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Business Studies > Marketing strategies > Flashcards

Marketing strategies Flashcards

1
Q

What are the marketing strategies?

A

Plans to meet the marketing plan objectives

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2
Q

What must be known to develop a marketing strategy?

A

Must understand market segmentation, product/ service differentiation and the appropriate blend of product, price and promotion and place to ensure customer preference

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3
Q

What is market segmentation?

A

The process of finding groups of customers within the total market

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4
Q

How may a market be segmented?

A

Geographical

demographical

psychographic

behavioural

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5
Q

When does Product differentiation occur?

A

When consumers perceive a difference in a product or service compared to its competing products. The purpose is to create a competitive advantage

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6
Q

In the marketing mix what does place refer to?

A

Distribution channels

Intermediaries

Physical distribution

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7
Q

In the marketing mix what does promotion refer to?

A

Personal selling

Advertising

Below the line promotions

Public reltaions

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8
Q

In the markting mix what does product refer to?

A

Positioning

Branding

Packaging

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9
Q

In the marketing mix, what does price refer to?

A

Methods

Tactics

Price

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10
Q

What does positioning involve?

A

The development of a product image in relation to other products. Expectations of the product

such as RM WILLIAMS

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11
Q

What is meant by Branding?

A

Branding involves the development of names and symbols in the form of logos and trademarks for a product service

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12
Q

What is the packaging?

A

the way a product is physically presented to the consumer

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13
Q

What is price to the customer?

A

represents the value of the product and enables comparisons to be made

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14
Q

What is price to the manufacturer?

A

The cost of producing the good

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15
Q

What are some pricing methods?

A

Cost-based

market-based- supply and demand

competition-based -sets prices based on competitors

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16
Q

What are some pricing strategies?

A

Skimming

penetration’

loss leaders

price points

17
Q

What is price skimming?

A

Skimming involves setting a high price while demand for the product is high and before competitors enter the market. This will occur in the introduction stage of the product life cycle

18
Q

What is price penetration?

A

Involves setting the price of a new product lower than the prices of competing products. This is used in the introduction phase of the product to develop brand loyalty

19
Q

What is loss leader?

A

Products that are priced well below cost in order to attract customers. usually sold at the same time as something else

20
Q

What is price points?

A

selling something for 19.99

21
Q

What is the promotional mix?

A

Advertising

sale promotions

personal selling and relationship marketing

publicity and public relations

22
Q

What is personal selling and relationship marketing?

A

Involves personal interaction between the salesperson and the customer.

23
Q

What is advertising?

A

Use of the media, such a tv radio the internet

24
Q

What is sales promotion?

A

Competitions

free gifts

displays at the point of purchase

Below the line promotions include free samples, point of sale displays, discounts and cash refunds

25
Q

What are opinion leaders

A

celebrities liking a product

26
Q

What is important to consider when choosing a method of distribution?

A

When a manager is choosing the method of distribution, the most important considerations relate to the target market buying behaviour. An understanding of what, where when and how much a customer will buy

27
Q

What is the distribution channel?

A

Is the link between the producer and the customers of the product

28
Q

What are direct channels?

A

used when a manufacturer distributes the product directly to the consumer

29
Q

What are indirect channels?

A

used when distribution occurs through independent intermediaries such as agents, brokers or retailers

30
Q

What are intermediaries?

A

Businesses specialising in distribution

31
Q

What are the three main channel choices?

A

Intensive- supermakets

Selective- Apple computers

Exclusive- fast cars

32
Q

What are some physical distribution issues?

A

Transport -needs to be cost-efficient

Warehousing- must be able to access fast

Inventory- need a manager JIT

33
Q

What are the other three Ps of marketing

A

People processes and physical evidence

34
Q

What is meant by people?

A

This refers to the business shaving well-trained staff who can support the companies products

35
Q

What does processes refer to?

A

refers to the procedures and policies that the business has developed in order to sell its outputs

36
Q

What does Physical evidence refer to?

A

This refers to the way that the product and even the business appears to the consumer

37
Q

What is involved in global marketing?

A

Global branding

Standardisation

customisation

Global pricing

Competitive positioning

38
Q

What can global pricing be influenced by?

A

impacts of tariffs

fluctuations in interest rates price controls

exchange rate and credit risk

39
Q

What is competitive positioning

A

Involves defining how a business differentiates its product and creates value for its market.

Business Studies (28 decks)

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