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HSC BUSINESS > Marketing > Flashcards

Marketing Flashcards

1
Q

Advertising

A

advertising is a paid, non-personal message communicated through a mass medium

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2
Q

Promotion

A

describes the methods used by a business to inform, persuade and remind a target market about its products

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3
Q

Promotion mix

A

is the various promotion methods a business uses

in its promotional campaign.

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4
Q

mass marketing

A

television, radio, newspapers and magazines

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5
Q

direct marketing catalogues

A

catalogues mailed to individual households

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6
Q

telemarketing

A

the use of the telephone to personally contact a customer

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7
Q

e-marketing

A

the use of the internet to deliver advertising messages

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8
Q

social media advertising

A

online advertising using social media platforms such as Facebook and Twitter

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9
Q

billboards

A

large signs placed at strategic locations

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10
Q

6 marketing media

A 
mass marketing
direct marketing catalogues
telemarketing
e marketing
social media advertising
billboards
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11
Q

Personal selling

A

the activities of a sales representative directed to a customer in an attempt to make a sale.

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12
Q

Relationship marketing

A

the development of long-term, cost- effective and strong relationships with individual customers.

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13
Q

Sales promotion

A

the use of activities or materials as direct inducements to customers.

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14
Q

Publicity

A

any free news story about a business’s products.

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15
Q

Public relations (PR)

A

those activities aimed at creating and maintaining favourable relations between a business and its customers.

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16
Q

An opinion leader

A

a person who infuences others

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17
Q

Word of mouth

A

when people influence each other during conversations

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18
Q

Marketing

A

a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers

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19
Q

Profit maximisation

A

when there is maximum difference between the total revenue coming into the business and total costs being paid out

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20
Q

Marketing plan

A

a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services.

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21
Q

The marketing concept

A

a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals.

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22
Q

The production approach

A

1820s to 1920s

focused businesses on the production of goods and services.

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23
Q

The sales approach

A

1920s to 1960s

emphasised selling because of increased competition.

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24
Q

The marketing approach

A

1960s to 1980s

focuses on finding out what customers want — through market research — and then satisfying that need.

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25
Q

Discretionary income

A

refers to disposable income that is available for spending and saving after an individual has purchased the basic necessities of food, clothing and shelter.

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26
Q

Customer orientation

A

refers to the process of collecting information from customers and basing marketing decisions and practices on customers’ wants and interests.

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27
Q

Customer satisfaction

A

measures how goods and services supplied by a business meet or exceed customer expectation.

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28
Q

Interdependence

A

mutual dependence that the key business functions have on one another.
finance- marketing need money
HR - right staffs are hired to create goods and services for desirable to customers
operations- sales analysis to forecast

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29
Q

The resource market

A

consists of those individuals or groups that are engaged in all forms of primary production, including mining, agriculture, forestry and fishing

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30
Q

The industrial market

A

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

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31
Q

An intermediate market

A

consists of wholesalers and retailers who purchase finished products and resell them to make a pro t.

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32
Q

Consumer markets

A

consist of individuals — that is, members of a household who plan to use or consume the products they buy.

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33
Q

In mass markets…

A

the seller mass- produces, mass-distributes and mass- promotes one product to all buyers.

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34
Q

A niche market

A

also known as a concentrated or micro market, is a narrowly selected target market segment.

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35
Q

Customer choice

A

(buying behaviour) refers to the decisions and actions of customers when they search for, evaluate, select and purchase goods and services.

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36
Q

Psychological factors (6)

A

are influences within an individual that affect his or her buying behaviour.
These are perception, motives, attitudes, personality and self-image, and learning.

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37
Q

Perception

A

is the process through which people select, organise and interpret information to create meaning.

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38
Q

A motive

A

is the reason that makes an individual do something.

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39
Q

An attitude

A

is a person’s overall feeling about an object or activity.

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40
Q

An individual’s personality

A

is the collection of all the behaviours and characteristics that make up that person.

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41
Q

An individual’s self-image

A

relates to how a person views himself or herself.

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42
Q

Sociocultural influences (4)

A

are forces exerted by other people and groups that affect an individual’s buying behaviour.
They are social class, culture and subculture, family and roles, and reference (peer) group.

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43
Q

Social class/socioeconomic status

A

refers to a person’s relative rank in society, based on his or her education, income or occupation.

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44
Q

A reference/peer group

A

is a group of people with whom a person closely identi es, adopting their attitudes, values and beliefs.

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45
Q

Learning

A

refers to changes in an individual’s behaviour caused by information and experiences.

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46
Q

Brand loyalty

A

occurs when a favourable attitude towards a single brand results in repeat sales over time.

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47
Q

Economic influences

A

economic forces influence a business’s capacity to compete, and a customer’s
willingness and ability to spend
the level of economic activity fluctuates from boom to recession.

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48
Q

Government influences

A

policies directly or indirectly influence business activity and customers’
spending habits
laws such as the Competition and Consumer Act 2010 (Cwlth), Sale of Goods
Act 1923 (NSW) and the Fair Trading Act 1987 (NSW) influence marketing decisions.

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49
Q

Unconscionable conduct

A

is any practice by a business that is just not reasonable and often illegal.

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50
Q

Bait and switch advertising

A

involves advertising a few products at reduced and, therefore, enticing prices to attract customers.

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51
Q

Dishonest advertising

A

is when an advertisement uses words that are deceptive or claims that a product has some specific quality when it does not.

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52
Q

Price discrimination

A

is the setting of different prices for a product in separate markets.

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53
Q

Consumer guarantees

A

are a comprehensive set of rights and remedies for defective goods and services.

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54
Q

Implied conditions

A

are the unspoken and unwritten terms of a contract.

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55
Q

Acceptable quality

A

means that the product is fit for the purpose for which it is being sold, acceptable
in appearance and finish, free from defects, safe and durable.

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56
Q

A warranty

A

is 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.

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57
Q

The main restrictive trade practices are:

A

deceptive and misleading advertising — creating a false impression in an attempt to influence customers

pricediscrimination—thesettingofdifferentpricesforaproductinseparate
markets.

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58
Q

A business is required by law to offer a refund if the products provided: (3)

A

– are faulty
– do not match the description or a sample
– fail to do the job they were supposed to do.

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59
Q

Materialism

A

is an individual’s desire to constantly acquire possessions.

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60
Q

Product placement

A

is the inclusion of advertising in entertainment.

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61
Q

Sugging

A

selling under the guise of a survey, is a sales technique disguised as market research

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62
Q

Self-regulation

A

is a system by which a business or industry controls its own activities rather than being publicly regulated by an outside organisation such as the government

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63
Q

5 main ethical criticisms include:

A 
– creation of needs 
— materialism
– stereotypical images of males and females – use of sex to sell products
– product placement
– invasion of privacy.
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64
Q

False or misleading advertising is illegal T or F

A

T

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65
Q

3 unethical marketing practices relating to truth and accuracy in advertising can
range from:

A

– untruths due to concealed facts
– exaggerated claims
— puffery
– vague statements.

66
Q

SWOT analysis

A

involves the identification and analysis of the internal strengths and weaknesses of the business, and the opportunities in, and threats from, the external environment.

67
Q

The product life cycle consists of the stages a product passes through:

A

introduction
growth
maturity
decline

68
Q

Market research

A

is the process of systematically collecting, recording and analysing information concerning a specific marketing problem.

69
Q

Marketing data

A

the information relevant to the de ned marketing problem.

70
Q

Primary data

A

facts and figures collected from original sources for the purpose of the specific research problem.

71
Q

Secondary data

A

information that has already been collected by some other person or organisation.

72
Q

Internal data

A

information that has already been collected from inside the business.

73
Q

External data

A

published data from outside the business.

74
Q

Statistical interpretation analysis

A

the process of focusing on the data that represents average, typical or deviations from typical patterns.

75
Q

To obtain reliable and accurate information, marketers follow a three-step approach:

A

Step 1: Determining information needs. The problem is clearly stated to determine what needs to be measured and the issues involved.

Step2:Collectingdatafromprimaryandsecondarysources.Dataarecollected by mail, telephone and personal surveys, personal observation or from private data sources.
Primary data: interviews and surveys.
Secondary data: industry reports and Australian Bureau of Statistics.

Step 3: Data analysis and interpretation. Determine what the data means.
Statistics are processed to determine if responses show trends or patterns that can be used in the business.

76
Q

Marketing objectives + examples

A

realistic and measurable goals to be achieved through the marketing plan.
ex. increase market share, expand product range, maximising customer service

77
Q

Market share

A

the business’s share of the total industry sales for a particular product.

78
Q

Product mix

A

the total range of products offered by a business.

79
Q

Customer service

A

responding to the needs and problems of the customer.

80
Q

Target market

A

a group of present and potential customers to which a business intends to sell its product.

81
Q

Primary target market

A

the market segment at which most of the marketing resources are directed.

82
Q

Secondary target market

A

usually a smaller and less important market segment.

83
Q

Mass marketing approach

A

seeks a large range of customers
the seller mass-produces, mass-distributes and
mass-promotes one product to all buyers

84
Q

Market segmentation Approach

A

when the total market is subdivided into groups of people who share one or more common characteristics.

85
Q

Niche market approach

A

a narrowly selected target market segment

86
Q

Marketing strategies

A

actions undertaken to achieve the business’s marketing objectives through the marketing mix.

87
Q

Marketing mix

A

refers to the combination of the four elements of marketing, the four Ps — product, price, promotion and place — that make up the marketing strategy.

88
Q

Quick descriptions of 4 ps

A

A product is a good or service that can be exchanged for money.
The price is the amount of money a customer is prepared to offer in exchange for a product. It refers to the method or strategy the business uses to decide their
prices.
Promotion describes the methods used to inform, persuade and remind
customers about a business’s products.
Place is the element of the marketing mix that deals with the channels of
distribution: the ways of getting the product to the customer.

89
Q

Implementation

A

the process of putting the marketing strategies into operation.

90
Q

Monitoring

A

checking and observing the actual progress of the marketing plan.

91
Q

Controlling

A

the comparison of planned performance against actual performance and taking corrective action to make sure the objectives are attained.

92
Q

Sales analysis

A

the comparing of actual sales with forecast sales to determine the effectiveness of the marketing strategy.

93
Q

Marketing profitability analysis

A

a method in which the business breaks down the total marketing costs into specific marketing activities.

94
Q

Product deletion

A

the elimination of some lines of products.

95
Q

when evaluating alternative marketing strategies, a business must..

A

develop a financial forecast that details the costs and revenues for each strategy

96
Q

Three key performance indicators used to measure the success of the marketing
plan are:

A

– sales analysis
– market share analysis
– marketing profitability analysis.

97
Q

The marketing plan can be revised by: (3)

A

– changes in the marketing mix
– new product development
– product deletion.

98
Q

Developing a financial forecast requires two steps:

A

– Step 1: Estimate the cost of the marketing plan.
– Step 2: Estimate the revenue (sales) the marketing plan is expected to
generate.

99
Q

The extended marketing mix

A

the combination of people, processes and physical evidence with the four main elements of the marketing mix.

100
Q

A segmentation variable + 4

A 
the characteristics of individuals or groups that are used by marketing managers to divide a total market into segments.
demographic
geographic 
psychologic 
behaviour
101
Q

Demographic segmentation + ex

A 
process of dividing the total market according to particular features of a population
Age
Gender
Education
Occupation
Income Social Class
Religion
Ethnicity
102
Q

Geographic segmentation

A 
process of dividing the total market according to geographic locations.
Region
Urban
Suburban
Rural
Climate
103
Q

Psychographic segmentation

A 
process of dividing the total market according to personality characteristics.
motives
opinions
socioeconomic group 
lifestyles
104
Q

Behavioural segmentation

A 
process of dividing the total market according to the customers’ relationship to the product.
Purchase occasion
Benefit sought
Loyalty
Usage Rate
105
Q

Product/service differentiation

A

process of developing and promoting differences between the business’s products or services and those of its competitors.

106
Q

Value for money

A

the desire to obtain the best quality, features and performance for a given price of a product.

107
Q

Ethical consumerism

A

involves buying products that are not harmful to the environment, animals and society.

108
Q

Fair Trade movement

A

an alternative method of international trade that promotes environmentalism, fair wages, alleviation of global poverty and a fair price for farmers and workers.

109
Q

Product positioning

A

refers to the technique in which marketers try to create an image or identity for a product/service compared with the image of competing products/services.

110
Q

The total product concept

A

refers to the tangible and intangible benefits (attributes) a product possesses.

111
Q

A brand

A

is a name, term, symbol, design or any combination of these that identities a specific product and distinguishes it from its competition.
A brand name is that part of the brand that can be spoken.

112
Q

A trademark

A

signifies that the brand name or symbol is registered and the business has exclusive right of use.

113
Q

A brand symbol or logo

A

a graphic representation that identifies a business or product.

114
Q

Manufacturer’s brand or national brands

A

are those owned by a manufacturer.

115
Q

A private or house brand

A

is one that is owned by a retailer or wholesaler.

116
Q

Generic brands

A

are products with no brand name at all.

117
Q

Packaging involves

A

the development of a container and the graphic design for a product.

118
Q

Labelling

A

is the presentation of information on a product or its package.

119
Q

Price

A

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

120
Q

Cost-based pricing

A

a pricing method derived from the cost of producing or purchasing a product and then adding a mark-up.

121
Q

Mark-up

A

a predetermined amount (usually expressed as a percentage) that a business adds to the cost of a product to determine its basic price.

122
Q

Market-based pricing

A

a method of setting prices according to the interaction between the levels of supply and demand — whatever the market is prepared to pay.

123
Q

Competition-based pricing

A

where the price covers costs (cost of raw materials and the cost of operating the business) and is comparable to the competitor’s price.

124
Q

A price leader

A

a major business in an industry whose pricing decisions heavily influence the pricing decisions of its competitors.

125
Q

Bundle pricing

A

where customers gain a ‘package’ of goods and services in addition to the tangible good they purchased.

126
Q

Price Skimming

A

when a business charges the highest possible price for the product during the introduction stage of its life cycle.

127
Q

Price penetration

A

when a business charges the lowest price possible for a product or service so as to achieve a large market share.

128
Q

A loss leader

A

a product sold at or below cost price.

129
Q

Price points (or price lining)

A

selling products only at certain predetermined prices.

130
Q

Prestige or premium pricing

A

a pricing strategy where a high price is charged to give the product an aura of quality and status.

131
Q

Three main pricing methods:

A

– Cost-based (mark-up) pricing
– Market-based pricing
– Competition-based pricing i

132
Q

Four main pricing strategies

A

Price Skimming
Price Penetration
Loss Leader
Price Points

133
Q

There are four main ways in which public relations activities can assist a business in achieving its objective of increased sales:

A
  1. Promoting a positive image
  2. Effective communication of message
  3. Issues monitoring
  4. Crisis management
134
Q

Noise

A

any interference or distraction that affects any or all stages in the communication process.

135
Q

Place or distribution

A

activities that make the products available to customers when and where they want to purchase them.

136
Q

Traditional distribution channels (4)

A
  1. Producer to customer.
  2. Producer to retailer to customer.
  3. Producer to wholesaler to retailer to customer.
  4. Producer to agent to wholesaler to retailer to customer.
137
Q

Non-store retailing (2)

A

retailing activity conducted away from the traditional store.
Telemarketing
Internet marketing

138
Q 
Channel choice
Market coverage (3)
A

the number of outlets a firm chooses for its product.

Intensive distribution
Selective distribution
Exclusive distribution

139
Q

Physical distribution

A

all those activities concerned with the efficient movement of the products from the producer to the customer.

140
Q

People

A

the quality of interaction between the customer and those within the business who will deliver the service.

141
Q

Processes

A

the flow of activities that a business will follow in its delivery of a service.

142
Q

Physical evidence

A

the environment in which the service will be delivered.

It also 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

143
Q

E-marketing (electronic marketing)

A

the practice of using the internet to perform marketing activities.

144
Q

E-marketing technologies

A

Web pages
-floating ads, wallpaper ad, display advertising (cookies + browzers to determine), trick banner (error/message), pop up
annoying

Podcasts
SMS
Blogs
Web 2.0

search engine marketing - increasing visibility

145
Q

Web page

A

a display of information accessible on the web through a web browser.

146
Q

Podcasting

A

involves the distribution of digital audio or videos files over the internet.

147
Q

Short message service (SMS)

A

the means by which text messages can be sent between mobile phones.

148
Q

Blog

A

an online journal that can be added to by readers.

149
Q

Web 2.0

A

transformation of the www into a more creative and interactive platform for information sharing

150
Q

Social media advertising (SMA)

A

a form of online advertising using social media platforms to deliver targeted commercial messages to potential customers.
Hard to measure:
reach-the number of people exposed to the message
frequency-the average number of times someone is exposed

151
Q

A transnational corporation (TNC)

A

any business that has production facilities in two or more countries and that operates on a worldwide scale.

152
Q

Global branding

A

the worldwide use of a name, term, symbol or logo to identify the seller’s products.

153
Q

Standardised approach

A

a global marketing strategy that assumes the way the product is used and the needs it satisfies are the same the world over.

154
Q

Customised or local approach

A

a global marketing strategy that assumes the way the product is used and the needs it satisfies are different between countries.

155
Q

Global pricing

A

how businesses coordinate their pricing policy across different countries.

Customized
Market customed
Standard worldwide

156
Q

Customised pricing

A

whenever consumers in different countries are charged different prices for the same product.

157
Q

Market-customised pricing

A

sets prices according to local market conditions.

158
Q

Standardised pricing

A

the practice of charging customers the same price for a product anywhere in the world.

159
Q

Competitive positioning

A

relates to how a business will differentiate its products.

160
Q

Ethical- engaging in fair competition (5)

A

Cartel conduct: cartels exist when businesses agree to act together instead of competing, designed to
increase the profits of cartel members & put other companies out of business… e.g. illegal to fix prices

Anti-competitive agreements: contracts/arrangements containing provisions which have the effect of
substantially lessening competition in a market… PROHIBITED

Misuse of market power: prohibits corporations who have substantial degree of market power from
taking advantage for the purpose of damaging a competitor

Exclusive dealing: when one person or business trades w another and then imposes restrictions on them
e.g. business only buys g/s if the purchaser agrees to buy g/s from a particular third party

Resale price maintenance: suppliers can recommend that resellers charge certain price, but businesses
can charge below… illegal for suppliers to pressure other businesses to charge RRP

Mergers: most are legal, but they are prohibited if it can be demonstrated that they have the effect of
substantially lessening competition in the market

HSC BUSINESS (4 decks)

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