Marketing and finance 1: MARKETING (Part A)

Question 1

Define marketing

Answer 1

the management process responsible for ID, anticipating and satisfying customer requirements and profitability. Distinguish:

• marketing as a set of techniques (adverts, market research)
• marketing as a philosophy (company wide culture of putting consumer first)

Question 2

What is the market for veterinary services?

Answer 2

• market size and industry stats
• industry growth
• market structure and key players
• trends (in offerings and client demands)
• industry supply chain

Question 3

What veterinary services can be marketed?

Answer 3

• price
• range of services / products
• advantage cards
• online services (bookings and repeat prescriptions)
• special offers (links with insurance companies or pet food companies)

Question 4

What are the 4Ps?

Answer 4

• product
• price
• place
• promotion

Question 5

What are the basics of marketing?

Answer 5

• marketing mix (4Ps or 7Ps)
• what’s so special about services marketing?
• what is the veterinary profession doing?

Question 6

What does the blend of the marketing mix depend on?

Answer 6

• marketing objectives
• type of product
• target market
• market structure
• global issues (culture, religion)
• rivals’ behaviour
• marketing position

Question 7

What are teh generic 7Ps of marketing?

Answer 7

• product
• price
• promotion
• place
• packaging (how the product is presented)
• positioning (the hearts and minds of people)
• people (inside and outside of your business, who are responsible for every element of your sales and marketing strategies and activities?

Question 8

What is services marketing?

Answer 8

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

Question 9

What are the 5 core elements of services?

Answer 9

• intagibility
• inseparability
• heterogeneity
• perishability
• lack of ownership

Question 10

Outline trends in veterinary marketing

Answer 10

• attracting new clients, retaining existing clients and brand extension –> fighting off competition
• market segmentation: offers for pets of different ages
• new services for short life pets (exotics)
• strong emphasis on customer service
• securing income via pet health plans
• social media
• emarketing webistes

Question 11

How do the population rate vet practices as value for money?

Answer 11

70% say their practice provided good value for money

Question 12

T/F: the difference b/w veterinary markets and marketing is vast

Answer 12

True

Question 13

T/:F the marketing of services is complex and challenging d/t 5 core elements

Answer 13

True