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BUSINESS > MARKETING > Flashcards

MARKETING Flashcards

1
Q

Define marketing

A

On going activities to connect the business with the target market to convince them to purchase the product or service

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2
Q

What does strategic planning involve

A

Formulating the vision
Translating that vision into the mission statement and then formulating the marketing strategy(in this you do enviro scanning - determining USP - and determining marketing budget)

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3
Q

What is the strategic role of marketing

A

Creating and supporting a strong and positive brand identity in the market through a well planned and well implemented marketing strategry

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4
Q

What is the process to formulate a marketing strategy

A
  1. Preform an environmental scan
  2. Define the target market and Unique Selling Proposition (USP)
  3. Determine the marketing budget
  4. Implement the marketing mix to achieve the aims of the marketing strategy
  5. Evaluate the effectiveness of the process and take corrective measures where necessary
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5
Q

What is environmental scanning

A

External and internal analysis (industry,competitor,consumer, swot, value chain, resource based, usp)

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6
Q

What is market mapping

A

Visual representation of market conditions and trends, different competitors are plotted on the map and then when the business knows their own position relative to these competitors- the marketing efforts will be geared to creating, maintaining or gaining competitive advantage

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7
Q

What is LSM groups

A

It is a tool that divided individuals based on avaliable disposable income and socio economic status. 1 being low income and 10 being high income with high disposable income.
This is used to then create a target market however other factors should be considered like culture and lifestyle, often marketing departments use cookies and analyse loyalty cards to specially market to different groups

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8
Q

What is the USP based on

A

Costs
Brand identity
Utilisation/ incorporating technology
Quality

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9
Q

What is the main aim of all marketing

A

To ensure that the 7 ps of marketing are directed at the consumer. This means that the marketing stratergy is fully implemented

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10
Q

What is the marketing mix

A

Product, price, place, promotion

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11
Q

What is the communication mix

A

Advertising, sales, personal selling, publicity

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12
Q

What is the service marketing

A

People, physical evidence and processes

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13
Q

What is market penetration pricing

A

Sell product at low price to get new customers- then increase the price after customer loyalty is built

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14
Q

What is leader pricing

A

Business reduces the price of some products to get customers to the shop in hopes they will spend more money

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15
Q

What is promotional pricing

A

Discounts offered at special events

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16
Q

What is bulk discount pricing

A

Large quantities at lower cost

17
Q

What is Prestige pricing

A

Charging based on brand and image - paying more for the product bc of brand name

18
Q

What is the distribution channel

A

Manufacture - wholesaler - retailer - consumer

19
Q

What is the last step in the marketing strategy

A

To evaluate and review the process to identify preformance gaps - often done by TQM

20
Q

What is the aim of the CPA

A

Purpose is to put legislation in place that will protect the rights of the consumer by ensuring the seller acts in a fair manner when goods/seller are supplied to consumers - it stipulates certain behaviour required by the business in the marketing of goods and services

21
Q

Name 3 rights outlined by the CPA

A

The right to fair and responsible marketing [no bait marketing]
The right to privacy
The right to disclosure of information

22
Q

What is the ARB

A

Advertising regulatory board - ensure businesses act in a legal + ethical manner
The IBA (independent broadcasting authority act) gives the ARB legal recognition + right to implement the code of advertising practice in which all advertisers have to comply

23
Q

Give 3 examples of unethical advertising

A
  • materialism where false needs are created
  • deceptive names (pizza slimming meal)
  • competitive advertising is illegal and unethical
24
Q

What are the steps to Philip kotler buying decision model

A
  1. Buyer receives stimulus (external factors like 7 ps, economic, political or technological)
  2. Buyer processes stimuli (different steps | recognise problem | search for info | evaluate different alternatives | make purchase decision) - this step is influenced by personal, physiological, social and economic factors
  3. Post purchase behaviour
25
Q

What is brand extension

A

An existing brand is used to launch a new product into the same or related market

26
Q

What is brand stretching

A

An existing brand is used to launch a product into an unrelated market

BUSINESS (9 decks)

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