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Business Finance > Marketing > Flashcards

Marketing Flashcards

1
Q

Production Approach

A

Focus on production process, invents/develops products, high quality

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2
Q

Selling approach

A

Focus on selling, competitive through sales, advertising a product as better than competitors

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3
Q

Marketing approach

A

Focus on consumer needs/wants, customer put first

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4
Q

Types of Markets (6)

A

Resource, industrial, intermediate, consumer, mass, niche

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5
Q

(Type of Mark.) Resource

A

Producers of raw materials E.g. minerals, energy

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6
Q

(Type of Mark.) Industrial

A

industries and businesses that purchase products to use in the production of other products or in their daily operations.

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7
Q

(Type of Mark.) Intermediate

A

Businesses that purchase finished goods and resell to make a profit E.g. Coles, wholesalers

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8
Q

(Type of Mark.) consumer

A

Businesses and individuals who purchase the finished product

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9
Q

(Type of Mark.) mass

A

Total unsegmented market, every single consumer

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10
Q

(Type of Mark.) niche

A

Small & unique sections of the market

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11
Q

Factors influencing customer choice (4)

A

Psychological, sociocultural, economic, government

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12
Q

Psychological (5)

A

perception, motivation, attitudes, personality/self image, learning

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13
Q

(Psy.) Perception

A

meanings an individual has towards a good/service. Customers will not purchase a product that they perceive as inferior.

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14
Q

(Psy.) Motivation

A

The reason an individual does something – comes from motives such as comfort, health, safety, ambition, taste, pleasure, fear, amusement, cleanliness and approval of others.

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15
Q

(Psy.) Attitudes

A

Individuals overall feeling about good/serviced. Negative attitudes towards a business may force the business to change marketing strategies.

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16
Q

(Psy.) Personality/self-image

A

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”

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17
Q

(Psy.) Learning

A

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

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18
Q

Sociocultural (4)

A

Social class, culture and subculture, family and roles, reference (peer) groups

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19
Q

(Soc.) social class

A

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.

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20
Q

(soc.) culture and subculture

A

All the learned values, beliefs, behaviours and traditions of a society, which determines what we wear, diet and where and how they live.

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21
Q

(soc.) family and roles

A

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.

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22
Q

(soc.) reference(peer)groups

A

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.

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23
Q

Economic (2)

A

Boom, recession

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24
Q

(Eco.) Time of Boom

A

High employment, rising incomes, customers optimistic about future, increase consumer spending

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25
Q

(Eco.) Time of recession

A

Unemployment levels rise, income fall, customers pessimistic about the future, decrease in consumer spending

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26
Q

Governement

A

Policies directly or indirectly influence business activity with customers willingness and ability to spend

Laws influencing marketing decisions

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27
Q

Deceptive and misleading advertising (8)

A

Fine print, before/after advertising, tests and surveys, country of origin, packaging, special offer, bait and switch advertising, dishonest advertising

28
Q

(Dec/mis adv.) Fine print

A

important conditions displayed in small print

29
Q

(Dec/mis adv.) before/after advertising

A

Photographs are enhanced for the result or the before photo to be more drastic to mislead the customer

30
Q

(Dec/mis adv.) tests and surveys

A

Using false statistics and info from surveys that have not actually been conducted

31
Q

(Dec/mis adv.) country of origin

A

“Made in Australia” and “Product of Australia” have two different meanings, but may fools consumers as they may desire to stay loyal to Australian Manufacturers

32
Q

(Dec/mis adv.) packaging

A

Size and shape of the package may be deceiving to the actual product within the package. E.g. a bag of chips/air

33
Q

(Dec/mis adv.) special offer

A

Advertisements stating that a special offer is offered for a limited time, when in fact the offer is continuously offered, or not offered at all

34
Q

(Dec/mis adv.) bait and switch

A

Advertising a few product at sale prices and therefore enticing prices to attract customers

35
Q

(Dec/mis adv.) dishonest advertising

A

An advertisement using words that are deceptive or claims that a product has some specific quality when it does not.

36
Q

Price Discrimination

A
  • The setting of different prices for a product in separate markets
  • Difference in price:
  • Markets are geographically separated
  • Product differentiation within one market E.g. difference between electricity for domestic and business users
  • Competition and consumer act prohibits price discrimination if it could substantially reduce competition
37
Q

Implied Conditions – consumer guarantees:

A
  • Comprehensive set of rights and remedies for defective goods and services
  • Purchased goods/services must be of acceptable quality, meaning that it is fit for the purpose, acceptable appearance, safe, durable and has no defects at purchase
38
Q

Warranties:

A
  • Promise made by a business that they will correct any defects in the goods that they produce or in the services that they deliver
  • Can be used as a marketing tool, E.g. if a business provides a longer warranty than the competitors, then this will give customers the impression that the product is of superior quality
  • Refunds and Exchanges:
  • If the products provided are faulty
  • Do not match the description or a sample
  • Fail to do the job they were supposed to do
  • No obligation to refund if the customer has changed their mind
39
Q

Consumer laws (4)

A

Deceptive/misleading advertising, price discrimination, implied conditions, warranties

40
Q

Ethical influences (5)

A

truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging

41
Q

(eth.) truth/accuracy (3)

A

Untruths Due to Concealed Factsàhiding the truth in advertisements to mislead the consumers and only view the positives of the products

Exaggerated Claimsàsuperior value of other competing products cannot be proved or confirmed by consumers

Vague Statementsà Using vague language to mislead consumers as to what exactly the product is useful for

42
Q

Ethical criticisms (5)

A

creation of needs, stereotypical images of male and female, use of sex to sell products, product placement, invasion of privacy

43
Q

(eth.) good taste

A

‘Good Taste’ is highly subjective as some consumers may regard an advertisement as offensive, whilst others might find it entertaining or inoffensive

44
Q

(eth.) products that may damage health

A
  • As obesity rates are increasing, the advertising of junks foods is becoming more and more unethical.
  • Advertising of junk food aimed at children
45
Q

(eth.) engaging in fair competition (6)

A

cartel conduct, anti-competitiveness agreement, misuse of market power, exclusive dealing, resale price maintenance, mergers

46
Q

(eth.) sugging

A

• Selling under the appearance of a survey. It is illegal, but difficult to detect

47
Q

Marketing Process (6)

A

SMEIDI Situational Analysis, Market Research, Establish Market Objectives, Identifying Target Markets, Developing Marketing Strategies, Implementing/Monitoring/Controllng

48
Q

(Mark.Pro.) Situational Analysis

A

SWOT, Product Life Cycle

49
Q

(Mark.Pro.) Market Research

A

Process of collecting, analysing and presenting information about a given product and market

  1. Determine Information Needs
  2. Collect Data from Primary and/or Secondary Resources
  3. Data Analysis and Interpretation
50
Q

(Mark.Pro.) Establishing market objectives

A

Increasing market share, expanding product mix, maximising customer service

51
Q

(Mark.Pro.) identifying target market

A

Mass market approach, market segmentation approach, niche marketing approach

52
Q

(Mark.Pro.) Developing marketing strategies

A

PPPP

53
Q

(Mark.Pro.) Implementing, monitoring, controlling

A

developing a financial forecast; comparing actual and planned results, revising the marketing strategy

54
Q

Marketing Strategies (8)

A

Market segmentation/differentiation/positioning, Products, price, promotion, place, people, e-marketing, global marketing

55
Q

(Mark.Strat.) Market segmentation, product/service differentiation and positioning

A

Segmentation:
Demographic, geographic, psychographic, behavioural

Differentiation points:
Customer service
Environmental
Convenience
Social and ethical issues

Positioning:
Refers to the technique marketers use to try to create an image or identify for a product

56
Q

(Mark.Strat.) Products

A

Branding, packaging

attracts attention, preserves product, damage, transport, display

57
Q

(Mark.Strat.) [Price1/3] Pricing Methods

A

Cost:
Cost of production, adding mark-up

Competition:
Compare to competition

Market-led:
prices according to supply and demand

58
Q

(Mark.Strat.) [Price2/3] Pricing Strategies

A

Skimming:
Business charges the highest possible price for the product during the introduction of its life cycle

Penetration:
When a business charges the lowest price possible for a product/service to achieve a large market share

Loss leaders:
Priced less than cost, attracts customers to location

Price points:
Selling products only at certain predetermined prices

59
Q

(Mark.Strat.) [Price3/3] Price and Quality Interaction

A

Higher price, higher quality

60
Q

(Mark.Strat.) [Promotion1/2] Elements of the Promotion Mix

A

Advertising:
paid-promotion

Personal selling/relationship marketing:
Consumer direction, door-to-door

Sales promotions:
coupons, premiums, discounts, samples

Publicity and public relations:
Activities aimed at creating a favourable relation between a business and its customers e.g. MLC newsletter
Publicity is any free news story about a business’ products. Its timing is not controlled by the business

61
Q

(Mark.Strat.) [Promotion2/2] The Communication Process

A

Opinion leaders:
• A person who influences others whose opinion is respected (celebs)

Word of mouth:
^^^^^

62
Q

(Mark.Strat.) [place1/3] Distribution Channels

A

Traditional:

Producer to customer

Producer to retailer to customer

Producer to wholesaler to retailer to customer

Producer to Agent to Wholesaler to Retailer to Customer

Innovative:
telemarketing
internet marketing

63
Q

(Mark.Strat.) [place2/3] Channel Choice

A

Intensive:
Occurs when the business wishes to saturate the market with its product. Customers can shop at local outlets and be able to purchase the product.
(available at most stores)

Selective:
Involves using only a moderate proportion of all possible outlets.
(at certain places)

Exclusive:
Only one retail outlet

64
Q

(Mark.Strat.) [place3/3] Physical Distribution Issues

A

Transport:
largely depends on type of product

Warehousing:
set of activities involved in receiving, storing & dispatching goods.

Inventory:
• System to maintain quantities & varieties of products appropriate for target market.

65
Q

(Mark.Strat.) People, Processes, Physical Evidence

A

People:
• Refers to the quality of interaction between the customer and those within the business that will deliver the service

Processes:
Refers to the flow of activities that a business will follow in its delivery of a service

Physical Evidence:
Refers to the environment in which the service will be delivered
Includes the location of where the service is being provided and the materials needed to carry out the service such as signage, brochures, business cards, business logo and website

66
Q

(Mark.Strat.) e-marketing

A

Practice of using the internet to perform marketing activities

67
Q

(Mark.Strat.) Global Marketing

A

Global Branding:
Worldwide use of a name, term, symbol or logo to identify the sellers products

Standardisation:
A standardised approach is a global marketing strategy that assumes the way the product is used and the needs it satisfies are the same all over the world

Customisation:
the way the product is used and the needs it satisfies are different between countries.

Global Pricing:
Global Pricing is how businesses coordinate their pricing policy across different countries
(customised pricing, market-customised pricing, standardised pricing)

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