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Revised - BS > Marketing Content > Flashcards

Marketing Content Flashcards

1
Q

Define marketing

A

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services

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2
Q

Define profit maximisation

A

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

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3
Q

Outline what a marketing plan is

A

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

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4
Q

Recall the marketing approaches throughout history

A

Marketing took on more responsibilities as businesses became more complex:
- Production approach
- Sales approach
- (Societal) Marketing approach

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5
Q

Define discretionary income

A

Discretionary Income is the disposable income that is available after an individual has purchased the basic necessities

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6
Q

Define corporate social responsibility

A

Corporate Social Responsibility (CSR) is the open and accountable business actions based on respect for people, community/ society and the broader environment –> It involves businesses doing more than just complying with the laws and regulations

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7
Q

Define industrial market

A

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

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8
Q

Define intermediate market

A

Intermediate Market consists of wholesalers and retailers who purchase finished products and resell them to make a profit

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9
Q

Define consumer market

A

Consumer Market is a market that consists of individuals — that is, members of a household who plan to use or consume the products they buy

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10
Q

Define resource market

A

Resource Market consists of those individuals or groups that are engaged in all forms of primary production

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11
Q

Define mass market

A

Mass Markets is where the seller mass-produces, mass-distributes and mass-promotes one product to all buyers

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12
Q

Define niche market

A

Niche Market is a narrowly selected target market segment

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13
Q

Define customer choice

A

Customer choice is the decisions and actions of customers when they search, evaluate, select, and purchase goods or services

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14
Q

Recall aspects of psychological factors

A

The aspects of psychological factors are:
- Attitude
- Brand Loyalty
- Motives
- Personality
- Self-Image

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15
Q

Recall aspects of sociocultural factors

A

The aspects of sociocultural factors are:
- Culture
- Social class
- Relations –> Family and Friends

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16
Q

Recall under which law is deceptive and misleading advertising illegal

A

Under the Competition and Consumer Act 2010 (Cth), deceptive and misleading advertising is illegal

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17
Q

Recall some forms of deceptive and misleading advertising

A

Forms of deceptive and misleading advertising:
- Bait advertising
- Comparative advertising
- Environmental ‘green’ claims
- Fine print and qualifications
- Premium claims
- Prize giveaways

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18
Q

Define price discrimination

A

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

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19
Q

Recall what price discrimination violates legally and under what circumstances

A

Price discrimination may violate the Competition and Consumer Act, which prohibits misuse of market power

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20
Q

Define implied conditions

A

Implied conditions are the unspoken and unwritten terms of a contract

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21
Q

Recall the implied conditions that the ACL provides to consumers

A

ACL demands all sold products are – Acceptable quality products that are safe, lasting and with no faults, look acceptable and do all the things someone would normally expect them to do

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22
Q

Define warranty

A

A warranty is a promise made by a business that it will correct any defects in the goods they produce or services they deliver

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23
Q

By law, businesses are required to offer a refund when ___

A

A business is required by law to offer a refund if the products provided:
- Are faulty
- Do not match the description or a sample
- Fail to do the job they were supposed to do

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24
Q

Define advertising

A

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

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25
Q

Define puffery

A

Puffery are the exaggerated claims used for promotional purposes, that no reasonable person would take as factual

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26
Q

Recall examples of prohibited anti-competitive conduct

A

Prohibited business decisions:
- Anti-competitive agreements
- Cartel
- Exclusive dealing
- Mergers and acquisitions
- Misuse of market power
- Resale price maintenance

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27
Q

Define cartel

A

Cartel is when at least two businesses that normally would be in competition with each other agree to act together

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28
Q

Define exclusive dealing

A

Exclusive dealing is when one person or business trades with another and then imposes restrictions on them

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29
Q

Define anti-competitive agreements

A

Anti-competitive Agreements are contracts or arrangements containing provisions that substantially lessen competition in a market

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30
Q

Define resale price maintenance

A

Resale Price Maintenance is when a supplier forcefully sets the price at which retailers will sell the products they supply them

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31
Q

Define sugging

A

Sugging is the act of ‘selling under the guise of a survey’; a sales technique disguised as market research

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32
Q

True or False. Sugging is not illegal, only unethical

A

True. Sugging is not illegal but raises ethical issues including invasion of privacy and deception

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33
Q

Define situational analysis

A

A situational analysis must be undertaken based on the market research to gain a precise understanding of the business’s current position

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34
Q

Define SWOT analysis

A

A SWOT analysis involves the identification and analysis of the internal strengths and weaknesses and the external opportunities and threats of the business

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35
Q

Recall the product life cycle

A

Introduction → Growth → Maturity → Decline

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36
Q

Define market research

A

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

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37
Q

Define primary data

A

Primary Data is the facts and figures collected from original sources

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38
Q

Define secondary data

A

Secondary Data is the information that has already been collected by some other person or organisation

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39
Q

Recall the methods to gather primary data

A

The 3 methods to gather primary data are:
- Survey
- Observation
- Experiment

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40
Q

Recall the role of Ad Standards

A

The role of Ad Standards is to ensure that the Australian Association of National Advertisers (AANA) Code of Ethics 2012 is followed

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41
Q

Recall the criticism of Ad Standards

A

Ad Standards is a self-regulation system and is widely considered to lack the authority to manage the complaint resolution process without bias

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42
Q

Define test marketing

A

Test Marketing is a specific form of experiment method where the experiments are carried out in the field

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43
Q

Recall the types of secondary data

A

Types of secondary data:
- Internal data
- External data

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44
Q

Define statistical interpretation analysis

A

Statistical Interpretation Analysis is the process of focusing on the data that represents the average, typical or deviations from typical patterns

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45
Q

Define market objectives

A

Market Objectives are realistic and measurable goals to be achieved through the marketing plan

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46
Q

Differentiate between business goals and market objectives

A

The marketing objectives should be closely aligned to the overall business goals, but more customer-oriented than the goals for the entire business

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47
Q

Define market share

A

Market Share is the business’s share of the total industry sales

48
Q

Define product mix

A

Product Mix is the total range of products offered by a business

49
Q

Define customer service

A

Customer Service is how well a business meets and exceeds the expectations of customers in all aspects of its operations

50
Q

Define target market

A

Target Market is a group of present and potential customers to which a business intends to sell its products

51
Q

Define mass marketing approach

A

Mass Marketing Approach is a marketing approach that seeks a large range of customers

52
Q

Define market segmentation

A

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

53
Q

Define marketing mix

A

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

54
Q

Define product (marketing mix)

A

The Product refers to features, such as the product’s quality, packaging/labelling, design, brand name, guarantee and warranty, and exclusive features

55
Q

Define price (marketing mix)

A

The Price refers to the price and pricing methods and strategies and the interaction between price and quality

56
Q

Recall the pricing methods

A

Pricing Methods are:
- Cost-based
- Market-based
- Competition-based

57
Q

Define cost-based pricing method

A

Cost-based pricing method is a pricing method derived from calculating the total cost of producing or purchasing a product and then adding a mark-up for profit

58
Q

Define market-based pricing method

A

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

59
Q

Define competition-based pricing method

A

Competition-based pricing method is a pricing method that is chosen in relation to competitors

60
Q

Define promotion (marketing mix)

A

The Promotion refers to the methods to be used by a business to inform, persuade and remind customers about its products

61
Q

Recall types of promotion

A

Types of promotion include:
- Advertising
- Personal selling
- Publicity
- Public relations
- Relationship marketing
- Sales promotion

62
Q

Define place (marketing mix)

A

The Place, more suitably named distribution but is named place to suit the theme of ‘P’, deals with the channels of distribution, the number of intermediaries, and the geographical spread of the distribution of the product

63
Q

Define implementation

A

Implementation is the process of putting marketing strategies into operation

64
Q

Define monitoring

A

Monitoring is the process of measuring actual performance against planned performance

65
Q

Define controlling

A

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

66
Q

Define financial forecast

A

Financial Forecast is the business’s predictions about the future

67
Q

Recall the steps to develop a financial forecast

A

The steps to develop a financial forecast are:
- Revenue estimate
- Cost estimate

68
Q

Define key performance indicator

A

Key Performance Indicators are the means by which a business can measure its performance and evaluate the degree to which it is achieving its objectives

69
Q

Define sales analysis

A

Sales Analysis is the comparison of actual sales with forecast sales to determine the effectiveness of the marketing strategy

70
Q

Define market share analysis

A

Market Share Analysis is the comparison of sales with competitors to determine the effectiveness of the marketing strategy and the uncontrollable external factors

71
Q

Define market profitability analysis

A

Marketing Profitability Analysis is when the business breaks down the total marketing costs into specific marketing activities

72
Q

Define return on investment

A

Return on investment (ROI) measures how much revenue a marketing campaign is generating compared to the cost of running that campaign

73
Q

Recall the types of market segmentation

A

Types of market segmentation include:
- Behavioural
- Demographic
- Geographic
- Psychographic

74
Q

Define product/service differentiation

A

Product/service Differentiation is the process of developing and promoting differences between the business’s products or services and those of its competitors

75
Q

Define product/service positioning

A

Product/service Positioning is the technique in which marketers try to create an image or identity for a product compared with the image of competing products

76
Q

Define total product concept

A

Total Product Concept is the tangible and intangible benefits (attributes) a product possesses

77
Q

Define brand

A

Brand is a name, term, symbol, design, or any combination of these that identifies a specific product and distinguishes it from its competition

78
Q

Define brand name

A

Brand Name that part of the brand that can be spoken

79
Q

Define trademark

A

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

80
Q

Define brand symbol or logo

A

Brand Symbol or Logo is a graphic representation that identifies a business or product

81
Q

Recall the types of brands

A

Types of Brands:
- Manufacturer’s brand
- Private or House Brand
- Generic Brand

82
Q

Define manufacturer’s brand

A

Manufacturer’s Brand is a brand owned by a manufacturer

83
Q

Define private or house brand

A

Private or House Brand is a brand that is owned by a retailer or wholesaler

84
Q

Define generic brand

A

Generic Brands are products with no brand name at all

85
Q

Define price leader

A

Price Leader is a major business in an industry whose pricing decisions heavily influence the pricing decisions of its competitors

86
Q

Define bundle pricing

A

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

87
Q

Define price skimming

A

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

88
Q

Define price penetration

A

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

89
Q

Define loss leader

A

Loss Leader is when the business sells a product at or below cost price

90
Q

Define price points

A

Price Points is when products are sold at only certain predetermined prices

91
Q

Define prestige or premium pricing

A

Prestige or Premium Pricing is a pricing strategy where a high price is charged to give the product an aura of quality and status

92
Q

Define advertising media

A

Advertising Media refers to the many forms of communication used to reach an audience

93
Q

Define personal selling

A

Personal Selling are the activities of a sales representative directed to a customer in an attempt to make a sale

94
Q

Define relationship marketing

A

Relationship Marketing is the development of long-term and cost effective relationships with individual customers

95
Q

Define loyalty program

A

Loyalty Program is a rewards-based program offered by a business to customers who frequently make purchases

96
Q

Define sales promotion

A

Sales Promotion is the use of activities or materials as direct inducements to customers

97
Q

Define publicity

A

Publicity is any free news story about a business

98
Q

Define public relations

A

Public Relations (PR) are activities aimed at creating and maintaining favourable relations between a business and its customers

99
Q

Define distribution channels

A

Distribution Channels are the routes taken to get the product from the factory to the customer

100
Q

Recall the distribution channels

A
  • Producer to consumer
  • Producer to retailer to consumer
  • Producer to wholesaler to retailer to consumer
  • Producer to agent to wholesaler to retailer to consumer
101
Q

Recall the types of non-store retailing

A
  • Electronic-commerce (E-commerce)
  • Mobile-commerce (M-commerce)
102
Q

Recall the types of channel choice

A
  • Intensive distribution
  • Selective distribution
  • Exclusive distribution
103
Q

Define physical distribution

A

Physical Distribution are all those activities concerned with the efficient movement of the products from the producer to the customer

104
Q

Recall the extended marketing mix and explain why it is an extension

A

Intended for services:
- People
- Processes
- Physical Evidence

105
Q

Define global branding

A

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

106
Q

Define standardised approach (to global markets)

A

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

107
Q

Define customised approach (to global markets)

A

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

108
Q

Define global pricing

A

Global Pricing is how businesses coordinate their pricing policy across different countries

109
Q

Recall the types of global pricing

A

Types of global pricing methods:
- Customised
- Market-customised
- Standardised

110
Q

Define competitive positioning

A

Competitive Positioning relates to how a business will differentiate its products

111
Q

Recall the physical distribution issues

A

Physical Distribution Issues are:
- transport
- warehousing
- inventory

112
Q

Identify the extended marketing mix

A

Extended marketing mix:
- People
- Processes
- Physical evidence

113
Q

Define people (extended marketing mix)

A

People is the quality of the interactions in the delivery of the service

114
Q

Define processes (extended marketing mix)

A

Processes are the flow of activities in the delivery of the service

115
Q

Define physical evidence (extended marketing mix)

A

Phsycial evidence is the physical attributes of the delivery of service - location, logo, website, and signage

116
Q

Identify common marketing objectives

A

Marketing Objectives:
- Increasing market share
- Expanding product mix
- Customer service

117
Q

Benefits of branding

A

Benefits:
- Repeat sales
- Brand loyalty

Revised - BS (12 decks)

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