Marketing Influences Flashcards
What is the strategic role of marketing?
To strategically plan and to achieve a goal via Marketing processes (Planning, design, distribution, and promotion, for and to the correct consumers)
What are the six types of markets?
Resource, Industrial, Intermediate, Mass, Consumer and Niche
Resource Market?
Consists of those individuals or groups that are engaged in all forms of primary production, including mining, agriculture, forestry and fishing
Industrial Market?
Includes industries and businesses that purchase products to use in the production of other products or in their daily operations
Intermediate Market?
Consists of wholesalers and retailers who purchase finished products and sell them again to make a profit
Consumer Market?
Consist of individuals – that is, members of a household who plan to use or consume the products they buy. Consumers do not intend to use the products to make other goods and services
What are the 3 influences on marketing
SPEG, DIPW and PETS
What are the 4 key factors of SPEG?
Socio-cultural, Psychological, Economic and Government
What are the 4 main socio-cultural factors?
Social class, Cultural and subculture, Family and roles, Reference (Peer groups)
What is Social class?
Refers to a person’s relative rank in society, based on his or her education, income or occupation
What is Culture and subculture?
Culture and subculture determines what people wear, what and how they eat, and where and how they live based on belief
What is Family and Roles?
Individuals occupy different roles within the family and groups within the wider community. These roles influence buying behaviour
What is Reference (Peer Groups)
A reference group is a group of people with whom a person closely identifies, adopting their attitudes, values and beliefs
What are psychological factors?
The personal characteristics of individuals that influence their behaviour including Motives, Perception, Personality and self-image, Learning and Beliefs and attitudes
What is personality and self-image?
An individual’s personality is the collection of all the behaviours and characteristics that make up that person and people often buy products that best suit their personality
What are economic factors?
Economic forces influence a business’s capacity to compete and a customer’s willingness and ability to spend
What is a BOOM?
A boom is a period of low unemployment and rising incomes
What happens during a recession?
Unemployment reaches high levels and incomes fall dramatically and customer and business spending reach very low levels
What is an example of Unethical Marketing?
Sugging and Products that damage health
What is an example of Ethical Marketing?
Engaging in Fair Competition and Truth, accuracy and good taste in advertising
What is GDBP?
G - Geographic
D - Demographic
B - Behavioural
P - Psychographic
What is the Abreviation for Market segmentation?
GDBP
What are examples of Geographic market segmentation?
Postal codes and Countries
What are examples of Demographic market segmentation?
Age and Gender
