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Entrepreneurship > Marketing Plan > Flashcards

Marketing Plan Flashcards

1
Q

they must search for buyers, identify their needs, design good market offerings, set prices for them, promote, store and deliver them

A

sellers

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2
Q

they search for products, interact with companies, obtain information and make their purchases

A

buyers

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3
Q

refers to the process of dividing prospective buyers into groups that have common needs and will respond similarly to a marketing action; it is a process in marketing of grouping a market (customers) into smaller subgroups

A

market segmentation

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4
Q

a market can be grouped according to these variables

A

geographic, demographic, psychographic, behavioral

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5
Q

region of the world or country, size of country, climate

A

geographic

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6
Q

population - age, gender, sexual orientation, income, occupation, education, etc.

A

demographic

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7
Q

personality, lifestyle, values, attitudes

A

psychographic

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8
Q

product, benefit sought, rate of usage, brand royalty, readiness-to-buy stage, etc.

A

behavioral

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9
Q

it is to select from among the big group of possible buyers or users, a specific grouo or type of buyers to cater to

A

targetting

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10
Q

the discipline in marketing is to ____________________

A

target one segment at a time

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11
Q

knowing what your competitor’s marketing is includes

A
  • the competitor’s products/service
  • how much they cost
  • how thry are distributed
  • how they are made known to the target market
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12
Q

the best way to know your market is to

A

go out there and see the competition yourself

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13
Q

an educated guess

A

estimation (market estimation)

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14
Q

generally concerns the presence or absence of buyers for your product or users of your service and how much income you can expect to derive from it

A

market assessment

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15
Q

examines your capability to be in the particular business

A

technical assessment

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16
Q

this measurs your familiarity with the type of business or how well you know the ins and outs; also concerns your ability to put together all the resources you will use in the business

A

organizational assessment

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17
Q

this gives you an idea of how much it sill cost to start the business and keep it going at least ungil the revenues start coming in

A

financial assessment

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18
Q

it will allow you to know more about the demand for your product or service, and the people who will likely buy or use them, and how many they are, and whether these buyers will likely affect the location of your business

A

market research

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19
Q

marketing mix 7 Ps

A

product, packaging, place, positioning, price, promotion, people

20
Q

the marketing mix 7 Ps were originally centered around __ Ps

A

4

21
Q

foundation model for businesses; set of marketing tools that the firm uses to pursue its marketing objectives in the target market or the set of actions or tactics that a company uses to promote its brand or product in the market

A

marketing mix or the 7 Ps of marketing

22
Q

invovle using the properties of the product to influence the target market into buying a product or using a service

A

product strategies

23
Q

some of the properties of a product or service include:

A

brand, packaging, label, support, attributes

24
Q

a name, term, sign, symbol, or a combination of these; aims fo identify the goods or services of one seller and ro differentiate them from the other sellers

A

brand

25
Q

the collective term for services that add to the marketsbility of the actual product

A

product support

26
Q

another product strategy is changing the ____________ of an actual product

A

attributes

27
Q

3 attributes of a product that you can change or modify

A

quality, features, design

28
Q

the _______ should convey what it is and what it does for the product

A

package

29
Q

used to identify, grade, describe, and promote a product

A

label

30
Q

are concerned with the ways of bringing one’s product or service to the largest market; one of the major decisions an entrepreneur must make is where to sell the product or offer the service

A

place strategies

31
Q

avenues that allow for personal inteaction for the buyer and seller; having this kind of human interaction enhances buyer-seller relationship

A

traditional channels

32
Q

examples of traditional channels

A

distributors, sari-sari stores, malls, shops, kiosks

33
Q

avenues where the buyer and the seller communicate, interact, and do business without necessarily meeting in person

A

new distribution channels

34
Q

popular examples of new distribution channels

A

television, telephone, internet

35
Q

locate in a place that provides opportunities for you to interact and do business

A

positioning (designing places)

36
Q

perception of worth

A

value

37
Q

factors that affect price

A
  • cost of the product
  • competitors price
  • supply and demand situation
  • ability of target customers to pay
  • image of your company
38
Q

the collective term for all the tools or media that a business uses to communicate a message to the target market

A

promotions

39
Q

tv, radio, newspapers, magazines, classifieds, yellow pages, billboards; for items bought repeatedly through self-service facilities

A

advertising

40
Q

sampling coupons, refund offers, continuity programs, bonus packs, erc.; to encourage short term sales boosts by providing temporary price reductions or value incentives to spur demand

A

sales promotions

41
Q

news stories and press releases, to inform, to build an image

A

public relations

42
Q

sales force or distributors, used in cases when persuasion and immediate feedback are necessary

A

personal selling

43
Q

direct mail, interactive tv, telemarketing, catalogs, postcards, inserts

A

direct marketing

44
Q

business cards, brochures, banners, newsletters, posters, takeone boxes, circulars, gift certificates, order forms, stationery

A

minimedia

45
Q

webpage, web ads, viral advertising, referrals, spamming, egroups, blog sites, chat, forums

A

internet company

46
Q

represents the human element of the marketing strategy; includes the individuals involved in various aspects of the business, including both employees and customers

A

people

47
Q

people includes

A

employees, culture, management, customer service

Entrepreneurship (4 decks)

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