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MATRIC > marketing and branding > Flashcards

marketing and branding Flashcards

1
Q

7 ps of marketing

A

product, price, place promotion

people, process, physical evidence

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2
Q

what is important in the business product

A
  • market research
  • good quality
  • meet consumers needs and wants
  • add value to consumer
  • doesn’t need to be tangible
  • keep up to date with consumer tastes and behavior
  • good , distinguishable packaging
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3
Q

what is important in price of product

A
  • competitive advantage
  • provide business with profit
  • positions business in market place
  • price sensitivity
  • pricing techniques
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4
Q

what is important: place of business

A
  • distribution channels convenient and effective
  • right place, right time, right quality, right price
  • intensively, selectively, exclusively distributed
  • franchising
  • good product display
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5
Q

what is important in the promotion of product or business etc

A
  • branding, advertising, pr, corporate identity. personal sales, sales management etc
  • gaining correct level of attention
  • ensuring high level of transparency
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6
Q

what is important: people of business:

A
  • people within organisation
  • will have an impact on consumer experience
  • reputation of business rests in employees hands
  • correct level of training and motivation
  • constant evaluation
  • after sales service or advice to add value to product
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7
Q

what is important: process of business

A
  • ensure correct systems in place and are working

- make business more effective and convenient for consumers

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8
Q

what is important: physical evidence

A
  • maintaining clean pollution free environment

- good location and physical appearance give consumer a sense of quality

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9
Q

what is a marketing strategy

A
  • considers all aspects needed to reach the consumer making effective use of resources within budget. defines objectives determined targets. needs to be in line with corporate strategy. needs to be constantly reviewed so campaign can progress.
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10
Q

6 things the CPA looks at

A
  1. promotion of fair accessible and sustainable market place for consumer products and services
  2. norms and standards to protect consumer
  3. prohibits use of unfair marketing practices
  4. promotes responsible consumer behaviour
  5. lays down laws relating to transactions and agreements
  6. national consumers commission, national consumers tribunal ( protection of consumer)
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11
Q

9 rights of a consumer

A
  1. right to equality in the market place
  2. right to privacy
  3. right to disclosure of information
  4. right to choose
  5. right to fair and responsible marketing
  6. right to fair and honest dealings
  7. right to fair terms and conditions
  8. right to fair value, good quality , safety
  9. right to hold suppliers accountable
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12
Q

what are the advantages of having a strong brand

A
  • customer loyalty
  • can ask higher price
  • retailers and sellers want to stock product
  • helps with business image
  • adds credibility and confidence
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13
Q

what is an own brand

A

retailers use their name on their products rather than the name of the manufacturers like pick n pay no name brand , cheaper than normal brands

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14
Q

what is a global brand

A

products is sold throughout the world and contents are similar

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15
Q

what is a logo

A

symbol or picture that represents the business and makes it easy identifiable . it easy to recognise and establishes brand loyalty and a favourable image for product and business

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16
Q

what are the elements of a strong brand

A 
memorable
meaningful
likeable
transferable
adaptable
protectable
17
Q

what is a brand

A

a unique character, combination of term log and design that is intended to identify the products of a seller or a group of sellers, differentiates them from their competitors.

18
Q

what are the factors that help to build a successful brand

A
  1. quality
  2. product
  3. positioning
  4. repositioning
  5. communication
  6. long term perspective
  7. internal marekting
  8. credibility
19
Q

what is brand extension

A

use of successful brand to launch a new product in the same broad market i.e coca cola making bottled water

20
Q

what is brand stretching

A

use of an established brand for products in unrelated markets ferrarri making clothes

21
Q

what are the advantages of brand stretching and extension

A
  • distributors perceive there is less risk with new product
  • likely to gain customer loyalty quickly
  • attract customers , willingness to trial
  • promotional launch costs lowered
22
Q

what is market mapping

A
  • position the product so that it meets the needs and wants of the potential consumer, ensures whether or not there is an actual demand for the product

i.e high price vs low price
high quality vs low quality
luxury vs necessity

23
Q

what is franchise marketing

A

comprehensive marketing plan followed by franchisees in order to promote brand recognition , franchisees encouraged to follow own plan, specific to community. need to understand demographics. offer reward programs. active members of community (could sponsor a sports team)

MATRIC (10 decks)

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