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Business Studies Marketing > Marketing strategies (7 P's) > Flashcards

Marketing strategies (7 P's) Flashcards

1
Q

how is market segmentation determined?

A

demographic
geographic
psychographic
behavioural

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2
Q

features of demographic

A
  • age
  • gender
  • religion
  • education
  • ethnicity
  • income
  • occupation
  • social class
  • culture
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3
Q

features of geographic

A
  • region
  • city size
  • urban
  • suburban
  • rural
  • climate
  • landforms
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4
Q

features of psychographic

A
  • lifestyle
  • motivation
  • values
  • personality
  • socio-economic group
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5
Q

features of behavioural

A
  • purchase occasion
  • benefits sought
  • loyalty
  • usage rate
  • price sensitivity
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6
Q

what is product/service differentiation

A

the process of distinguishing ones product to make it more visible/attractive to target demographic
making a product more unique

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7
Q

5 main parts of product differentiation:

A
  1. changes to packaging/labelling
  2. customer service
  3. environmental concerns
  4. convenience
  5. social/ethical
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8
Q

what is meant by positioning?

A
  • how potential customers will view the product
  • the identity of the product is necessary to target its main demographic
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9
Q

what are the two subcategories of product?

A
  • branding
  • packaging
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10
Q

what is branding?

A

a symbol used as a form of differentiation

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11
Q

what is packaging

A

preserves a product, attracts attention
- Catchphrase, Tagline, shape, colouring (85% influencing in a customers choice to buy a product, logo, verbal differentiation, trigger a positive emotional response (e.g puppies on Kleenex) ,: draw the attention of a customer

labelling: presentation of information on a products packaging
Must be truthful, number of laws regulating the information that must be included in labelling, aims at protecting consumers

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12
Q

how does pricing affect a customers likelihood to purchase a product?

A

depends on how much the target market believes it is worth vs the actual cost
- can discourage sales if price is too high or can be viewed as poor quality if price is too low

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13
Q

what do businesses consider when setting a price

A

Customers & competitors & cost of production, revenue and profit targets

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14
Q

what are the different pricing strategies?

A
  • price skimming
  • price penetration
  • loss leader
  • price points
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15
Q

what is price skimming?

A

When a business charges the highest amount possible during the introduction stage

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16
Q

what is price penetration

A

When a business charges the lowest price possible

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17
Q

what is a loss leader

A

Sold at or below cost price , product deliberately being sold cheep to draw in consumers not to make profit

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18
Q

what is a price point?

A

Selling products only at a predetermined prices

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19
Q

what is cost based pricing?

A

Cost+Cost×Mark-up percentage=Price
simplest method, provides a clear profit margin

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20
Q

what is market based pricing?

A

supply&demand
a price set by the market dependant on the level of demand

21
Q

what is competition based pricing?

A

undercutting competition
price covers cost to make product as well as being comparable to competition

22
Q

price & quality interaction

A

prestige/premium pricing that encourage status-conscious consumers to buy product
ie. Gucci, lois vitton

23
Q

what does the acronym RAPPPS stand for in the promotion mix?

A

Relationship Marketing
Advertising
Personal selling
Publicity
Public relation
Sales promotion

24
Q

what is relationship marketing?

A

the development of a personal relationship between consumer and sales representative

25
Q

what is advertising

A

Paid
non-personal message used to promote/sell/inform consumers

26
Q

what is sales promotion?

A

when a business offers a new product in aim to gather more consumers, encourage trial purchases and increase sales of existing customers

27
Q

what is publicity

A

free
business relies of public eye
news stories = free advertising

28
Q

public relations

A

Promoting a positive image
- Reinforce favourable attitudes and perceptions of the business.
Effective communication of messages
- Using advertising, sales promotion, publicity and personal selling to convey information about the business.
Issues Monitoring
- Protecting sales by providing an early warning of public trends that could affect the business’s sales.
Crisis Management
- Protecting a business’s reputation as a result of negative or unfavourable movements.

29
Q

what is the communication process?

A

a method used for carrying out a message ie print, opinion leaders ( someone who influences others), word of mouth

30
Q

what are the 3 subcategories of place/distribution?

A
  • distribution channels
  • channel choice
  • physical distribution issues
31
Q

what is distribution?

A

efficient distribution system is required for a product to get into a consumers hands - Place or distribution make a product available when a consumer wants to purchase them, place ensures the target market is reached

32
Q

what are the distribution channels?

A
  • Producer to consumer
  • Producer to retailer to consumer
  • Producer to wholesaler to retailer to customer
  • Producer to agent to wholesaler to retailer to customer
33
Q

what determines channel choice?

A

A business determines its distribution method by the locations market coverage
Intensive: Market saturation
Selective: Moderate outlets
Exclusive: Limited outlets

34
Q

what are some physical distribution issues?

A

The movement of products from producer to consumer
- Intricate network delivers large variety of products, this method of transportation will depend on the type of product & the degree of quality service
- Most common methods: rail, road, sea, and air
warehouses:
Activities involved with receiving, storing & dispatching goods
- Central organising point
Inventory:
Loss of sales and market share if a product is out of stock

35
Q

what are the 3 other p’s

A

people
processes
physical evidence

36
Q

People?

A

the human face of the company for individuals

37
Q

processes?

A

the flow of service a business will follow in its delivery of a service
the actual delivery of the product, or how the customer finds out about the product, selects it and then makes their purchase.

38
Q

physical evidence?

A

the environment the service is delivered
ie. clean, comfortable etc
high quality physical evidence to create an image of value

39
Q

what is e-marketing?

A

the use of internet when marking
- Allows worldwide access to promotions campaigns ( ads), product dispatching ( 24hr delivery) and selling ( online shopping)
- Benefits businesses & consumers
Businesses: reduces cost
Customers: lower prices, large variety, parcel tracking

40
Q

why is it important for a business to have a website?

A

essential for business success
- a business has very little chance of increasing market value without due to lessened competitive advantage

41
Q

what are different e-marketing tactics?

A

podcasts, SMS & blogs, and social networking platforms ( WEB2.0)

42
Q

what is apart of global marketing?

A
  • global branding
  • standardisation
  • customisation
  • global pricing
  • competitive positioning
43
Q

what is global branding

A

the world wide use of a name, term, sybmol or logo to identify a companys product

44
Q

what is the standardised approach to global marketing?

A

Assumes a product is fits the use and needs of consumers everywhere over the world making the marketing mix the same in all markets

45
Q

what is the customisation approach to global marketing?

A
  • When a company enters an overseas market they may modify a product or develop a new one to better suit its market. Assumes customer use and needs are different in different cultures
  • Should be customised in accordance of economic, political, and sociocultural characteristics of the target country
46
Q

what are the 2 ways a brand can deviate global pricing

A

customised pricing
market-customised pricing

47
Q

what is customised pricing?

A

when a product costs different amounts in different countries due to exportation costs, taxes, warehousing and tariffs

48
Q

what is market-customised pricing?

A

price set in accordance to demand/economic state of an area

49
Q

what is competitive positioning

A

how a business differentiates its products in various markets

Business Studies Marketing (4 decks)

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