Marketing Flashcards
(67 cards)
Production Approach
Focus on production process, invents/develops products, high quality
Selling approach
Focus on selling, competitive through sales, advertising a product as better than competitors
Marketing approach
Focus on consumer needs/wants, customer put first
Types of Markets (6)
Resource, industrial, intermediate, consumer, mass, niche
(Type of Mark.) Resource
Producers of raw materials E.g. minerals, energy
(Type of Mark.) Industrial
industries and businesses that purchase products to use in the production of other products or in their daily operations.
(Type of Mark.) Intermediate
Businesses that purchase finished goods and resell to make a profit E.g. Coles, wholesalers
(Type of Mark.) consumer
Businesses and individuals who purchase the finished product
(Type of Mark.) mass
Total unsegmented market, every single consumer
(Type of Mark.) niche
Small & unique sections of the market
Factors influencing customer choice (4)
Psychological, sociocultural, economic, government
Psychological (5)
perception, motivation, attitudes, personality/self image, learning
(Psy.) Perception
meanings an individual has towards a good/service. Customers will not purchase a product that they perceive as inferior.
(Psy.) Motivation
The reason an individual does something – comes from motives such as comfort, health, safety, ambition, taste, pleasure, fear, amusement, cleanliness and approval of others.
(Psy.) Attitudes
Individuals overall feeling about good/serviced. Negative attitudes towards a business may force the business to change marketing strategies.
(Psy.) Personality/self-image
Personality is the behaviours and characteristics of an individual, which influences the types and brands of goods/services that a consumer purchases.
Self-image is the way an individual views themselves, which is a major determinant of what products they purchase as you are able to express yourself through possessions – “you are what you buy”
(Psy.) Learning
The changes in an individuals behaviour from the gathering of information and experiences, which a business is able to provide if they have the thorough knowledge of the product itself, and is often expressed through marketing
Sociocultural (4)
Social class, culture and subculture, family and roles, reference (peer) groups
(Soc.) social class
Also defined by socioeconomic status, by education, occupation and income which defines the lifestyles and availabilities to specific goods and services in relations to type, quality and quantity for the individual. High-income earners are more likely to purchase high quality products.
(soc.) culture and subculture
All the learned values, beliefs, behaviours and traditions of a society, which determines what we wear, diet and where and how they live.
(soc.) family and roles
Typical women’s stereotypes of making purchases for the family, may mean that marketing is aimed more often at women than it is at men.
(soc.) reference(peer)groups
A person may closely identify and obtain attributes, attitudes, values and beliefs from the people they spend time around meaning that. Also peers share opinions of products, services and stores both negatively and positively which will influence the individual’s decision of purchase.
Economic (2)
Boom, recession
(Eco.) Time of Boom
High employment, rising incomes, customers optimistic about future, increase consumer spending
