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Principles Of Business > Marketing > Flashcards

Marketing Flashcards

1
Q

Marketing is …

A

The Activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large

  • Value
  • Beneficial Exchange
  • Broad view of ‘customer’
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2
Q

Types of Marketing (3)

A
  • Business to Business
  • Business selling to consumer e.g. Razor company
  • Consumer to consumer e.g. Ebay
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3
Q

Undifferentiated Marketing

A

One Marketing Mix -> the entire market

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4
Q

Differentiated Marketing

A

Marketing Mix A -> Market Segment A (e.g city car)
Marketing Mix B -> Market Segment B (e.g. sports car)
Marketing Mix C -> Market Segment C (e.g. people carrier)

(Ford Car Example)
Theres different wants and needs for each segment. Different products for different people.

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5
Q

Concentrated Marketing

A

Marketing Mix A -> Market Segment A

This is normally for a niche market and don’t produce a lot. Expensive but unique e.g. Ferrari

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6
Q

Micromarketing/Individualised Marketing

A

Marketing Mix A -> Customer A
Marketing Mix B -> Customer B
Marketing Mix C -> Customer C

Principal of treating each customer as an individual. One to one marketing.

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7
Q

So what is the marketing process?

A
  • Understanding what your customers needs and wants (based on research and then analysing it)
  • Giving it to them in a way they want it (think about customers and what they want, but also think about competitors, translate it to something customers will see value in over competitors)
  • Telling them in a way and place that they will listen and act (tell people what you are offering.
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8
Q

Understanding your customers needs, wants and desires

A

Needs- Differences between a person’s actual state and his or her ideal state; they provide the basic motivation to make a purchase (20% of buying decisions are based on logic)

Wants- Specific goods, services, experiences, or other entities that are desirable in light of a person’s experiences, culture, and personality (80% of buying decisions are based on emotions)

e.g. a cheap ford could get you to work, but a lot of people drive BMWs as its what they want

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9
Q

Marketing Mix 4P’s

A
  • Product (e.g. Brand name, variety, quantity, features, packaging, sizes, services, warranties, returns)
  • Price (e.g. Discounts, allowances, payment period)
  • Place (e.g. location, coverage, distribution channels, inventory, transport)
  • Promotion (e.g. sales promotions, advertising, sales force, direct marketing)
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10
Q

7P’s of Marketing

A

-Product (product)
-Price (p)
-Place (p)
-Promotion (p)
-People (service)
-Process (s)
-Physical (s)
(-Evidence)

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11
Q

Tangible dominant (product from 4P’s)

A

Tangible- can touch

therefore tangible dominant means goods e.g. salt, shoes

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12
Q

Intangible dominant (product from 4P’s)

A

Intangible - can’t touch

therefore intangible dominant means services e.g. eduction, insurance.

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13
Q

The product lifecycle (product from 4P’s)

A

e.g. dvds

Videotapes -> DVDS -> online streaming

Everything moves on and develops so companies need to think ahead to keep up to date.

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14
Q

Strategic considerations (understanding market and pricing important) (price from 4P’s)

A

(Important)

  • Customer Perceptions e.g. Gucci was going to sell a bag for 500, but asked people how much they thought it was worth and they said 1200
  • Competition
  • Costs

(Less Important)

  • Marketing objectives
  • Government regulations
  • Market demand
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15
Q

Place (from 4P’s)

A

Need to decide where to sell product or offer

  • Brick and Mortar e.g. Store
  • Website
  • Mobile - call centre and web (AI means you chat to robot online normally when you ask questions)
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16
Q

Place: Role of intermediaries (4P’s)

A
  • Matching buyers and sellers
  • Providing market information
  • Providing promotional and sales support
  • Gathering assortments of goods
  • Assuming risks
  • Providing financing
  • Completing product solutions
  • Facilitating transactions and supporting customers
  • Transporting and storing products
17
Q

Promtoion (4P’s)

A
  • Loads of ads every where yo go. Though ad is v lucky to get 1% engagement.
  • companies need to intergrate their customer communication efforts, to maximise efficiency and consistency
  • new social model of customer communication over the convential promotion model
  • content marketing e.g. coke putting little clips of coke in films
18
Q

Content marketing has been proven to be more

A

effective then convential marketing

19
Q

The Importance of Market Research: 5 Reasons

A
  • Market research centers your business on your consumers
  • It keeps the business focused on what will make it successful
  • It allows the business to pursue the most lucrative growth strategy
  • It keeps you relevant and future focused
  • Enables robust decision-making; no assumptions
20
Q

Market research (def)

A

the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company

21
Q

Market Research Process

A
  • Define the problem and research objectives
  • Develop the research plan
  • Collect the information
  • Analyse the information
  • Present the findings
  • Make the decision
22
Q

Example of defining the problem in market research

A

Airlines had long check in time
So airlines researched this, and defined the problem
Brought in Priority check in, that yo have to pay more for, for shorter queques

23
Q

Developing research plan

A
  • data sources (primary or secondary)
  • research approach (qualitative or quantitative)
  • Research instruments (survey, interviews etc)
  • sampling plan (random, representative etc)
  • contact methods (phone, face to face, etc)
24
Q

Primary Research

A
  • Primary research consists of a collection of original primary data collected by the researcher. It is often undertaken after the researcher has gained some insight into the issue by reviewing secondary research
  • It can be accomplished through various methods, including questionnaires and telephone interviews in market research, or experiments and direct observations
25
Q

Secondary Research

A
  • Secondary research (also known as desk research) involves the summary, collation and/or synthesis of pre-existing research
  • Sometimes secondary research is required in the preliminary stages of research to determine what is known already and what new data is required, or to inform research design. At other times, it may be the only research technique used
26
Q

Closed questions

A

-Respondents’ answers are limited to a fixed set of responses. Most scales are closed ended. Other types of closed ended questions include:
Yes/no questions - The respondent answers with a “yes” or a “no”.
-Multiple choice - The respondent has several option from which to choose.
-Scaled questions - Responses are graded on a continuum (example : rate the appearance of the product on a scale from 1 to 10, with 10 being the most preferred appearance)

27
Q

Open questions

A
  • No options or predefined categories are suggested. The respondent supplies their own answer without being constrained by a fixed set of possible responses.Examples of types of open ended questions include:
  • Completely unstructured - For example, “What is your opinion on questionnaires?”
  • Word association - Words are presented and the respondent mentions the first word that comes to mind.
28
Q

Application of research: Personilisation (example)

A

Tesco clubcard, they know what you are buying, so will give you vouchers on what you buy

29
Q

Data can help us understand customers, but aren’t

A

always cost efficient. It costs a lot especially big data and CRM.

30
Q

Sales/ Selling Orientation

A

a firm using a sales orientation focuses primarily on the selling and promotion of a particular product. The successful management of the relationship between the company and its customers defines the act of sales or selling. It creates value for customers.

31
Q

Product Orientation

A

is defined as the orientation of the company’s sole focus on products alone. Hence, a product oriented company put in maximum effort on producing quality product and fixing them at the right price so that consumer differentiates the company’s products and purchase it.

32
Q

Production Orientation

A

a product-orientated firm has its primary focus on its product and on the skills, knowledge and systems that support that product.
A company that follows a production orientation chooses to ignore their customer’s needs and focus only on efficiently building a quality product.

33
Q

Marketing Orientation

A

a business reacts to what customers want. The decisions taken are based around information about customers’ needs and wants, rather than what the business thinks is right for the customer. Most successful businesses take a market-orientated approach.

34
Q

To get a new customer it usually costs

A

x5 as much as compared to keep serving an exisiting customer.

35
Q

Customer Equity

A

Value of potential future revenue generated by a company’s customers in a lifetime. A company with high customer equity will be valued at a higher price than a company with a low customer equity.

36
Q

Physical evidence (service) (7ps)

A

many services intangiable, so companies have to give it a physical being e.g. if your car breaks down and you have to go mechanics, if one mechanic has a nicer waiting room with say flowers, you assume the service is going to be better.

Trying to make an intangiable service tangiable

37
Q

People (service) (7ps)

A

whos serving you

38
Q

Product/Service 7ps all facilitate

A

maslows needs (triangle of needs thing)

Principles Of Business (8 decks)

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