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Business > Marketing: Influences on Marketing & Marketing Process > Flashcards

Marketing: Influences on Marketing & Marketing Process Flashcards

1
Q

what are the 5 different psychological influences

A
  1. perception
  2. motives
  3. attitudes
  4. personality and self-image
  5. learning
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2
Q

define perception

A

the process which people select, organise and interpret information to create meaning

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3
Q

define motives

A

the reason an individual does something

eg. comfort, health, safety, ambition, pleasure etc

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4
Q

define attitudes

A

a persons overall feeling about an object or activity

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5
Q

define personality and self image

A

the behaviours/characteristics of a person and how a person views themselves

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6
Q

define learning

A

a change in customers behaviour caused by information and experiences- may encourage brand loyalty

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7
Q

why is understanding psychological influences important for the business

A

they can predict trends and customer awareness

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8
Q

what is the effect of understanding psychological influences

A

allows marketers to create more effective and profitable strategies to appeal directly to the customers motives and behaviours

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9
Q

what are the four sociocultural influnces

A
  1. socioeconomic status/social class
  2. culture/subculture
  3. family and roles
  4. reference/peer groups
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10
Q

define socioeconomic status/social class

A

occupation, incomes and education level of an individual

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11
Q

what will a high socioeconomic status/social class purchase

A

buy prestigious products and wants eg. prada bag

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12
Q

what will low socioeconomic status/social class purchase

A

cheap products, and more necessities
eg. kmart bag

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13
Q

what is the effect of socioeconomic status/social class on a business’ marketing

A

a business must align their products (type, quality and quantity,price) to their target market

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14
Q

define culture

A

the learned values, beliefs, behaviours and traditions shared by a society

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15
Q

define subculture

A

group of individuals with similar qualities that may distinguish them from the broader societal culture

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16
Q

what effect does culture and subculture have on a business

A

adapt to changes in cultural values to appeal to their target markets

eg. cafes and restaurants often have vegetarian/vegan alternatives on their menu

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17
Q

define family and roles

A

everyone occupies different family roles, influencing their buying behaviour.
it refers to who is responsible for making certain purchasing decisions in the family

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18
Q

define reference or peer groups

A

group of people with whom a person closely identifies, adopting their attidues, values and beliefts

one person influences their peers choices

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19
Q

how does reference/peer groups affect businesses

A

marketing managers should aim to be able to create trends through reference groups, leading to higher brand awareness and sales

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20
Q

what is the effect of economic influences on a business

A

number of competitors
cost of inputs
sales volume

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21
Q

what is the effect of economic influences on customers

A

their willingness and ability to spend money

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22
Q

what do businesses do during a boom

A

maximise production and promotions to increase market share as customers are more willing to purchase

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23
Q

how should a business ensure the survive a recession

A

create good quality, well priced products

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24
Q

what are the two ways government influnces affect customer spending habits

A
  1. indirectly=economic policies
  2. directly=laws and regulations
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25
Q

what is are two examples of economic policy

A

higher taxes when there is too much spending (creating a recession)

or lowering interest rates so people spend more (creating a boom)

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26
Q

what are the three major regulatory laws and bodies

A
  1. Competition and Consumer Act 2010 (commonwealth)
  2. Sale of Goods Act 1923 (NSW)
  3. The Fair-Trading Act 1987 (NSW)
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27
Q

what is the purpose of Australian Consumer Laws

A

protecting the rights of consumers and identify the responsibilities of businesses. they restrict how businesses sell products by preventing them from acting dishonestly

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28
Q

what is the Australian Consumer Law (ACL) 2011

A

national law ensuring customers have the same rights, and businesses are subject to the same regulations

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29
Q

what is the ACL governed by

A
  1. Australian Competition and Consumer Commission (ACCC)
  2. Australian Securities and Investment Commission (ASIC)
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30
Q

what is the role of Competition and Consumer Act (CCA) 2010

A

protects customers against unfair practices eg. misleading customers through advertising
it also encourages competition between business, providing choice and stimulating economic growth

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31
Q

what happens if a business breaches consumer law

A

refund/replace customers items, may be fined, reputation is damaged

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32
Q

what is deceptive advertising

A

a false impression of a product and what it can do, causing customers to be mislead

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33
Q

what is an example of deceptive and misleading advertising

A

a business lying about how environmentally friendly they are, or using green/brown packaging to make it appear more eco-friendly

known as greenwashing

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34
Q

what is dishonest advertising

A

ads including misleading words or claim a product can do something it cant

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35
Q

what is bait and switch advertising

A

a product being advertised at a lower price, but are sold higher-priced products when in the store

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36
Q

what is price discrimination

A

setting a different price for products in different markets.

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37
Q

when is price discrimination legal

A

when transport or production costs are higher in different markets

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38
Q

what are implied conditions

A

unspoken/unwritten terms of a contract. these conditions are assumed to exist regardless whether they were specifically mentioned.

eg. a cellphone being able to text/make calls

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39
Q

what are consumer guarantees

A

a comprehensive set of rights and remedies for defective goods and services

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40
Q

what is a warranty

A

a businesses promise to fix any defects in the goods or services they offer

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41
Q

does a business legally have to provide a warranty

A

no, but if they do they must uphold it

42
Q

can a warranty provide a competitive advantage for a business

A

yes

43
Q

how can ethical influences impact marketing

A

society has changed its focus to be more ethical, so a business being ethical is a good competitive advantage over others, which marekting would obviously market

44
Q

what is ethical behaviour

A

behaviour exceeding legal requirements.
legal behaviour can be unethical

45
Q

what are some ideas that may be considered unethical

A

materialism
stereotypes
invasion of privacy

46
Q

what is the Austrlaina Association of National Advertisers Code of Ethics 2012

A

a code of ethics that businesses must follow, and if they dont customers complain to the Advertising Standards Burea (ASB)

47
Q

what are benefits of ethical behaviour

A

positive publicity
customer loyalty
higher sales/profits as it attracts customers

48
Q

is good taste in advertising subjective or objective

A

subjective

49
Q

how should marketers make sure that they have good taste in advertising

A

by ensuring advertising is sensitive to the beliefs and values of all people

50
Q

why is it important to be truthful and accurate in advertising

A

to avoid being socially responsible for deceiving customers

51
Q

what are some ways a business may be untruth/inaccurate in advertising

A

concealing facts
vague statements
exaggerated claims

52
Q

what is a concealed fact

A

information purposely excluded from an advert

53
Q

what are vague statements

A

words or promises so unclear that most people wont understand what is being said

54
Q

what is exaggerated claims

A

claims that most people wouldnt perceive as factual, but are still considered misleading

55
Q

why is marketing products that may damage health a negative thing for a business

A

there are government regulations and societal outlooks related to advertising harmful products

eg. fast food adverts arent allowed to be played during childrens television programs

56
Q

why is engaging in fair competition a positive thing

A

it provides customers choice when it comes to price and quality of goods and services.

if fair competition was restricted, it may lead to businesses pushing up their prices and reduce quality of products

57
Q

to maintain competition, the Competition and Consumer Act 2010 deters anti-competive behaviours such as…?

A

cartel conduct
misusing market power
predatory pricing

58
Q

what is cartel conduct

A

businesses working together rather than competing

59
Q

what is misusing market power

A

large corporations taking advantage of their position

60
Q

what is predatory pricing

A

setting extremely low prices to force weaker competitions out of the market

61
Q

what is sugging

A

selling under the guise of a survey

62
Q

is sugging legal

A

yes

63
Q

why is sugging unethical

A

intentionally misrepresents the purpose of an activity (surveying) to generate sales

64
Q

what is the marketing plan

A

document listing activites aimed at achieving marketing objectives

65
Q

what does the marketing plan provide

A

a template for future action aimed at reaching business goals. must be realistic and achievable

66
Q

what are the steps of the marketing process

A
  1. situational analysis
  2. market research
  3. establishing market objectives
  4. identifying target market
  5. developing marketing strategies
  6. implementtation, monitoring and controlling
67
Q

what are the two methods of situational analysis

A
  1. SWOT
  2. product life cycle
68
Q

what does swot stand for, and are they internal or external

A

S= strengths (internal)
W=weaknesses(internal
O=opportunities (external)
T=threats(external)

69
Q

what are the four stages of a product life cycle

A
  1. introduction
  2. growth
  3. maturity
  4. decline/post maturity
70
Q

does the stage of its life cycle a product is in affect the type of marketing strategies used

A

yes, greatly

71
Q

define market research

A

process of gathering, recording and analysing data to solve a specific marketing problem

72
Q

what does the insight gained from marketing research provide marketers to make informed decisions about

A

which prices to change

what forms of promotion to use

73
Q

what is the purpose of market resarch

A

how in demand a product is
competition
target market
market opportunities

74
Q

how does knowing demand for a product effect a business

A

it provides insight into how much a business can charge for a product before customers will stop buying it

75
Q

how does knowing a business’ competitors effect a business

A

by knowing what marketing strategies competitors are using, they can differentiate themselves and gain an advantage

76
Q

what effect does having a defined target market have on a business

A

it leads to the business understanding its customers needs and wants,

leading to effective promotional campaigns and price points, along with products its customers will want to buy

77
Q

what effect does knowing market oppurtunities have on a business

A

if a business meets the needs before competitors do, theyll gain an advantagw

78
Q

what are marketing objectives

A

realistic and measurable goals for a business to achieve through their marketing plan

79
Q

what are the three main marketing objectives

A

increasing market share
expanding product mix
maximsing customer service

80
Q

what are SMART goals

A

s=specific
m=measurable
a=achievable
r=realistic
t=time/timeframe

81
Q

how do you increase market share

A

develop a large range of products to satisfy a large range of customers

82
Q

what is the product mix

A

the set of products a business makes available to its customers

83
Q

how do you expand the product mix

A

make a wider range of products

84
Q

what is the effect of good customer service

A

customers thinking positively about the business, creating a growing customer base and repeat purchases

85
Q

how do you maximise customer service

A

ensure quality customer service takes place before, during and after a sale

ensuring every employee has good customer service, from finance to marketing

86
Q

what are the three marketing approaches

A

mass marketing approach
market segmentation approach
niche marketing approach

87
Q

what is a target market

A

group of customers at which a business aims to sell its products

88
Q

what are the three reasons selecting a target market is beneficial

A
  1. marketing resources are used more efficiently; leading to cost effective and efficient strategies
  2. market research data is collected more efficiently; allowing the business to make comparisons and monitor trends
  3. to better understand consumer buying behaviour
89
Q

what is the primary target market

A

the market segment that marketers target MOST of their resources towards

90
Q

what is the secondary target market

A

a smaller and less important market segment that the business sellsto

91
Q

what is mass marketing

A

a business targeting a large range of customers that have similar needs and wants (basically everyone)

92
Q

what is market segmentation

A

when the total market is divided into subgroups who share one or more similarites

93
Q

what is a niche market

A

a very small/narrow target market

94
Q

what are marketing strategies

A

plans of action that are developed to achieve marketing objectives using the marketing mix

95
Q

what is the marketing mix (four Ps)

A

Product
Price
Promotion
Place

96
Q

if one of the “Ps” changed, would it change the other Ps

A

ye

97
Q

what are the main factors that determine the marketing mix

A

product life cycle
business environment eg. environmentally friendly products

98
Q

define implementation

A

the process of putting marketing strategies into operation
(how, where and when things can be achieved)

99
Q

define monitoring

A

the process of measuring ACTUAL performance against PLANNED performance

100
Q

define controlling, and say what is a key step in comparing this

A

comparing planned performance against actual performance, and taking CORRECTIVE ACTION to ensure objectives are achieved.

allocating KPIs (key performance indicators) in which actual performance can be compared agianst

101
Q

what are the two steps in a financial forecast

A
  1. cost estimate- how much a business will spend eg. payroll, rent
  2. revenue estimate- how much a business expects to profit
102
Q

is a cost or revenue estimate harder to accurately predict

A

revenue, due to changes in external environment eg. economy, pandemics

Business (9 decks)

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