Marketing Flashcards
What is marketing?
It is the management process responsible for identifying, anticipating and satisfying customer requirements profitability
What are the 4 p’s?
Product, price, place and promotion
What is product?
It is an item that is built or produced to satisfy the needs of a certain group of people
What do marketers focus on with products?
Their appearance, function, unique selling point and market position
What is price?
It determines a firm’s profit and survival. It is basically the amount that a customer pays for to enjoy it
What are the factors that affect choice of distribution channel?
Type and value of goods, if product is perishable, costs involved and the changing environment in with consumers can access products
What is promotion?
It can boost brand recognition and sales
What are the elements in promotion?
Sales organisation, public relations, advertising and sales promotion
What is the marketing mix?
A combination of factors that can be controlled by a company to influence consumers to purchase its products
What is people?
It relates to all stakeholders involved in the product or service during its life cycle
What is process?
The systems and processes of the organisation affect the execution of the service
What is the physical environemnt?
The environment in which the service is offered and consumed
What are the basic organisational structures?
Centralisation, decentralisation and line and staff relationships
What is centralisation?
It tends to be favoured in situations where information is centralised and control is important
What is decentralisation?
It tends to be favoured in situations where information is dispersed and centralised control is less important
