Marketing Flashcards
Explain types of marketing activities that could be utilized to enhance its brand presence and customer engagement.
Sourcing and supplying of information: the responsibility of the marketer or seller to identify who and where the potential buyers of the product are. This information is needed in order to supply information to potential buyers using applicable marketing communication methods such as social media, advertising and personal selling,
Standardisation and grading: There are general standards to which products must adhere and conform, and the marketer needs to ensure that these standards are met.
Storage The main function of storage is to close the time gap - that is, the time between production and usage. Apples, for example, are seasonal, but are also stored in cold. rooms to be made available during the year when there is a demand for them out of season.
Financing: Identifying where the money will come from, which may include internal funds, investments, loans, or revenue. Creating a detailed budget that outlines the financial resources needed for different marketing activities, such as advertising, promotions, and market research.
Risk taking: The owner of the product is exposed to the risk of loss or damage, and can insure the goods against some risks, such as arson, theft and storm damage.
The concept of exchange: It means that people give up something to something they would rather have. We give up money to get the products and services we want. Buying activities are not regarded as a marketing task, but rather as the responsibility of a business’s purchasing department. Selling, on the other hand, is a very important task of the marketing department of a business.
Identify and explain three social factors that might influence the purchasing behaviour of the young professionals and students mentioned in the scenario.
Reference groups (e.g., peer influence)
Family dynamics
Roles and status and cultural trends
Describe three target market segment approaches.
Demographic Segmentation: Dividing the market based on demographic factors such as age, gender, income, education, and family size. This approach helps tailor products and marketing strategies to specific groups. For example, a company might target luxury products to high-income individuals or educational toys to families with young children.
Geographic Segmentation: Segmenting the market based on geographical locations, such as regions, cities, or neighborhoods. This approach addresses differences in local needs, preferences, and cultural factors. For instance, a clothing brand might offer different styles in colder regions versus warmer climates.
Psychographic Segmentation: Categorizing consumers based on their lifestyles, values, interests, and attitudes. This approach helps create more personalized and relevant marketing messages. For example, a fitness brand might target health-conscious individuals who prioritize wellness and active living.
Outline four factors influencing consumer behaviour that should be taken into consideration when positioning the company’s new product line. Refer to the script for example to support your answer.
Psychological Factors: How consumers perceive the product’s attributes, benefits, and brand image. Understanding what drives consumer needs and desires.
Social Factors: The impact of social groups, family, and friends on consumer decisions.
Cultural Factors: Cultural beliefs and practices affect consumer preferences.
Personal Factors: Different age groups and life stages have distinct needs and preferences. Consumers’ lifestyles and activities influence their purchasing decisions.
Describe the segmentation approach/es applicable to the company description provided.
Geographic, gender, income, demographics,
Describe the marketing gaps which can be in developing a marketing strategy.
Space Gap: Addressing space gaps involves adjusting the marketing strategy to ensure that the product or service is effectively positioned and available where and how the target market prefers it, thereby maximizing reach and effectiveness.
Time Gap: Addressing time gaps involves aligning product or service offerings with market needs and timing, ensuring that introductions, updates, and deliveries meet consumer expectations and capitalize on market opportunities effectively.
Information Gap: Bridging the information gap involves enhancing communication strategies, improving market research, and ensuring that consumers have access to relevant and clear information to make informed decisions.
Ownership Gap: Addressing the ownership gap involves strategies to enhance market presence, align brand perceptions with intended positioning, improve customer engagement, and clarify intellectual property rights to bridge any gaps effectively.
Value Gap: Bridging the value gap involves aligning marketing messages with actual product or service performance, meeting or exceeding customer expectations, and ensuring that the value delivered matches or exceeds the value perceived by consumers. This helps in enhancing customer satisfaction and loyalty.
Discuss the marketing mix for either a manufacturing or service providing firm. Give examples from the Case Study
Product, price, promotion, place, people, physical product and processes
Describe the brand positioning process steps that make the company in question achieve its marketing strategy. Use examples from the case study
Identify All Major Competing Brands
Identify Which Variables Are Most Relevant to Consumer Needs and Wants
Determine the Consumer’s Perception of Your Brand and Competing Brands
Analyze the Strength of Major Brands
Analyze the Brand’s Current Position
Determine Which Variables Consumers Prefer
Select Positioning
Strategy That Best Satisfies Consumer Preferences
