Marketing Strategies (non-4Ps) Flashcards
What is physical evidence? (and give examples)
The equipment and environment used to carry out a service (e.g. signage, tools, furniture)
Why is physical evidence a useful marketing strategy?
- It indicates the quality of intangible products
- It improves the experience of the customer
What are processes as a marketing strategy? (and give examples)
The steps taken to provide a service (e.g. How does the customer order? How do they pay? How quickly is it provided to them? What do they do while they wait?)
Why are processes a useful marketing strategy?
- Increase the speed with which the service is provided
- Improve experience for customers
What are people as a marketing strategy?
The sales people
Why are people a useful marketing strategy?
- Their service improves the experience of the customer
- Their image contributes to the positioning of the brand
What is the case study for people, processes and physical evidence?
Uber - how you order and rate your driver/experience
Why are people, processes and physical evidence particularly important for services?
Unlike a good, you can’t see in advance what the quality of the service will be. So the people, processes and physical evidence give an impression of what the quality will be instead
What is e-marketing?
Any marketing of a product conducted on the internet
What are 5 ways a business can conduct e-marketing?
- Online stores
- Social media
- Online advertisements
- Sponsored influencers
- Blogs and videos
What are the benefits of e-marketing?
- Can target one market segment
- Data can be used to quickly evaluate effectiveness
- May be cheaper than traditional advertising
- Can engage with customers for relationship marketing
What are the disadvantages of e-marketing?
- Data security risks
- Less control over influencers or people’s interactions with social media posts
What is the case study for e-marketing?
H&M - use of influencers and social media
What is global branding?
Using the same brand (name, logo, colours) around the world
What are the benefits of global branding?
- Customers already know you when you expand into new markets
- Cheaper than designing a different brand for each country
What is the disadvantage of global branding?
Brand may not be suited to the specific culture and preferences in each country
What is competitive positioning?
How the brand is seen relative to other rivals in that market
Why is it important to consider competitive positioning when conducting global marketing?
In different countries you will face different competitors (e.g. in one country you might be one of the only sellers, whereas in another country there might already be a popular brand you’re competing with). So the way you stand out relative to the competition will need to differ in each country.
What is customisation in global marketing?
Changing ANY OF THE marketing strategies for different countries (that could be changing the brand, the price, the adverts, or even the product itself)
What is standardisation in global marketing?
Keeping your product and marketing strategies the same in all countries
What is the benefit of customisation in global marketing?
Appeal to the different cultures and tastes in each country
What is the benefit of standardisation in global marketing?
- Cheaper (only need to design the ad / product / brand once, and then use it everywhere)
- Consistent messaging (does not confuse your branding when people see your business in a different country)
What is global pricing?
Deciding whether to customise or standardise prices across difference countries
What are the global pricing strategies?
- Standardised
- Customised
- Market-customised
What is the difference between customised and market-customised global pricing?
Customised pricing is changing the price in different countries because your costs there are different (e.g. prices in China are cheaper because your rent and wages for your shop are cheaper)
Market-customised is changing prices in different countries because of how wealthy and willing to pay they are (e.g. charging more in Australia because Australians are richer)
What is the case study of global marketing?
Amazon - global branding, but with customised ads, product range and prices
What is the case study for standardised global pricing?
Chanel - counterfeit bags
