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HSC Business Studies my > Marketing > Flashcards

Marketing Flashcards

1
Q

Factors influencing consumer choice… 4

A

Psychological, Sociocultural, Economic, Governmental.

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2
Q

Eg of physcological influence

A

Person buys a bike because they like the outdoors.

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3
Q

Eg of Sociocultural influence

A

You group goes to maccas so you buy something to fit in

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4
Q

Eg of economic influence

A

Uncertainty in 2008 reduced luxury spending.

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5
Q

Eg of govt influence

A

Put subsidy on watertanks.

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6
Q

Time frame of production approach…

A

1820-1920

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7
Q

Time of selling approach…

A

1920-1960

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8
Q

Time of Marketing approach…

A

1960 - now

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9
Q

Resource market definition

A

Consists of groups engaged in primary production. Mining, fishing, ag

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10
Q

Industrial Market

A

Industries and businesses that purchase produces to use in the production of other products or in their daily production. Eg Sony buys plastic. Bakers del buys flour.

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11
Q

Intermediate market d

A

consists of wholesales and retailers who purchase finished products to make a profit

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12
Q

Consumer markets

A

consists of individual, people who buy products they plan to consume.

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13
Q

2 types of consumer markets…

A
  1. Mass

2. Niche

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14
Q

In a mass market, the seller…

A

mass produces, promotes and distrributes one product

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15
Q

A niche market

A

narroly segmented target market segment

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16
Q

Factors influencing consumer choice 3

A
  1. Psycological
  2. Socio cultural
  3. Government
  4. Economic
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17
Q

Psychological influences…

A

influences within an individual that affect his or her buying behaviour.

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18
Q

Aspects of psy influences 6

A
  1. Perception - how we interpret info
  2. Motive - reason behind a purchase
  3. Attitude - overall feeling about a product
  4. Personality - collective of behaviours that make up a person
  5. Self image - how someone view themself.
  6. Learning - changes in behaviour caused from experiences
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19
Q

Sociocultural influences d

A

are forces exerted by other people and groups that affect buying behaviour

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20
Q

Examples of sociocultural groups…4

A

Social class, culture, family, peer groups (colleges, friends)

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21
Q

Economic influence d

A

how the state of the economic cycle influences buying habits.

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22
Q

Govt influence d

A

policies that directly or infirectly influence business and consumer activity

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23
Q

Law that influences consumer and business examples

A

CACA 2010, Fair trading act 1987

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24
Q

Unconscionable conduct -

A

Unreasonal conduct that is often illegal.

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25
Q

Law introduced in 2011

A

ACL. Protects customers nation wide.

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26
Q

The CACA 2010 does 2 things

A
  1. Protects consumer against undesirable business acts

2. Prohibits restrictive/unfair business practices

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27
Q

2 Main types of restrictive trade practices

A

Deceptive and misleading advertising.

Price Discrimination

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28
Q

A warranty…d

A

Promise to repair or replace faulty products

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29
Q

Implied conditions…d

A

Unspoken or unwritten terms of a contract. Imply terms - most important - product is of acceptable quality.

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30
Q

Main ethical critisicms of marketing…4

A

1 Creation of needs - materialism
2 Stereotypical images of male and female
3 Use of sex to sell products
4 Product placement.

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31
Q

Why is creation of needs unethical

A

People buy what they dont need

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32
Q

why is stereotypical images of male and female unethical

A

Perpetuate gender roles.

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33
Q

Why is use of sex to sell products unethical

A

Creates unrealistic images - use sex appeal to imply that customers will increase attractiviness.

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34
Q

Ethical issue surrounding product placement

A

Blurrs the line between entertainment and advertising.

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35
Q

Unethical examples of marketing.. (under truth and accuracy of marketing dp) 4

A
  1. Untruths due to concealed facts - eg coke doesnt rot teeth (IF YOU BRUSH ST8 AFTER)
  2. Exaggerated claims - puffery
  3. vague statements - ambiguous language - “helps fight against”
  4. Invasion of privacy
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36
Q

Eg of unethical marketing that may damage health

A

Junk food on kids games sites.

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37
Q

To ensure ethical marketing, firms should establish…

A

A corporate ethical marketing policy.

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38
Q

Sugging d

A

Selling under guise of research/survey. Violates privacy and deception

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39
Q

Regulation of marketing in Aus?

A

Self regulated. Thru the Advertising standards bureau.

40
Q

Marketing process 7

A
  1. Situational analysis
  2. Market research
  3. Establish market objectives
  4. Identify target markets
  5. Develop marketing strategies
  6. Implementation, monitoring and controlling
41
Q

2 ways of situational analysis…

A

SWOT. Product Life Cycle

42
Q

What does a SWOT do?

A

Assess business situation compared with its competitors.

43
Q

Steps for market research…3

A
  1. Determine information needs.
  2. Collect data
  3. Data analysis and interpretation
44
Q

Primary data…d

A

information from original sources. eg interviews, surveys

45
Q

Secondary data…d

A

Info collected by other organisations. eg ABS and industry reports

46
Q

Marketing objectives…

A

Realistic and measurable goals to be achieved through the marketing plan.

47
Q

Marketing objectives could include…

A

Increase market share, Expand product range. Maximise customer service.

48
Q

Target market d

A

a group of present and potential customers a business intends to sell to

49
Q

Primary target market vs Secondary Market

A

Mainly aimed at vs smaller and less important

50
Q

Why identify a target market?

A
  1. Use marketing resources more efficiently - use the right forms of promotions at the right people.
  2. Refine marketing strategies to influence choice more effectively.
51
Q

Marketing strategies d

A

actions that are taken to achieve objectives thru marketing mix

52
Q

Monitoring…d

A

Checking the actual process of a marketing plan.

53
Q

Emphasis on each of the 4 Ps is most influenced by…

A

Positioning and Product lifecycle

54
Q

Implementation…d

A

Putting marketing strats into operation

55
Q

Controlling process marketing… two steps

A
  1. Establish KPI

2. Compare or evaluate the result.

56
Q

Two aspects of a financial forecast…

A

Marketing cost estimate and revenue estimate

57
Q

3 (KPIs) ways to compare actual and planned results and measure success…

A
  1. Sales analysis (cost and revenue).
  2. Market Share
  3. Marketing profitability analysis (breaks down costs of each marketing action to determine profitability of each).
58
Q

Ways to revise a market strategy…4

A

Changes in the marketing mix.
Dev new products.
Product Deletion.
Reallocate marketing resources.

59
Q

4 ways to segment the market…

A

Demographic
Geographic
Psychographic
Behavioural

60
Q

Psychogaphic segmentation…d

A

Dividing the market according to personality, characteristics, motives, lifestyle, opinions, socioeconomic group etc.

61
Q

Demographic segmentation…d

A

Dividing by features of a population eg. age, gender education, income,

62
Q

Behavioural segmentation…d

A

Dividing market according to customers relationship with the product. Ie knowledge of the product, attitude towards or benefits sought from the product.

63
Q

Methods of differentiation…5

A
  1. Value for money
  2. Customer service
  3. Environmental concerns
  4. Convienience - eg microwaveable foods
  5. Social and ethical issues
64
Q

Businesses that differentiate thru social and ethical issues are taking advantage of…

A

Ethical consumerism

65
Q

Product positioning…d

A

technique in which marketers create an image for a product compared to its competitors.

66
Q

The ultimate goals of market segmentation…2

A

Boost profit + market share by better understanding and responding to desires of different target markets.

67
Q

Total product concept…d

A

refers to the tangible and intangible benefits a product possesses

68
Q

Benefits of branding for customers 3

A
  • Identify and reuse products they like
  • Evaluate quality
  • Gain psychological reward from purchasing prestigious brand
69
Q

Benefits of branding for Business 3

A
  • Get repeat sales bc customers recognise product. Encourages loyalty and can raise price
  • Promo activities indirectly benefit all branded products
  • Introduce new products when customer already accustomed to brand
70
Q

Brand symbol or logo..d

A

Is a graphic representation that identifies business or product

71
Q

3 Branding strategies…

A
  1. Manufacturers brand or national brand
  2. Private or house brand
  3. Generic brands
72
Q

Examples of manufacturers/national brand…

A

Billabong, Sunbeam, Masterfoods

73
Q

Examples of private or house brands…

A

Myers brands… Reserve, Urbane. Kmart = Home & Co.

74
Q

who are private or house brands owned by…

A

wholesaler or retailer.

75
Q

Pros for national/manu brand 2

A

Widely recognised and avaliable.

Consistent quality.

76
Q

Generic products…d

A

Products with no brand at all

77
Q

Packaging..d

A

development of a container and the graphic design for a product

78
Q

Packaging purposes..5

A
  • Preserves
  • Protects
  • Attracts customers
  • Displays
  • Makes storage easier
79
Q

Packaging is important because it is a form of…

A

Gives first time impression and Communication

80
Q

Examples of packaging as communication 4

A
  • Soft drink pack red = cola
  • Dishwashing liquid in yellow container = lemon scented
  • Black or gold packaging = premium/luxury
  • green packaging = enviro friendly
81
Q

Labelling….d

A

Presentation of information on a product/package

82
Q

Uses of labelling…3

A
  • Show information + allow comparison
  • Promote other products
  • Show how to use - greater C satisfaction
83
Q

Price..d

A

amount of money a customer is prepared to offer in exchange for a product

84
Q

Cost-based pricing (mark up)

A

= Cost + (Cost * mark up %)

85
Q

Market-based pricing

A

Setting prices according to S and D

86
Q

Competition based pricing

A

Covers costs and is similar to competitors prices

87
Q

Reasons for competition based pricing to set below/same/above price…

A 
Below = break into market
same = Already know what consumers will pay (match price leader)
Above = give perception of superior product (appeals to status-conscious)
88
Q

Pricing strategies…4

A
  1. Price Skimming
  2. Price penetration
  3. Loss Leader
  4. Price points
89
Q

Process definition…

A

the consumer’s total experience of buying the product, from a simple stage of searching for information to the finnal stage of experiencing the benefits of the purchase.

90
Q

Physical Evidence

A

Physical appearance of product across every presentation. All visual aspects of a business

91
Q

Extended 3Ps

A

People
Process
Physical Evidence

92
Q

Physical distribution issues..3

A

Transport.
Warehousing.
Inventory.

93
Q

3 channels of distribution

A

Intensive
Selective
Exclusive

94
Q

2 Aspects of the communication process…

A

Word of mouth.

Opinion Leaders.

95
Q

Forms of promtion

A
  1. Advertising
  2. Personal Selling
  3. PR and Publicity
  4. Relationship Marketing
  5. Sales Promos
96
Q

Dot points under Global marketing 5

A
  • Global Branding
  • Standardisation
  • Customisation
  • Global Pricing
  • Competitive positioning

HSC Business Studies my (5 decks)

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