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Business > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing

A

the activities a company undertakes to promote the buying or selling of its goods or services

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2
Q

Tangible Resources

A

are resources that are physical substances that a company utilises

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3
Q

Intangible Resources

A

are resources that a company utilizes that have no physical existence

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4
Q

Asset

A

a useful or valuable thing, person, or quality

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5
Q

Resources

A

a source or supply from which a benefit is produced and has some utility

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6
Q

Tangible asset

A

are assets that are physical substances that are valuable to the company

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7
Q

Intangible asset

A

are assets that are valuable to the company that have no physical existence

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8
Q

Product orientation

A

a business approach where companies focus on their products (through R&D)

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9
Q

Market orientation

A

a business approach where companies prioritize the needs and desires of their customers above everything else (sellable products) - [gathered from market research]

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10
Q

Advantages of product orientation

A
  • focuses on creating and offering higher quality goods or services
  • focusing on R&D, reduced risk with competitive advantages
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11
Q

Disadvantages of product orientation

A
  • requires highly skilled staff (and costly) to create new ideas
  • no guarantee that customers will like it even with lots of capital invested
  • neglects customer wants and needs
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12
Q

Market share

A

refers to the sales revenue that a business accounts for within a given market or industry

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13
Q

Market share %

A

= (firm’s sales/total sales in the world) x100

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14
Q

Market leader

A

refers to the business with the largest market share in a given industry

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15
Q

Marketing mix

A

focuses on {product, price, promotion, place,} people, processes, and physical evidence

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16
Q

Product

A

Goods or services sold to make a profit

17
Q

Price

A

the cost of the product that the customer pays

18
Q

People

A

the individuals who are directly or indirectly involved in the marketing of goods or services

18
Q

Promotion

A

specific advertising that reaches the target market for the product

19
Q

Place

A

where the customers buy your product, or where they discover it

20
Q

Processess

A

the process of delivering the product and the behaviour of those who deliver it

21
Q

Physical evidence

A

everything your customers see when interacting with your business

21
Q

Product life cycle

A

X-axis: Time, Y-axis: Sales revenue
1. Research & Development
2. Launch
3. Growth
4. Maturity
5. Decline

22
Q

Extension strategies

A

are marketing approaches used to lengthen the product life cycle

23
Q

Examples: extension strategies

A
  1. Product enhancement or modification
  2. targeting new markets
  3. company diversification
  4. licensed partnerships
24
Q

Boston Consulting Group Matrix

A

(Market Share x Market Growth)
stars, question marks, cash cows, dogs

24
Q

Market growth %

A

= [{market size in period 2 — market size in period 1}/market size in period 1] x100

25
Q

Question marks

A

low market share, high growth (growing)

25
Q

Stars

A

high market share, high growth (growing)

26
Q

Cash cows

A

high market share, low growth (mature)

27
Q

Dogs

A

low market share, low growth (mature)

28
Q

Packaging

A

refers to the art of presenting a product in a advantageous way to the consumer

29
Q

Branding

A

is a marketing technique used to give a product or business a unique name or identity

29
Q

First mover advantage

A

is a product that gains a competitive advantage by being the first to market with a product or service

30
Q

Market research

A

are a variety of marketing activities that determine the opinions, beliefs and feelings of existing and potential customers

31
Q

Primary market research

A

involves the gathering of new data and information, because these do not currently exist.

32
Q

Secondary market research

A

involves the collection of data and information that have already been collected by another source

Business (3 decks)

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