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Business Studies > Marketing > Flashcards

Marketing Flashcards

1
Q

What is marketing

A

All activities involved in the process of getting products and services from producers to consumers

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2
Q

Types marketing

A 
Market research
Store page 
Standardization and grading 
Transport
Financing
Insurance
Buying and selling
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3
Q

The 4 p of marketing

A

Product: place; price; promotion and in the middle is target market

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4
Q

7 ps

A

Sometimes people refer to the 7 ps, they are the 4 ps plus people, process and physical environment

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5
Q

Marketing policy instruments or the marketing mix

A

Product
Price
Distribution
Communication policies

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6
Q

Tasks do marketing manager

A 
Which products to sell
Prices
Expected sales
Distribution 
Communication between stakeholders examine environmental conditions
Analysis of competition 
Analysis of micro environment 
Select target market
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7
Q

Product classification

A

Industrial products
Convince products
Shopping
Speciality

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8
Q

Industrial products

A

Products used by businesses i.e. Machinery

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9
Q

Convince good s

A

Takes little thought and buy them everyday, cheap and widely available appeals to bug target market

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10
Q

Shopping products

A

Compared by quality

Takes more time to buy

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11
Q

Specially products

A

Very unique spend lots of time before buying one and actively look for it

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12
Q

Product life cycle

A

Introduction phase- high costs, low sales, low profits
Growth phase- falling costs, rising sales growing profits
Maturity phase- stable costs stable sales stable profits
Decline- stable cots, decline sales declining profits

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13
Q

Packing objectives and functions

A

Safety
Convenience
Promotion
Pollution

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14
Q

Requirements of good packaging

A

Must be eye catching and gain immediate attention
Suit the product
Suitably designed for target market.. i.e. Cheap good in cheap pack
Must be different from competitors
Support the image business is trying to create
Right for display purposes and meet retailers requirement
Environmentally responsible
Must protect contents
Should be easily to distribute

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15
Q

Packaging strategies

A 
Reusable packaging- durable materials
Speciality- luxurious looks appealing 
Multiple - more than 1 item
Kaleidoscope- changes according to trends
Family- all have similar styles... ex sim a
Combination- 2 in 1
Unit- immediate consumption 
Environmental friendly
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16
Q

Branding

A

Means a name, term or symbol to identity a product

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17
Q

Brand name

A

Part of the name that can be spoken… i.e. Letters words or numbers

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18
Q

Brand mark

A

Element that is not made up of words usually a symbol or design

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19
Q

Branding

A

Three stages…
1- brand recognition
2- brand acceptance
3- brand insistence

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20
Q

Trademark

A

May consist of words or drawings, numerals, signs, symbols or colors

Can be a brand name, slogan, logo, or shape or combination of these

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21
Q

Purpose of trademarks

A 
Identification 
Protection
Advertising
Product range expansion is easier
Creates loyalty 
Product image
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22
Q

Registration of trade marks

A

All must be registered in terms of trade mark act
Registration takes place at CIPRO companies and intellectual property registration office
Must be renewed

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23
Q

Publicity types

A

News stories
Personal appearance
Press release

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24
Q

Value of publicity

A

It has a higher degree of credibility
Its free
Quick reaction time
Greater emphasis, not paid for by business

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25
Q

Sales promotions… how do they help businesses

A

Encourage more consumers to buy the product
Build awareness about product
Reward loyalty

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26
Q

Promotional program considerations

A

1- what incentive will be offered to consumers
2- how will the incentive be delivered
3- what media strategy will be used to inform consumers

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27
Q

Sales promotions…

A 
Buy one get one free
New technological media
Discounted prices 
Free samples
Joint promos 
Vouchers and coupons
Competition and prize draws 
Cause
Finance deals
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28
Q

What is personal selling

A

Two ways exchange of info and ideas
Face to face contact between buyer and seller
Seller must persuade the buyer to buy the product

29
Q

Techniques for personal selling

A

Cold canvassing
Telemarketing
Transaction marketing
Relationship based selling

30
Q

Cold canvassing

A

A sales tactic where a person calls across a list for specific areas and targets specific buyers but with the primary goal of collecting info face to face

31
Q

Telemarketing

A

Also known as inside sales… where a sales person targets prospective buyers and tries to sell the product ver the phone or face to face

32
Q

Transaction marketing

A

Helps business focus on a single point of sale, manly used to try maximize the efficiency and volume of an individual sales rather then developing an ongoing relationship with a buyers

33
Q

Relationships based selling

A

Sales tactic where seller works on building relationships with people instead of traditional sales tactics
This leads to more people knowing and trusting you leading to more people buying products

34
Q

Advertising methods

A 
Print media 
Broadcast media
Online advertising 
Point of purchase 
Outdoor billboards 
Busses, taxis ad cars 
Telemarking 
Exhibitions and trade shows
35
Q

Advertising methods steps

A 
1 market research 
2 aims
3 budget
4 choice media 
5 create advert using AIDA
6 launch campaign in the media
36
Q

Fighting of adverts

A

Continuous- all the time
Front loading- maximizes initial sales…. so lots at start
Pulse fighting- done during separate periods…. so breaks between
Seasonal pulse- so advertise at a specific season

37
Q

Types of distribution

A

Direct

Indirect

38
Q

Direct distribution

A

Exchange without any intermediary

Consumers buys product straight from manfacrtor

39
Q

Indirect distribution

A

Exchange with intermediaries

Intermediaries…. wholesalers; agents; brokers; retailers

40
Q

Indirect distribution process

A

Manufacturing– agent/broker – wholesale– retailer –consumer

41
Q

Reasons for direct distribution

A 
One on one with customer
No unwilling intermediaries 
No auxiliary services 
No delayed delivery 
Cheaper 
No Profit sharing
42
Q

Reasons for indirect distribution

A 
Costly to use intermediary 
Lack of knowledge 
Location of target market 
Manufactures cant supply all auxiliary services offered by intermediaries 
Could save cost by not being distributor
43
Q

Distribution strategies

A

Exclusive distribution
Selective distribution
Intensive distribution

44
Q

Exclusive distribution

A

Speciality products

One outlet in a particulate area

45
Q

Selective distribution

A

Shopping products

Small number of outlets meeting specific criteria

46
Q

Intensive distribution

A

Convince products

Every available outlet

47
Q

Selecting a distribution chanel

A

lol at characteristic of the market
Characteristics of the product
Characteristics of the manufacturing

48
Q

Characteristics of the market

A

Few customers and in close proximity

Scattered customer base

49
Q

Characteristics of the product

A

Does the product require after sales service and will an intermediary supply it
Are the goods perishable

50
Q

Characteristics of the manufacturing

A

Are they bug and financially strong or small and weak

Degree of control the manufactures want to have

51
Q

What is forgein marketing

A

Marketing that takes place outside a countries own boarders

52
Q

Advantaged of foreign marketing

A
  • An organization can increase profits by expanding market share
  • The variety of markets could reduce impact of economic downswing in one country through the upswing of the economy of another
  • there are favorable tax advantages for exporters
  • if the local market for as specific product becomes saturated then expansion to international markets is the answer
53
Q

When does foreign marketing occur

A

Importing or exporting
Marketing for international markets influences the punches of consumers and can cause and increase or decrease in importing and exporting

54
Q

Factors influencing foreign marketing and trade

A 
Subsides 
Quotas
Tariffs
Exchange controls 
Embargo
Cultural difference
55
Q

Subsides

A

A government may give financial assistance towards the costs of locally produced products it enable them to be sold at lower prices

56
Q

Quotas

A

This is a limit that set on the quantity of a reduction that is allowed to enter the country during a year

57
Q

Tariffs

A

Taxes or systems duties charged on imported goods with the intention of raising the cost of imported goods

58
Q

Exchange controls

A

A country restricts the availability/use/quantity of foreign currency to importers. Ban the use of certain currencies or fix exchange rates

59
Q

Embargo

A

An outright ban on trading between one country and another

60
Q

Cultural differences

A

These differences include languages, expressions, habitats, gestures, idealogies, and much more

61
Q

Factors influencing forget marketing and trade

A

Language barriers

62
Q

Factors affecting price

A

Internal

External

63
Q

Internal factors effecting price

A

Company objectives
Marketing mix 4ps
Production costs
Organization culture

64
Q

External factors

A 
Consumers
Competition
Suppliers
Legal matters
Government 
Economic environment
65
Q

Pricing strategies

A

Cost based
Value based
Completion bases
Discount based

66
Q

Cost based

A

Focuses on costs
Fair to both buyers and sellers
Ignores important internal and external factors

67
Q

Value based

A

Based on demand

The clusters place value on these products

68
Q

Competition based

A

Going rate pricing

Analyses what your competition is doing with their prices and try be better than them

69
Q

Discount strategies

A

Trade discount – from business or supplier
Quantity discount – bulk
Cash discount
Seasonal discount

Business Studies (8 decks)

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