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Business Studies > MARKETING: Strategies > Flashcards

MARKETING: Strategies Flashcards

1
Q

What are the four main variables of market segmentation?

A
  1. Demographic: age, occupation, religion, gender.
  2. Geographic: urban, suburban, climate.
  3. Psychographic: how the consumer lives and thinks like lifestyle, personality, motives.
  4. Behavioural: how the consumer interacts with products - like loyalty, usage rates, price sensitive.
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2
Q

What are the main points of differentiation for businesses?

A

Customer service, environmental and ethical concerns, convenience.

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3
Q

Branding definition.

A

The name, term, symbol, design that identifies a product from its competition.

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4
Q

What are the benefits of branding for businesses?

A
  1. Can introduce new products onto the market because consumers are already familiar with the brand.
  2. Encourage customer loyalty.
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5
Q

What are the types of branding?

A

Brandmark: a solitary graphic (Apple).
Wordmark: the logo is the name of the business.
Lettermark: based off a few letters, usually initials.
Combination: a combination of a brandmark and a wordmark, e.g. Pepsi.
Emblem: combine images with text, e.g. Starbucks.

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6
Q

What are the branding strategies businesses can use?

A

Private/house brand: one that is owned by a retailer or wholesaler, e.g. Myer selling Miss Shop.
Generic brand: no brand name at all, only the name of the product in plain packaging.
Manufacturer brand: owned by producers.

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7
Q

What is an advantage of manufacturer branding?

A

Are recognised across the country and offer reliability with constant quality.

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8
Q

What are the benefits of packaging?

A

Preserves the product, protects the product from damage or tampering, assists with the display of the product, makes transportation easier.

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9
Q

Labelling definition.

A

The presentation of information on a product or its package.

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10
Q

Cost-based pricing.

A

The business determines the total cost of producing one unit of the product.
Cost × Mark-up percentage = Price

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11
Q

What is a disadvantage of cost-based pricing?

A

Difficulty in accurately determining an appropriate mark-up percentage.

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12
Q

Marketing-based pricing.

A

Set prices according to the level of supply and demand.
When demand for a product is greater than its supply, there will be a shortage in the market. This will force up the price of the good.

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13
Q

What is a disadvantage of market-based pricing.

A

Levels of supply and demand will constantly change.

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14
Q

Competition-based pricing.

A

Price is determined in comparison to what competitors are doing.

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15
Q

Price skimming.

A

Charging the highest possible price for the product during the introduction stage of its life cycle.

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16
Q

Price penetration.

A

Charging the lowest price possible for a product to quickly achieve a large market share for a product - will discourage competitors from entering the market.

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17
Q

Loss leader.

A

Selling at or below cost price to attract customers to the business.
Business makes a loss on this product, it hopes that the extra customers will buy other products as well.

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18
Q

Price points.

A

Selling products only at certain predetermined prices which assists customers to locate the product they need.

19
Q

Advertising.

A

A paid form of messaging designed to lead to sales.

20
Q

What are some examples of advertising?

A

Outdoor advertising - on billboards, public transport etc.
Telemarketing - use of the telephone to personally contact a customer.

21
Q

Personal selling.

A

Involves the activities of a sales consultant directed to a customer in an attempt to make a sale.

22
Q

What is an advantage of personal selling?

A

Offering informed recommendations - customer satisfaction is increased, resulting in a good reputation for the business.

23
Q

Sales promotion.

A

Offering an inducement to customers in an attempt to sell more of its product

24
Q

What are some types of sales promotion?

A

Limited time offers, free gifts, samples,

25
Q

Publicity

A

A free news story about a business’s products.

26
Q

Public relations.

A

Managing the relationship between a business and its customers, often using an unpaid third party.

27
Q

Opinion leaders.

A

A person who influences others.

28
Q

Word of mouth.

A

Consumers tend to trust word-of-mouth more than business-sponsored promotions.

29
Q

Distribution channels.

A

The routes taken to get the product from the business to the customer.

30
Q

Market coverage.

A

The number of outlets a firm chooses for its product.

31
Q

What are the three types of channel choices for businesses?

A

Intensive distribution: when business wishes to saturate the market with its product.
Selective distribution: using a moderate proportion of all possible outlets.
Exclusive distribution: use of only one retail outlet in a large geographic area.

32
Q

What are the three physical distribution issues?

A

Transport and inventory.
Warehousing: a set of activities involved in receiving, storing and dispatching goods.

33
Q

People

A

Refers to the interaction between the customer and those within the business.

34
Q

Processes

A

The flow of activities in the delivery of a service.

35
Q

What are some examples of processes for businesses?

A

Service delivery, complaints, response time.

36
Q

Physical evidence.

A

Refers to everything that the customer sees when interacting with a business like the physical state of the premises.

37
Q

E-marketing definition.

A

Using the internet to perform marketing activities.

38
Q

What are some examples of e-marketing technologies?

A

Web-pages, podcasts, blogs, social media.

39
Q

Global branding.

A

The worldwide use of a name, term, symbol or logo to identify the seller’s products.

40
Q

What are the benefits of global branding?

A

Cost effective because - advertisement can be used in a number of locations.
Provides a uniform worldwide image.

41
Q

Standardisation

A

One marketing approach for all locations.

42
Q

What are the benefits of standardisation?

A

R&D costs are reduced.
Any modification of the plan is a much simpler task.

43
Q

Customisation.

A

Marketing plan is customised according to the economic, political and cultural characteristics of each country.

44
Q

What are the 3 types of global pricing?

A

Customisation: different prices for the same product.
Market-customised: sets prices according to local market conditions including exchange rates.
Standard worldwide: same price around the world.

Business Studies (17 decks)

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