Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

uni > MArt112 > Flashcards

MArt112 Flashcards

1
Q

What is marketing?

A

Activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Must have parts of storytelling include:

A

A beginning, a middle and an ending

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Why is the beginning important?

A

Sets up story, introduces topic, signposts where story will go, engages audience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Why is the middle important?

A

Story develops, complications introduced, show something is at stake, make audience care

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Why is the ending important?

A

Complications resolved, conclusions reached, point of story made clear, provide resolution for audience, satisfying audience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the different segments?

A

Demographic, geographic, psychographic, behavioural

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is market segments?

A

The relatively homogenous groups of prospective buyers that result from the market segmentation process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What does STP (segmenting, targeting and positioning) do?

A

It links consumer needs to marketing actions such as identifying market needs, link needs to actions and execute marketing program actions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How does STP benefit a product?

A

Benefits in terms of:
Product features
Expense
Quality
Savings in time and convience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

How does STP execute marketing program actions

A

Through a marketing mix of
Product
Price
Promotion
Place (distribution)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the marketing mix?

A

Product, Price, Promotion, Place (distribution)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the 4Ps

A

Product
Price
Place (distribution)
Promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is PESTLE?

A

Political
Economic
Social
Technologoical
Legal
Environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the regulatory forces

A

All of PESTLE except environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the categories of marketing innovation?

A

Continuous innovation, dynamic continuous innovation, discontinuos innovation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is continuous innovation?

A

Requires no new learning by consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the marketing strategy for continuous strategy?

A

Gain consumer awareness and wide distribution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is dynamically continuous innovation?

A

Disrupts consumers normal routine but does not require totally new learning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is the marketing strategy for dynamically continuous innovation?

A

Advertise points of difference and benefits to consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is discontinuous innovation?

A

Requires new learning and consumption patterns by consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is the marketing strategy for discontinuous innovation?

A

Educate consumers through product trial and personal selling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is the five step marketing research process (5 steps)?

A
  1. Define the problem
  2. Develop the research plan
  3. Collect relevant information
  4. Develop findings
  5. Take marketing actions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is the first step of the marketing research process?

A

Define the problem:
Set research objectives
Identify possible marketing actions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is the second step of the marketing research process?

A

Develop the research plan:
Specify constraints
Identify data needed for marketing actions
Determine how to collect data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is the third step of the marketing research process?

A

Collect relevant information:
Obtain secondary and primary data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is the fourth step of the marketing research process?

A

Develop findings: analyse data + present findings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is the fourth step of the marketing research process?

A

Develop findings:
Analyse the data
Present the findings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What is the last step of the marketing research process?

A

Take marketing actions:
Make action recommendations
Implement action recommendations
Evaluate results

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What is secondary data?

A

Already existing data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What is primary data?

A

Data collected for this study

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What is customer value?

A

The unique combination of benefits received by targeted buyers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What is customer lifetime value?

A

How much money a customer will bring your brand throughout their entire time as a paying customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What are the four marketing utilities?

A

Form
Possession
Time
Place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

What is consumer behaviour?

A

The study of processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What is the consumer decision making process? (5)

A
  1. Problem recognition: Perceiving a need
  2. Information search: Seeking value
  3. Alternative evaluation: Assessing value
  4. Purchase decision: Buying value
  5. Post-purchase behaviour: Realising value
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What is extended problem solving?

A

It occurs during a purchase decision that calls for a lot of effort and time. It involves HIGH involvement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What is extended problem solving?

A

It occurs during a purchase decision that calls for a lot of effort and time. It involves HIGH involvement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

What is routine/limited problem solving?

A

It occurs during a purchase decision that calls for a low amount of effort and time. It occurs with LOW involvement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

What are the types of marketing channels?

A

Direct and Indirect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

What is a direct marketing channel?

A

It means the producer and the ultimate consumers deal directly with each other.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

What are the indirect marketing channels? (3)

A

Produce -> Retailer -> Consumer
Produce -> Wholesaler -> Retailer -> Consumer
Produce -> Agent -> Wholesaler -> Retailer -> Consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

What is B2B marketing?

A

Business to business
Marketing to companies, govt, or not for profit organisations for use in the creation of products and services that they can produce and market to others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

What are the types of buying decisions

A

New buy, Modified buy, straight buy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

What is a new buy?

A

A first time buyer of a product or service who has greater potential risks and the buying centre is larger

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

What is a modified buy?

A

A modification from a previous order which has high compeition amongst suppliers and a moderate level of information is required

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

What is a straight buy?

A

A reordering of an existing product which has familiar suppliers and little information is required

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

What are the different organisational markets?

A

industrial markets, reseller markets, government markets and non-profit organisations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

What is retailing?

A

A key aspect of marketing is “exchange” and it is through retailing that exchange occurs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

What does retailing include?

A

All activities involved in selling, renting and providing products and services to ultimate consumers for personal, family or household use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

What are the four utilities?

A

Time, Place, Possession, Form

51
Q

What is breadth?

A

The variety of different items a store carries such as appliances and books (horizontal)

52
Q

What is depth?

A

The store carries a large assortment of each item such as a shoe store that offers running shoes, dress shoes, etc (vertical)

53
Q

What are atmospherics? (definition)

A

The total sum of all store stimuli, interior and exterior physical characteristics which appeal to our emotions and how it effects our shopping

54
Q

What are the types of atmospherics? (8)

A

Sound
Taste
Temperature
Visuals and lighting
Touch
Smell
Crowding
Staff

55
Q

What is a service?

A

The intangible activities or benefits that an organisation provides to satisfy consumers needs in exchange for money or something else of value

56
Q

What are the 4 I’s of Services

A

Intangibility, inconsistency, inseparability, inventory

57
Q

What are the seven Ps of services marketing

A

Product (service)
Price
Place (distribution)
Promotion
Physical environment
People
Process

58
Q

What are the 4Ps in product marketing mix?

A

Product
Price
Place (distirbution)
Promotion

59
Q

Why is the physical environment important?

A

The appearance of the environment can influence the customers perception of the service

60
Q

What defines a service?

A

People

61
Q

What is process in services marketing?

A

The actual procedures, mechanisms, and flow of activities by which the service is created and delivered.

62
Q

What types of processes are involved in service marketing? (3)

A

Service design, standardisation, customisation

63
Q

What is the source in the communication process?

A

The sender of the message

64
Q

What is the communication process?

A
65
Q

What is the AIDA model of communication?

A

Attention, Interest, Desire and Action

66
Q

What is the A in AIDA model of communication mean?

A

Attention: usually grabbed by the use of image

67
Q

What is the first A in AIDA model of communication mean?

A

Attention: usually grabbed by the use of image, colour, layout, typography, size, celebrity, model etc

68
Q

What is the I in AIDA model of communication mean?

A

Interest: Once attention is grabbed, it’s necessary to create interest in the viewer’s mind so that they will read/find out more about the brand being advertised Interest can be invoked by the use of an attractive sub heading

69
Q

What is the D in AIDA model of communication?

A

Desire: the element of desire is usually created by the use of body copy where you describe in detail the necessity of buying the brand - explaining the features of the brand, including facts and figures

70
Q

What is the last A in AIDA model of communication?

A

Action: Finally, some help is provided to enable the reader to take action, e.g make an order/ask for a trial

71
Q

What is the PLC?

A

Product life cycle

72
Q

What are the stages of the product life cycle?

A

Introduction, growth, maturity, decline

73
Q

What is the promotional objective in order?

A

To inform, to persuade, to remind, to phase out

74
Q

What is the introduction promotional activity?

A

To inform:
- Publicity in magazines
- Advertising
- Saleforce calling on intermediaries
- Sales promotion in form of free samples

75
Q

What is the growth promotional activity?

A

To persuade:
- Personal selling to intermediaries
- Advertising to differentiate a product from competing brands

76
Q

What is the maturity promotional activity?

A

To remind:
- Reminder advertising
- Sales promotion in form of discount, coupons and events
- Limited personal selling
- Direct-mail reminders

77
Q

What is the decline promotional activity?

A

To phase out:
Little money spent on promotion

78
Q

What is the strategic marketing process?

A

Planning phase -> implementation phase -> evaluation phase

79
Q

What is the evaluation phase?

A
  • Compare results with plans to identify deviations
  • Exploit positive deviations, correct negative ones
  • Tracking reports to measure reports
  • Action memos to correct problems, exploit opportunities
80
Q

What is price?

A

Statement of value for products or services
OR
the money or tore considerations exchanged for the ownership or use of a product

81
Q

What is value in terms of price?

A

The amount of money people are prepared to pay for a product
Price is a measurement of value

82
Q

What is the value equation?

A

Values = Percieved benefits of Product/service/Price of product/service

83
Q

What are the six steps in setting the price?

A
  1. Identify pricing objectives and constraints
  2. Estimate demand and revenue
  3. Determine cost, volume, and profit relationships
  4. Select an approximate price level
  5. Set list or quoted price
  6. Make special adjustments to list or quoted price
84
Q

What are the four common approaches to selecting an approximate price level?

A

Demand-orientated approaches
Cost-Oriented approaches
Profit oriented approaches
Competition oriented approaches

85
Q

What are the types of demand oriented approaches?

A

Skimming, penetration, prestige, price lining, odd-even, target, bundle, yield management

86
Q

What is a skimming pricing?

A

Setting a higher price to maximise profit margins

87
Q

What is penetration pricing?

A

setting a relatively low price initially to increase market share or maximise sales volume

88
Q

What is prestige pricing?

A

Setting a high price to attract quality-or status-conscious consumers

89
Q

What is price lining?

A

Setting different price points among products offered

90
Q

What is show rooming?

A

Browse in stores and buy online

91
Q

What is web rooming?

A

Browse online and buy in a store

92
Q

What is the consumer shopping to consumer buying grid in multiple-channel marketing?

A

Draw diagram.

93
Q

What is a marketing channel?

A

The process to make possible flow of products and services from a produce through intermediaries, to a buyer.

94
Q

What is a middle man?

A

Any intermediary between the manufacturers and end-user markets

95
Q

What are the type of functions in marketing channels?

A

Transactional, logistical and facillitiating

96
Q

What is a direct channel?

A

Produce -> consumer

97
Q

What is an indirect channel?

A

When there is other components involved in the channel such as retailer, wholesaler or agent

98
Q

What is ethics?

A

Moral principles and values

99
Q

What is law?

A

Values enforceable in court

100
Q

What are the four ways to classify marketing decision in ethical and legal relationships?

A

Ethical but illegal
Ethical and legal
Unethical and illegal
Unethical but legal

101
Q

What are the three concepts of social responsibility?

A

Societal responsibility, stakeholder responsibility and profit responsibility

102
Q

What is societal responsibility?

A

Public interest groups - ecological environment - general public

103
Q

What is stakeholder responsibility?

A

Suppliers/distributros - employees - consumers

104
Q

What is profit responsibility?

A

Owners/stockholders

105
Q

What is a product?

A

Anything that can be introduced to the market for awareness, consumption or usage that aims to fulfil customer needs

106
Q

What is a brand?

A

It embraces an assurance of quality, and transmits a vast number of tangible and intangible features such as symbol, values, culture, design, perceived customer image and personality

107
Q

What are the brand components? (5)

A

Image
Name
Term or slogan
Brand mark (symbols, design, logo, trade mark)
Brand personality

108
Q

What is brand equity?

A

Falls inside the customer minds and the equity refers to what extent can a brand impact consumer behaviour and perception
It can be defined as the perceived worth (value) of a brand

109
Q

What is a multi product branding strategy?

A

Having a portfolio of products with different brands or names, all owned and managed by the same company.

110
Q

What is a multibranding strategy?

A

Businesses use one name for all their products in a product class. This is also called family branding. Example: Toro makes Toro snowblowers, Toro lawn mowers, Toro garden hoses, and Toro sprinkler systems. All of the products have the same brand name.

111
Q

What is private branding strategy?

A

It is one that a retailer gets produced by a third-party but sells under its own brand name. The retailer controls everything about the product or products.

112
Q

What is mixed branding strategy?

A

Products under company marketed to different segments of customers to help target required customer base

113
Q

What is globalisation?

A

The process by which firms operate on a global basis, organising their structure, capabilities, resources and people in such a way as to address the world as one market

114
Q

What are the types of global companies?

A

International firm, multinational firm and transnational firm

115
Q

What is the marketing strategy for international firm?

A

The extension of home marketing strategy

116
Q

What is the marketing strategy for a multinational firm?

A

Different products, brands and advertising

117
Q

What is the marketing strategy for transnational firm?

A

Standardised marketing activities when cultures are similar; different activities when cultures differ

118
Q

What is social media marketing?

A

The use of social media websites and social networks to make a company’s products and services.

119
Q

What does social media marketing do?

A

Provides companies with a way to reach new customers, engage with existing customers and promote its desired culture, mission or tone

120
Q

Why do we use social media?

A

Be where the customers are
Promote brand values etc
cost efficiency
immediacy and versatility
two way (customer service + market research)
relationship building
data/analytics
hyper targeted advertising
increased online traffic

121
Q

What is an example of cost-oriented pricing?

A

Standard markup
Cost-plus
Experience curve

122
Q

What is an example of profit-oriented approaches?

A

Target profit
Target return on sales
Target return on investment

123
Q

What is competition oriented approaches?

A

Customary
Above-at-or below market
loss leader

uni (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions