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PRINCIPLES OF MARKETING > marketing u know > Flashcards

marketing u know Flashcards

1
Q

Macro CSR

A

Involving broader economic, institutional, political and societal context

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2
Q

Micro CSR

A

outcomes of individual beliefs, perceptions of CSR practices, understanding underlying psychological mechanisms

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3
Q

Internal Macro CSR

A

employee training, safe working environments, ethical labor practices

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4
Q

External Macro CSR

A

Activism, philanthropic giving, community development programs, economic development efforts

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5
Q

Motivations of Corporate Social Responsibility?

A

Value-driven CSR, performance-driven CSR, stakeholder CSR, business reasons, legal reasons, moral reasons, changing consumer behaviour

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6
Q

Different kinds of stakeholders?

A

Dormant stakeholders, discretionary stakeholders, demanding stakeholders, dominant stakeholders, dangerous stakeholders, dependent stakeholders, definite stakeholders, non-stakeholders

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7
Q

Four aspects of corporate social responsibility?

A

Economic responsibility, legal responsibility, ethical responsibility, philanthropic responsibility

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8
Q

Primary stakeholders?

A

Formal, official relationship with the organisation, shareholders, employees, customers, suppliers

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9
Q

Secondary stakeholders?

A

other societal groups affected by firm activities: government, regulators, media and journalists, academics, natural environment, future generations, local community.

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10
Q

Three classifications of stakeholder salience?

A

Power (ability to bring about desired outcomes), legitimacy (extent to which stakeholder is accepted and their actions confirm to norms), and urgency (degree to which stakeholder calls for immediate action, criticalness)

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11
Q

How many customers retained if complaint is only resolved vs resolved quickly?

A

70% vs 95%

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12
Q

Three components of the framework for detecting and correcting service failure?

A

1> Identify service failure. 2. Resolve customer problems and increase loyalty. 3. Communicate and classify service failures, improve service system, increase loyalty, and therefore profit.

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13
Q

What are the additional elements of the marketing mix in services marketing?

A

Physical evidence, participants, process.

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14
Q

What are the two sorts of outcomes that customers judge quality of service by?

A

Technical outcome (what is delivered), functional outcome (how it is delivered)

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15
Q

Why does unresolved failure detract from growth?

A

Detractors lead to demoralisation of employees and spread of negative word of mouth. This makes it harder to gain customers and high quality employees.

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16
Q

What does service recovery entail?

A

Recovering lost/dissatisfied customers, alter negative perceptions, convert to satisfied customers, and maintain a business relationship with them.

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17
Q

What is the service recovery paradox effect?

A

Initial service failure + high level of excellent service recovery leads to more satisfaction, and loyalty towards the organisation.

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18
Q

What are the key problems of services marketing?

A

Intangibility, inseparability (service is sold and then produced and consumed simultaneously), variability, perishability.

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19
Q

What are the three main intensities of distribution?

A

Intensive, exclusive, selective.

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20
Q

What are three ways price is determined? Describe.

A

Cost-based approach: profit assumed as long as markup figure is sufficient and meets sale expectations. Perversely leads to over pricing when demand is low, and underpricing when demand is high.
Competitive-based approach: Competing products used as a benchmark. Assumes there are no desperate competitors (but there always are!) Simple model.
Customer-based (value) approach: Focus on perceived value. Most successful when products are sold on emotion ie fashion, niche markets, where there are shortages of options.

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21
Q

What are 4 pricing tactics? Describe.

A

Penetration: Below value pricing to gain market share. Assumes little competitive relation. Can be difficult to subsequently raise prices.
Skimming: Above value pricing. Maximise short run profits. Price may be lowered subsequently to catch next level of demand. Consistent with quality/prestige pricing.
Price discrimination: Different price in different markets, requiring different price elasticity of demand in each market. Legal issues.
Stability: price between competitors maintained. Focus on product development and promotion.

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22
Q

What is quality assurance pricing?

A

Price communicates extra effort expended to produce a superior product. Effective when product performance varies, and cost of product failure is high.

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23
Q

What is prestige pricing?

A

Aim to keep price of product artificially high to encourage favourable perceptions.

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24
Q

Prospect theory?

A

Loss more significant than the equivalent gain. Sure gain is favoured over a probabilistic gain. Probabilistic loss is favoured over a definite loss.

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25
Q

When is pricing not always a key consideration?

A

For low involvement products such as convenience items, or for brand loyal customers.

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26
Q

What is the price quality heuristic?

A

High price -> high quality.

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27
Q

Why are price appeals so common? What is the disadvantage?

A

Appeals based on price are easier to communicate, price changes are more immediate and direct, there is no initial negative cash flow unlike with advertising. Competitors can react to price appeals more readily to appeals based on product formulations.

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28
Q

What is the minimum effective frequency?

A

The minimum a business can do to achieve its goal.

29
Q

What is the maximum effective frequency?

A

Once a purchase decision is made, further exposure to message is wasted and potentially leads to negative perceptions of a brand.

30
Q

What are the modes of direct marketing communication?

A

Advertising, sales promotion, events + experiences, public relations + publicity, direct marketing, personal selling, word-of-mouth marketing, social media marketing.

31
Q

What are marketing objectives? what are their components?

A

What the company aims to accomplish with its marketing efforts in a given period of time. Comprised of raising awareness, increasing trials, building loyalty, changing beliefs and brand image.

32
Q

What are the customer steps to product adoption?

A

Awareness -> Interest -> Evaluation -> Trial -> Adoption ->Confirmation.

33
Q

Define Integrated Marketing Communications.

A

Developing and implementing a strategy of persuasive communication through varies modes through time.

34
Q

What is the AIDA model?

A

Grabbing customers attention:

  1. Attention
  2. Interest
  3. Desire
  4. Action
35
Q

What are the 7 steps of developing effective integrated marketing communications?

A
  1. Identify target audience. 2. Determine objectives. 3. Select modes of communication. 4. Decide on media mix. 5. Establish budget. 6. Design message + content. 7. Measure results and manage integrated marketing communications.
36
Q

What is a product mix?

A

The different products a company makes.

37
Q

What is the product life cycle and how does this relate to growth?

A

Introduction (minimal profit) -> growth (profits higher) -> maturity (profits drop) -> decline.

38
Q

Describe the Ansoff Matrix in relation to growth strategies.

A

Existing products, existing market: Market penetration.
Existing products, new market: Market development.
New products, existing market: Product development.
New products, new markets. Diversification.

39
Q

What are the three layers of a product?

A

Core product: basic benefits derived from a product.
Actual/expected layer: tangible attributes, quantifiable, measurable, performance, characteristics. Intangible attributes are subjective and opinion based.
Augmented layer: Elements of uniqueness.

40
Q

What is brand identity?

A

Meaning, position + goals projected by the organisation. Precedes brand image. Begins with creating a cohesive organisational culture around the brands values.

41
Q

What are the two components of brand awareness?

A

Depth of awareness (likeliness to be recognised), and breadth of awareness (variety of purchasing situations for which the brand comes to mind).

42
Q

What is positioning?

A

Designing of a company offering and image to occupy a distinctive place in the mind of the target segment.

43
Q

What are the four identifiable aspects taken into account when positioning?

A

The brands best feature, the brands competitors, target market, why competitors should believe the value proposition.

44
Q

What are the 6 components of good positioning?

A

Clarity, relevance, uniqueness, credibility, belief, attainability, sustainability.

45
Q

What are the four levels of targeting?

A

Full market coverage (mass marketing), multiple segments, single segment, individuals as segment.

46
Q

What are the four targeting types?

A

Undifferentiated, differentiated, concentrated (niche), micro (segment of one).

47
Q

What are the four attributes of a useful segment?

A

Actionable (can I attract it and make it purchase), measurable (size, purchasing power, characteristics), accessible (can I reach it + service it), differentiable (does it respond differently to marketing mix elements).

48
Q

Segments v personas?

A

Segmentation focus on the ‘who’, personas focus on the ‘which’: helps companies communicate with their chosen segment by humanising it.

49
Q

What is the point of segmentation?

A

To address specific customer needs, optimise resources by not over/under serving customers, assuming a differentiated role in the market place against competitive advantage.

50
Q

What is an example of a compensatory model of choice?

A

Expectancy-value model: perceived good thing about a product help it overcome perceived bad things.

51
Q

What is an example of a non-compensatory model of choice?

A

Heuristics: easy for consumers pressed for time. Conjuctive (ie any t shirt under $30 and blue). Elimination by aspects.

52
Q

External factors in consumer decision making?

A

Social factors, personal factors, cultural factors, situational factors.

53
Q

Four different information sources for consumers?

A

Personal, commercial, public, experiental..

54
Q

What are elements of consumer involvement/perceived risk?

A

Functional risk, financial risk, social risk, physical risk, obsolescence risk.

55
Q

What are the sets of brands for consumers evaluating alternatives?

A

Total set -> awareness set -> choice set -> decision.

56
Q

What adds value to a product?

A

Functional value -> emotional value -> life changing values -> social impact.

57
Q

What are the two general categories of consumers?

A

Maximizers, satisfiers.

58
Q

What is marketing orientation?

A

Marketing orientation is concerned with making the right decisions when implementing the marketing mix in relation to a pre-defined market segment.
The mix is: product, place, price, promotion.

59
Q

What is market orientation?

A

3 components:
Customer orientation; creating a value added product.
Competitor orientation
Interfunctional coordination: firm works in a unified manner with its suppliers to effectively and efficiently coordination the production and delivery of their services.

60
Q

What are the 5 steps of consumer decision making?

A

Problem recognition -> information search -> evaluation of alternatives -> purchase decision -> post-purchase behaviour.

61
Q

How is the value created measured when using societal marketing?

A

Triple bottom line:

  • economic value
  • social value
  • environmental value
62
Q

What are the five components of relationship marketing logic?

A

Deliver value -> monitor satisfaction -> cultivate relationships -> build loyalty -> maximise economics of customer retention.

63
Q

How is customer loyalty built?

A

Improving customer experience, anticipating customer needs, making business personal, connecting brand to consumer identity projects, consistently offering customers high perceived value, developing loyalty programs.

64
Q

How is loyalty measured?

A

Customer likeliness to switch to another provider, to recommend the product, to purchase other products.

65
Q

What is the basic economics of customer retention?

A

That loyal customers are more profitable. 5 times more expensive to get a new customer than it is to keep an existing customer.

66
Q

What are the four different categorisations of loyalty?

A

High behavioural loyalty, strong attitudinal loyalty: Loyals
High behavioural loyalty, weak attitudinal loyalty: Occasional loyalty
Low behaviour loyalty, strong attitudinal loyalty: latent loyalty
Low behavioural loyalty, weak attitudinal loyalty: no loyalty.

67
Q

Six steps on the customer loyalty ladder?

A

Partner -> advocate -> supporter -> client -> customer -> prospect.

68
Q

How does one move a customer up the customer loyalty ladder?

A

To provide personalised service, and providing service quality that exceeds expectations at each step.

PRINCIPLES OF MARKETING (1 decks)

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