, economical, social and technological analysis - the external factors on market trends/conditions

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14
Q

What does SWOT stand for when setting a marketing strategy?

A

Strengths, weaknesses, opportunities and threats
Used to assess/adjust the businesses position to increase the chance of success
Strengths/weaknesses - internal aspects of business you can control
Opportunities and threats - external aspects you cant control

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15
Q

What are the different elements of marketing you can use?

A

Traditional eg. print media
Content creation eg. videos, blogs
Branding and design - logos, clothing
Public relations
Digital - website, social media

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16
Q

What affects how much the business should spend on marketing?

A

Competition - need to spend more if there is more competition
Maturity of service/product - new needs more
Business model
Market position
Business size
Target market

17
Q

What is brand?

A

The entire experience your clients have with your company
eg. marketing materials, communications, how they are treated, discussion with friends

18
Q

What is positioning in relation to brand?

A

The way that the customers perceive your company compared to your competitors - needs to be distinct, unique and positive

19
Q

What is identity in relation to brand?

A

Is what the brand says, what the value of the company are and how you shape the impression clients have of the business

20
Q

What is image in relation to brand?

A

How the customers develop their perception of the business over time

21
Q

What is voice in relation to brand?

A

How the business conveys information to clients
eg. informative, empathetic, professional and caring

22
Q

What is personality in relation to brand?

A

The way in which you would expect the brand to be if it was a person eg. Sincere, competent

23
Q

What is the marketing mix?

A

The combination of elements used by a business to enable it to meet the needs and expectations of customers

24
Q

What are the 7 Ps of the extended marketing mix?

A

Product - the goods/service the customer buys
Price - how much the client will pay
Promotion - persuading to buy
Place - how its distributed to customer
People - people in contact with customer
Process - system of product delivery
Physical - the physical environment the customer experiences

25
Q

What is relationship marketing?

A

A form of marketing that emphasizes customer retention and satisfaction rather than sales transactions - long term

26
Q

What are the different marketing channels?

A

Digital
Traditional
Referral

27
Q

What are key performance indicators?

A

How to measure if marketing is being successful

28
Q

What is customer lifetime value?

A

A prediction of the value your relationship with the client can bring to the business - how much money a client spends at the vets over a lifetime on average
Tells how much to spend on acquiring clients compared to retaining clients

29
Q

What is inbound marketing?

A

Connects with audience through organic means such as search engines or sharing links with friends

30
Q

What is search engine optimisation?

A

Getting your website to the top of a google search

31
Q

What is application development?

A

Developing apps your clients will find useful

32
Q

What is customer retention?

A

The deliberate and planned use of resources to ensure that your clients keep returning to the practice

33
Q

How much more does it cost to acquire a new customer compared to retaining an existing customer?

A

Between 5-25 times more expensive

34
Q

What is transactional/low relational marketing?

A

Aims to increase efficiency and volume of point-of-sale transactions
More focus on making the sale rather than forming a relationship with the customer

35
Q

What are 4 advantages of relationship marketing?

A

High levels of customer satisfaction
High levels of customer retention
Competitive advantage and creation of a USP
More word of mouth referrals

36
Q

What are 2 disadvantages of relationship marketing?

A

Can be costly in markets where price is the main decision factor
It is not useful when clients have no need to make further purchases

Professional Studies 4 (10 decks)

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