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ENEL301 - Professional Practice > Marketing Concepts for Engineers > Flashcards

Marketing Concepts for Engineers Flashcards

1
Q

What is marketing?

⭐⭐⭐

A

A social and managerial process by which individuals and groups obtain what they <strong>need</strong> and <strong>want</strong> through creating and exchanging products and value with others

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2
Q

What is the aim of marketing?

A

to make selling superfluous

to know and understand the customer so well that the product or service fits and sells itself

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3
Q

Marketing mistakes (2)

A
  1. It’s a good thing, so it will sell
  2. If we produce it more efficiently than the others can, it will sell

It’s about customer needs!

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4
Q

What does this (both marketing and engineering is about solving customers’ problems) mean to the entrepreneurial engineer?

A

Find out what customer wants

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5
Q

What is the biggest mistake you can make in a company in terms of marketing?

A

Building something that no-one wants

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6
Q

Give the models to explain consumer behaviour (6)

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A
  1. Problem solving
  2. Psychoanalytical
  3. Cognitive miser
  4. Collective decision maker
  5. Consumers buy what everyone else is buying
  6. Economic
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7
Q

Elaborate on the problem solving model to explain consumer behaviour

A

Consumers buy to solve problems

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8
Q

Elaborate on the psychoanalytical model to explain consumer behaviour

A

Consumers are emotive buyers

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9
Q

Elaborate on the cognitive miser model to explain consumer behaviour

A

Consumers take the easiest option

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10
Q

Elaborate on the economic model to explain consumer behaviour

A

Consumers are rational buyers, who buy the best value option to meet their needs

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11
Q

What are the types of consumer influences?

A
  1. situational
  2. group (culture & social)
  3. individual (personal & psychological)
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12
Q

What are the factors of situational consumer influences?

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A
  1. physical
  2. social
  3. time
  4. motivational
  5. moood
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13
Q

What are the factors of cultural group consumer influences?

A
  1. cultural
  2. subcultural
  3. social class
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14
Q

What are the factors of social group consumer influences?

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A
  1. reference groups
  2. family
  3. roles and status
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15
Q

What are the factors of personal consumer influences?

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A
  1. demographics (age, occupation, income)
  2. lifestyle
  3. personality and self-concept
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16
Q

What are the factors of psychological consumer influences?

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A
  1. motivation
  2. perception
  3. beliefs and attitude
  4. learning
17
Q

What is the product’s market?

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A

A market is a group of potential customers <strong>with similar needs<strong> who are willing to exchange <strong>something of value</strong> with sellers offering various need‐satisfying goods or services</strong></strong>

18
Q

What is the value proposition?

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A

Who wants it and what will they pay for it?

19
Q

What questions must be asked to learn about the consumer?
What do we do with this info?

⭐⭐⭐

A
  1. Who is the consumer?
    - where are they (demographic)
    - how much money do they have (demographic)
    - what drives them? (psychographic)
  2. What do they need?
  3. What do they want?

Use this information to cluster customers into relatively homogeneous segments you can target

20
Q

What is the big question? (2)

A

Is your share of the target market going to be profitable?

How can you make that happen?

21
Q

Explain the marketing strategy

✨✨✨

A

A business cannot proceed without information about:

  1. The macro environment
    - Technology
    - Economy
    - Political/legal situation
    - Cultural/social situation
  2. The micro environment
    - The organisation, its objectives and its resources
    - The industry
    - Competitors
    - Partners/suppliers
  3. The customer
22
Q

What are the marketing strategy variables? (4 Ps)

✨✨✨

A
  1. price
  2. place (distribution)
  3. promotion
  4. product
23
Q

How to get market share in target market?

✨✨✨

A
  • product needs a competitive advantage
  • USP - unique selling point
  • -> aka USA, unique selling advantage
  • this is product differentiation
  • -> better solution?
  • -> better access?
  • -> better quality?
  • -> better branch (Milk example)
  • -> cheaper?
24
Q

What are some pricing strategies?

⭐⭐⭐

A
  1. Cost plus pricing
  2. Penetration pricing (cheap as possible)
  3. Price skimming
  4. Value pricing
  5. Competitive pricing (same as everyone else)
  6. Psychological pricing (don’t drop price if perceived as lux)
25
Q

Explain the distribution/place variable in the 4 Ps.

✨✨✨

A

Not just where, but how and when (distribution channels, warehousing)

Warehouse -> coke machine

26
Q

What is the advertising component of Promotional Mix?

A

Advertising

  • TV
  • radio
  • magazines
  • billboards
  • website
  • social media
27
Q

What are the components of Promotional Mix?

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A
  • Advertising
  • Sales Promotions
  • Public Relations
  • Personal Selling
28
Q

What is the sales promotions component of Promotional Mix?

A

E.g. buy one get one free, two for one

29
Q

What is the public relations component of Promotional Mix?

A

A deliberate and planned effort by an organisation to create goodwill and mutual understanding with its target audiences

30
Q

What are some of the methods of the public relations component of Promotional Mix?

A
  • publicity ‐activities to promote a company or its product via media not paid for by sponsor (can be positive or negative)
  • sponsorship
  • newsletters, magazines, annual reports
  • tradeshows
  • conferences
  • lobbying
31
Q

What is the personal selling component of Promotional Mix?

A

face-to-face selling in which one person who is the salesman tries to convince the customer in buying a product.

promotional method by which the salesperson uses his or her skills and abilities in an attempt to make a sale.

ENEL301 - Professional Practice (8 decks)

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