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Business > Marketing Strategies > Flashcards

Marketing Strategies Flashcards

0
Q

When managers of marketing are developing marketing strategies it is market segmented which includes mainly 4 types what are these?

A

Demographic
Geographic
Psychographic
Behavioural

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1
Q

List the 7 ps

A 
Product
Price
Promotion
Place
People
Physical evidence
Processes
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2
Q

Define demographic segmentation

A

Demographic segmentation is process of dividing total market according to features of a population including size, age, sex, income, cultural background and family size

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3
Q

Define geographic segmentation

A

Geographic segmentation is the segmentation of total market accoridng to geographical locations. For example in blue mountains products offered in food industry may most likely be hot due to consumer demand.

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4
Q

Deine psychographic segmentation

A

Psychographic segmentation is the process of dividing the total market according to personality, characteristics, motives and lifestyles.

Business may research a group’s brand preferences, personal interests hobbies and values.

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5
Q

Define behavioural segmentation

A

Behavioural segmentation is the process of dividing the total market according to the customers relationship of the product.

For example lean cuisine has offered a variety of frozen foods which are healthy and nutritious. Consumers who purchase this product have a positive outlook on their product

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6
Q

Another marketing strategy is product/ service differentiation define.

A

Process of developing and promoting differences between the business’s product or services and those of competitors.

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7
Q

List some differentiation points

A

Better value for money
Customer service
Environment concerns
Convenience

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8
Q

Define product service positioning

A

Refers to the tech ique in which marketers try to create an image or identity for a product compared with the image of competing products. Brands such as Rolex and no frills can inmediately evoke an image of the product

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9
Q

Define product

A

Products are goods or services that can be offered in an exchange for the purpose of satisfying a need or want.

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10
Q

List the strateies used in products

A

Product branding

Product packaging

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11
Q

Define brand

A

Brand is a name symbol or logo that identifies a specific product and distinguishes it from its competitors

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12
Q

What are benefits of branding?

A

Gains repeat sales due to business’s products

Allows consimer to evaluate quality from logo

Allows customer to feel prestigious when purchasing a brand that is high priced

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13
Q

List the branding strategies

A

Branding strategies include manufacturers brand/ national brand, private/house brand and generic brands

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14
Q

Define private house brand

A

It is a brand which is owned by the retailer or wholesaler. Often cheaper because retailers buy at a cheaper price. Eg myser sells its own products.

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15
Q

Define generic brand

A

No name - no frills. Homebrand. Select woolworths

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16
Q

Define packaging

A

Packaging involves the development of a container and the graphic design for a product.

Packaging preserves the product, attracts customers, differentiates products.

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17
Q

Define labelling

A

Labelling refers to the presentation of inormation on a product. Providing ingredients, packaging size and production.

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18
Q

List the pricing methods

A

Cost based mark up pricing

Market based pricing

Competition baed pricing

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19
Q

Explain cost based mark up pricing

A

A pricing method used from the cost of producing or purchasing the product then adding a markup. Cost + (cost x mark up %) = price.

2 major drawbacks:

  1. Difficulty in detemrining mark up %
  2. Product is prices after production no competitors price taken into account
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20
Q

Explain market based pricing

A

Market baed pricing is a method of setting prices according to levels of supply abd demand.

21
Q

Explain conpetition based pricing

A

It is where the price covers cost of raw materials and operation costs and is conpared to competitors price. Below equal or above

22
Q

List the pricing strategies

A

Price skimming

Price penetration

Loss leader

Price points

23
Q

When should pricing strategies be utilized?

A

When changing marketing objectives, life cycle of product changes, degree of product differentiation and level of economic activity

24
Q

Define price skimming

A

Price skimming occurs when a business chargesr the highest posisble price for the product during introduction stage of its life cycle.

25
Q

Define price penetration

A

Occurs when a business chargesr lowest to achieve a large market share

26
Q

Define loss leader

A

Loss leader is producf sold at a price below cost. It may attract customers to shop to purchase other products.

27
Q

Promotion is another marketing strategy. Define promotion.

A

Promotion describes the methods used by a business to inform, persuade and remind a target market abouts its products.

Promotion:
Attracts new customers
Increase brand loyalty
Encourage existing customer sales

28
Q

What is included in the promotion mix

A

Advertising

Personal selling and relationship marketing

Sales promotion

Publicity and public relations

29
Q

Define advertising media

A

Advertising media refers to many forms of communication to reach an audience.

This includes:

  • mass marketing - tv, radio, newspapers
  • telemarketing - telephone
  • e - marketing - use of internet to deliver advertising messages
  • billboards
30
Q

Define personal selling and when should it be used?

A

Personal selling involves the activities of a sales consultant directed to a customer in an attempt to make a sale. For example a mercede benz car dealer uses personal selling to sell its product to individuals.
Three unique advantages include:
1. Message modified to suit
2. Individual assitance leads to relationship
3. After sales customer service to create trust

31
Q

Define relationship marketing

A

Relationship marketing is the develoment of long term cost effective and strong relationships with customers.

Creates customer loyalty
Increases repeated sales

For example everyday rewards card

32
Q

Define sales promotion

A

Sales promotion is the use of activities or materials as dorect inducement to customers.

It can entice new customers, encourage trial purchases

33
Q

List the examples of sales promotion

A

Coupons

Premiums - extra gift due to purchase

Refunds

Samples

Point of purchase displaus

34
Q

Define publicity and public relations

A

Publicity is any free bews story about a businesses products

Public relations are activities aimed at creating and maintaining favourable relations between a business and its customers.

35
Q

How can public relations assist in business achieving its goals?

A
  1. Promoting a positive image
  2. Effective communication of messages
  3. Issues monitoring - early warning to public which could harm business sales
  4. Crisis management - protecting business reputation as a result of negativity or rumours.
36
Q

Businesses must use effective and clear communicaton when providing its message. Define a channel in relation to communication process and noise

A

Channel is any method used for carrying a message. Marketing managers use a variety of channels to communicate. Two includes worth of mouth and opinion leaders.

Noise is any interference or distraction that affects any or all stages in the communication process.

37
Q

Define place or distribution

A

Activities that make the products avaliable to customers when and where they want to purchase them.

38
Q

What are the four main distribution channels?

A
  1. Producer to customer - car repairs
  2. Producer to retailer to customer - sales of fruits
  3. Producer to wholesaler to retailer to consumer
  4. Producer to agent to wholesaler to retailer to customer - agents are paid to distribute products but does notown products. Business may use an agent if business does not have any sales representatives.
39
Q

Explain the channel choices including intensive, selective and exclusive

A
  1. Intensive distribution - coke sold in every store
  2. Selective distribution - moderate proportion f all possible outlets such as billabong. Customer is willing to travel.
  3. Exclusive distribution - one retail outlet for large geographical area such as ikea and bunnings warehouse
40
Q

Define physical dostrobution issues and list all three

A

Physical dostor utiob is all those activities concerned eith the efficient movement of the products from producer to customer.

Transport - network of transportation to deliver products

Warehousing - storing and dispathing goods

Inventory - business carries inventory control to monitor quantities of stock. Too much or too little has a negstive effect on business. Inventory control system is used.

41
Q

Define the people element in marketing mix

A

People element refers to quality interwctions between the customer and those within the busibess who will deliver the service. For example mcdonalds service in delivering product is important.

42
Q

Define processes in marketing mix

A

Processes refer to the flow of actigities that a business will follow in its delivery of a service. Processes needs to be efficient to satisfy customers for example a resturant should not keep customers waiting in between courses.

43
Q

Define physical evidence in marketing mix

A

Physical evidence fefers to the environment which the sevice will be delivered includes website, logo, brochures.

44
Q

Why is sma an uneffective advertising strategy?

A

Sma is uneffective as it cant measure the reach (number of people exposed to message) and frequency (average number of times someone is exposed to message)

45
Q

Why is sma an effective strategy?

A

Inexpensive
Effective method to gain exposure
Easy to use and monitor

46
Q

Define global branding and list its advantages

A

Global branding is the worldwide use of a name, term, symbol to identify the sellers products.

It has advantages including:

Cost effective as one advertisement can be hsed in number of locations

Provides uniform worldwide image (mcdonalds golden arches)

47
Q

Define a standardnised approach

A

Global marketing strategy that assumes the way the product is used and the needs it satisfies are the same world over.

48
Q

Define customised or local approach

A

Global marketing strategy that assumes the way the product is use dand needs it satisfies are different between countries.

49
Q

What are three methods of pricing in global marketing?

A

Customised pricing: occurs whenever consuners in dofferent countries are charged dofferent prices for the same product

Market customised pricing: sets prices according to local market conditions.

Standard worldwide pricing: charging product same price despite location.

50
Q

Define competitive positioning

A

Conpetitive positioning relates to how a business will differentiate its products.

Business (14 decks)

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