Marketing and Finance 1 + 2 (E Jackson)

Question 1

What is marketing?

Answer 1

• management process responsible for identifying anticipating and satisfying customer requirements profitability
• price, range of services, advantage cards, online, special offers etc.

Question 2

What is the market?

Answer 2

• market size and industry statsitics, growth, market structure and key players, trends. industry supply chains

Question 3

What are the 4Ps and 7Ps of marketing mix?

Answer 3

4Ps
- price, place, product, promotion
7Ps
- price, place, product, promotion, packaging, positioning, people

Question 4

Define services marketing

Answer 4

• production of essentially intangible benefit either in its own right or as a significant elemenet of a tangible product , which through some form of ecvhange, satisfies an identified need

Question 5

What are the 5 core elemenets of services?

Answer 5

1. intangibility (canot be assessed by simple qualities)
2. inseparability (production canot be separated from consumption)
3. heterogeneity (unique encounters)
4. perishability (cannot be stored)
5. lack of ownership (buying a process not a tangible outocme)

Question 6

Give egs of trends in vet marketing

Answer 6

• market segmentation (different offers for differnet pets)
• new services for short life pets (eg. exotics)
• strong emphasis customer service
• securing income viw pet health plans
• social media
• emarketing

Question 7

Define accounting

Answer 7

• process of identifying, recording, summarizing and reporting economic information to decision makiers in the form of financial statmeents

Question 8

Define financial accounting?

Answer 8

• focuses on specific needs of decision makers external to organisation eg. stockholders, suppliers, banks, government agencies