Marketing. Flashcards
What is marketing?
The Identification, Satisfaction and revisit of Customer Needs
What is the purpose of marketing?
To bridge the gap between the conflicting needs of producers and consumers by completing the production process.
-Keep customers repurchasing.
What is market-orientated marketing?
A business develops its marketing mix based on what the market wants, no matter what the strengths of the business are.
-Considers customers its biggest assets.
-Respond quickly to market changes.
-Have more confidence in a product.
Advantages of market orientated marketing?
-Flexible to market changes.
-Business continue to innovate and adapt products.
-Greater customer satisfaction.
-Loyal customers are less susceptible to competition.
Disadvantages of market orientated marketing?
-High cost of market research.
-Unpredictability of future.
-Constant change may irritate employees.
What is product orientated marketing?
A business develops products that it is good at making.
-Focus on creating a technically sound product and selling it.
-Customers are contacted at the final stage.
-Fashions and tastes are not accounted for.
Advantages of product orientated marketing?
-Increases economies of scale.
-Product development still listens to customers.
-Focuses on quality.
-Employees are specialised and focused.
Disadvantages of product orientated marketing?
-Won’t respond to changes in market so could lose out to rivals.
-Leads to stubborn managers who refuse to change.
What is asset led marketing?
When marketing decisions are based on the needs of the consumer and the strengths of the business.
Advantages of asset led marketing?
-Good quality AND a wanted product.
-Cost of market research is lower
-Makes assets worthwhile.
What is database marketing?
tracking consumers’ buying habits very closely, and then crafting products and messages tailored precisely to people’s wants and needs based on this information
What is the marketing mix?
4 ps, process, people and physical.
What is global marketing?
Successfully placing a product in a worldwide market.
What is involved in global marketing?
Planning, changing product to match country’s needs, finding out preferred distribution channels, how price sensitive, culturally appropriate promotion.
What is glocalisation?
Expanding globally by meeting local needs.
What are global brands?
Products that are recognised worldwide.
-Little change in the marketing mix.
-Access more economies of scale.
Why is global marketing difficult?
-Political and social differences.
-Legal differences- labelling, environment, safety.
-Economic differences- taxation, import barriers.
Marketing mix for small local markets?
-competitive pricing.
-specific target market.
-local distribution and local promotion.
Marketing mix for large national markets?
-Consistent marketing to establish brand identity.
-Diverse product portfolio.
-National TV and newspaper.
-Placed where most customers are.
Marketing mix for global markets?
-Glocalised or global brand.
-Prices varies upon incomes.
-O,line and producer-consumer distribution.
-National advertising in each region.
Marketing mix for goods?
-focuses on differentiation and design.
Marketing mix for services?
-Emphasises quality and accessibility.
-High brand loyalty because the customers experience it.
-Need to be close to target market because intangible so has to be producer-consumer.
Marketing mix for niche products?
-Need to do detailed market research.
-Product is specialised and has USP.
-Higher prices.
Marketing mix for mass markets?
-emphasises cost, efficiency, and USP.
-very competitive.
-Multi channel distribution.