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Psych207 > MKTG201 > Flashcards

MKTG201 Flashcards

1
Q

What is marketing?

A

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

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2
Q

Value

A

Ratio of the benefits a customer recieves from an offering compared to the costs

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3
Q

Exchange

A

When people give something up of value to them for something else they desire.

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4
Q

Marketing management

A

Leading and managing the facets of marketing to improve individual unit, organisational performance

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5
Q

Value proposition

A

The firms communication of the unique value of its product to customers

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6
Q

Marketing planning

A

Ongoing process of developing and implementing market driven strategies for an organisation.

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7
Q

Situation analysis

A

Loooking at company, enviromental, market and competitive analysis to evaluate where the company is now

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8
Q

Mission statement

A

Organization’s purpose, what do they do and why

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9
Q

PESTEL analysis

A

Political,economic, socio cultural, technological,enviromental, legal

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10
Q

Competitive enviroment

A

Forced driving industry competition. (potential entrants, suppliers, buyers, substitues)

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11
Q

SWOT analysis

A

Strengths, weaknesses, opportunities, threats.
Summarise the situation analysis into this.

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12
Q

Customer Orientation

A

When a company understands it’s customers and listens to the market

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13
Q

Competitor Orientation

A

When a company uses competitor analysis as the primary driver for its strategies

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14
Q

Industry

A

Group of firms offering a product that are close substitutes for one another

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15
Q

Perfect competiton

A

Lots of producers, identical product, easy entry/exit, high competition, no control over price

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16
Q

Monopolistic competition

A

large no of producers, highly similar products, easy exit/entry, high competition, low control over price

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17
Q

Oligopoly

A

Few large producers, differentiated, high barriers to entry, competitors collaborate, high market power influencing price through collaboration

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18
Q

Monopoly

A

One producer, unique, no substitues, very high barriers to entry, no/low competition, complete control over price

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19
Q

Forward integration

A

When a producer gains control on the downstream of the supply chain, offers it directly to the end consumer.

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20
Q

Backward integration

A

Take over the upstream of their supply chain.

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21
Q

Market leader

A

largest market share, leads in price changes

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22
Q

Market follower

A

Willing to maintain market share

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22
Q

Market challenger

A

gain ground, or even overtake a leader, can attack a leader if they aren’t excelling

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23
Q

Consumer decision making process

A

problem recognition, search for information, evaluation of alternatives, product choice decision, post purchase decision

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24
Q

Market Nichers

A

leaders in small markets, avoid competing with large firms

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25
Q

Market segmentation

A

Dividing a market into submarkets based on common characteristics

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26
Q

Target marketing

A

Evaluating market segments, then making decisions about which one is most worthy to target.

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27
Q

Positioning

A

Communicating one or more sources of value in ways that connect needs and wants to what the product has to offer.

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28
Q

Types of segmentation

A

Geographic, demographic, psychographic, behavioural

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29
Q

Primary target markets

A

Most attractive segment, aligns with factors

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30
Q

Secondary target market

A

Have potential, not suitable for development immediately, no current products for them

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31
Q

Customer profiles

A

Customer jobs, customer pains, customer gains

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32
Q

Types of customer jobs

A

functional, social, personal/emotional, supporting

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33
Q

Three primary categories of competitive strategy

A

Cost leadership, Differentiation, Focus (or niche)

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34
Q

Cost leadership

A

low cost, removing costs of things that aren’t essential

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35
Q

Differentiation

A

Unique goods or services for which customers will pay a premium price, adopts strategy

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36
Q

Focus (or niche)

A

Narrow target, low cost, can differentiate themselves

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37
Q

Types of marketing strategies

A

Market penetration, Market development, Product development, Diversification

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38
Q

Market penetration

A

Existing products in existing markets. Increase sales products through promotion

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39
Q

Market development

A

Existing products in new markets. How can you make more markets aware of the product.

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40
Q

Product development

A

New products in existing markets. Create more growth

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41
Q

Diversification

A

New products in new markets.

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42
Q

Product value

A

Essential benefit, core product, enhanced product

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43
Q

Disruptive innovation

A

So innovative it create a fundamental change in the marketplace

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44
Q

Consumer goods, product classifications

A

Convenience goods, shopping goods, specialty goods, unsought goods

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45
Q

Sustaining innovation

A

Newer, faster, better versions of existing products or additions to existing product lines. (coke zero)

46
Q

Positioning

A

Designing a companies offering and image, to occupy a distinctive place in the minds of the target market

47
Q

Physical/tangible goods

A

Goods, such as manufactured products

48
Q

Intangible

A

Products such as copyrights or services such as after sales assistance

49
Q

Digital

A

Products such as music downloads or services such as online reccomendations

50
Q

Financial

A

Products such as investment funds and insurances or services such as the financing of a purchase.

51
Q

Pain relivers

A

Describe how your products/services alleviate customer pains.

52
Q

Gain creators

A

Describe how your products and services create customer gains.

53
Q

Problem solution fit

A

When you identify relevant customer jobs, pains, and gains you believe you can address with your value proposition

54
Q

Product market fit

A

Occurs when customers positively react to your value proposition and gets traction in the market.

55
Q

Branding

A

The process of promoting products and services with the power of a brand. Creating differences between products.

56
Q

Customer Brand roles

A

Convey information and educate customers about the product. Reassure customers of there purchase decision.

57
Q

Company Brand roles

A

Offers legal protection, differentiates the product, prices the product.

58
Q

Competitor Brand Roles

A

Provide competitors with a benchmark for which to compete.

59
Q

Brand equity

A

A set of assets linked to a brand’s name and symbol that adds to the value provided by a product or service to a firm.

60
Q

Brand awareness

A

Signals a familarity and potential commitment to the brand.

61
Q

Brand loyalty

A

The strongest form of brand equity, reflects a commitment to repeat purchases.

62
Q

Perceived quality

A

Brands convey a perception of quality that is either negative or positive. Companies use positive perceived quality to differentiate the product.

63
Q

Brand association

A

Emotional, psychological and performance associations with a brand.

64
Q

Brand assets

A

trademarks and patents that represent a significant competitive advantage.

65
Q

Brand Mantra

A

three to five word articulation of the brand’s heart and soul

66
Q

Point of parity

A

attributes are mandatory for a brand to be considered a competitor

67
Q

Points of difference

A

Attributes that consumers strongly associate with a brand and believe they could not find to the same extent with a competitive brand.

68
Q

Brand centrality

A

brands representativeness within a product category

69
Q

Brand distinctiveness

A

Degree to which a brand stands out from others

70
Q

Aspirational brands

A

highly differentiated but also have wide appeal

71
Q

Mainstream brands

A

The first that comes to mind when consumers think of the category

72
Q

Peripheral brands

A

Have little to distinguish them, first choice for most consumers.

73
Q

Unconventional brands

A

Those with unique characteristics that distinguish them, from traditional products in the category.

74
Q

Stand alone branding

A

Seperate the company from the brand, which insulates the company if their is a problem with the brand. Expensive and can associate multiple brands with one company.

75
Q

Family branding

A

Brings synergy amongst members of the brand family. Disadvantage is multiple products under same name, could result in all products getting tainted.

76
Q

National brands

A

Sold around the country under the same brand

77
Q

Store brands

A

When large retailers create a store brand to market their own products.

78
Q

Line extension

A

Variations of an existing product

79
Q

Multi brand

A

Company owning different brands in the same product category

80
Q

Brand extension

A

Uses the name of an existing brand into new product categories

81
Q

New Brand

A

Developing a new product in a different category in which a firm decides to use a new brand name

82
Q

Licensing

A

Companies can also extend their brand by licensing, offering other manufacturers the right to use the brand in exchange for a set fee.

83
Q

Co branding

A

Combines two or more well known brands in a common product.

84
Q

Reach awareness co-branding

A

Enables the involved brands to rapidly increase awareness of their brands through exposure to their partner’s customer base.

85
Q

Complementary competence co-branding

A

two powerful and complementary brands combine to produce a product with an element of both of them, requires each partners core skills.

86
Q

Ingredient co-branding

A

Creation of a brand value through materials, parts involved in the product. A brand is considered a ingredient when it becomes necessary for another brand to get its finished product through to consumers.

87
Q

Brand touchpoints

A

All of the points where consumers come into contact with the brand from the start of the customer journey up to consumption of the product/service and post purchase.

88
Q

Value

A

A ratio of the bundle of benefits a customer recieved for an offering compared to its costs

89
Q

Price

A

Key determinant of perceieved value

90
Q

Penetration Pricing

A

Set price low initally to fend off competition, then increase over time.

91
Q

Price skimming

A

Entering market at relatively high price point. Then slowly lower it to reach each market.

92
Q

Profit maximisation and target ROI

A

When pricing objective is to maximise profit or achieve a certain ROI

93
Q

Value pricing

A

Considers the role of price as a reflection of the bundle of benefits sought by the customer.

94
Q

Competitor based pricing

A

At the competitors price or slightly above or below.

95
Q

Pricing line

A

opportunity to develop rational prices across complete line of related items.

96
Q

Captive pricing

A

Also called complementary pricing (e.g. razors and blades)

97
Q

Price bundling

A

Purchasing package deals at reduced price compared to what individual components cost

98
Q

Reference pricing

A

Type of comparative price when considering product purchase

99
Q

Decoy pricing

A

Meant to “force” customer choice. When customers make a purchase they must often choose between products with different prices.

100
Q

Odd/even pricing

A

Odd price expressed in whole dollars ($1.99)

101
Q

Prestige pricing

A

Attaches quality attributions to higher priced goods.

102
Q

One price strategy

A

The price marked on the good is what it typically sells for.

103
Q

What is the customer journey map

A

Top: Awareness, Evaluation, Purchase, Delivery, Post-purchase. Side: Customer actions, thoughts and emotions, touch points, pain points

104
Q

Intensive distribution

A

Objective is to obtain maximum product exposure throughout channel

105
Q

Selective Distribution

A

For shopping goods with limited search activities by consumer

106
Q

Exclusive Distribution

A

Built on prestige, scarcity and premium pricing

107
Q

Advantages and disadvantages of e-commerce

A

Advantages: extensive selection, info avaliable, individual experiences. Disadvantages: Can walk away easily, reduced ability, security of personal data

108
Q

Buyer persona

A

A detailed description of someone who represents your target market

109
Q

Goals for promotion

A
  1. to inform, 2. to persuade, 3. to remind
110
Q

3 different types of appeals

A

Rational, emotional, moral

111
Q

Marketing promotion plan

A

Identify targets for promotion, establish goals for promotion, select the promotion mix, develop the message, select media for use in promotion

112
Q

Statement of value

A

Assess an action based on it’s inherent value

Psych207 (4 decks)

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