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Buisness > Mod 6 > Flashcards

Mod 6 Flashcards

1
Q

what are the different Approaches

A

Production Approach
Selling approach
Marketing Approach
societal Marketing approach

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2
Q

What is the production Approach?

relate it to marketing

A

1820-1920, focus on the production of goods and services, marketing was not a priority.

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3
Q

What is the Selling approach?

A

1920s-1960s, increase competition, era of door-to-door sales (Advertising)

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4
Q

What is the marketing Approach?

A

Market researched was involved to satisfy customer’s needs (discretionary income)–>
disposable income, customer orientated.

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4
Q

What is Societal Marketing Approach?

say social reponsibility

A

Emphasises social responsibility to maintaining and improving wellbeing of consumer.

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4
Q

What are the different types of market?
(6 markets)

A
  • Resource
  • Industrial
  • Intermediate
  • Consumer
  • Mass
  • Niche
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4
Q

What is a resource market?

A

Primary production (fishing, harvesting crops)

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4
Q

What is an Industrial market?

A

Purchases products. In the production of other products

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5
Q

What is an intermediate market?

A

Purchase the product and resells them at a profit.

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5
Q

What is a consumer market?

A

Someone who buys and uses the finished product.

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5
Q

What is a mass market?

A

Large demand for a standard product

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5
Q

What is a niche market?

A

A narrow-selected market with a specific need.

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5
Q

What are factors that influence customer choice? (4 of them)

A
  • Psychological
  • Sociocultural
  • Economical
  • Government
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5
Q

How does psychology affect customer choice?
(4 of them)

A

This is done through-
- Perception- what is in the mind
- Motive - reason for buying
- Attitudes- consumers life experiences
- Personality- behaviour

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6
Q

what are some Sociocultural factors affecting customer behavior? (3)

A

This is done through (external influences)
- Social class- Income earner
- Culture -beliefs
- Family – gender roles

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7
Q

How does economy stautus affect customer behaviour? (2 things), unempolyment and intreset

A
  • Unemployment levels
  • Interest rates
    If the economy is going through a recession less money coming in therefore not much purchasing of expensive items
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8
Q

what law How does government affect customer behaviour?

A

Business are controlled by the competition and consumer act (2010)
Legal regulation that stops the buying of stuff to consumer (Alcohol age restrictions)

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9
Q

What is the role of competition and consumer act (2010)?
(2 )

A

Government wants as many business to operate to encourage competition, whilst giving consumers choice.
protect customers form deseptive business pracices

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10
Q

What are the 8-deception advertising:

A
  1. Fine print- people can’t see it.
  2. Product of Australia (country of origin)- just assembled here.
  3. Packaging- Make it look big reality it not big.
  4. Special offer- always having a sale.
  5. Before and after- photoshop
  6. Bait and switch- Advertising a product and having low in stock when customer come out of stock direct the to a more expensive item.
  7. Dishonest advertising- when the factual info is not correct.
  8. Greenwash- when a business lies abt its environmentally friendly products.
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11
Q

What is Price discrimination?
legal and illegal

A

The setting of different price for products in different markets

is legal unless there is actual discrimination at its core

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12
Q

What is implied conditions?

A

Is unwritten terms of contract that are assumed to be accepted quality

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13
Q

What are warranties?

A

Business promise to fix and defects in their goods or service

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14
Q

What is a Situational Analysis

A

enables management to understand the internal and external factors that influence where the business is heading.

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15
Q

what is SWOT analysis?

A

Strength- what the business does better than its competitors.
Weakness- what the competitors does better than the business.
Opportunities- changes in external factors
Threats -changes in internal factors

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16
Q

What is the product life cycle?

A
  1. Introduction/establishment - low sales and low profits
  2. Growth- Sales increase and profit rises
  3. Maturity- highly competitive, sales steady and profits may begin to decline.
  4. Post maturity (Decline or renewal)-
    - Decline- Sales fall and negative profits.
    - Renewal- product revives.
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17
Q

What are the strategies used in the introduction/establishment?

A

Conduct market research.
Use different distribution channels.
Lunch events in public- increase customer awareness.

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18
Q

What are the strategies used in the growth?

A

High level of promotion
Increase customer awareness.
Increase market share.

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19
Q

What are the strategies used in the maturity stage? (4 strategies)

A
  • Product differentiation- make product different from competition.
  • Market segmentation
  • Strategic partnerships
  • Adjust the price
    – lower: attract price sensitive customer.
    Higher: to make the product seem premium
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20
Q

What is market research?

A

Process of systematically collecting and analysing info to minimise the risk of a products failures.

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21
Q

STEPS of conducting market research?

A
  1. Determine the info need- so what are u measuring.
  2. Collect the date form either primary or secondary sources.
  3. Analysis and observe for patterns or trends and then a conclusion will be drawn.
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22
Q

What are marketing objectives?

A

Measurable goals through a business plan

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23
Q

Examples of business objectives(3)?

A
  • Increase market share.
  • Increase product range.
  • Maximise customer service.
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24
Q

What is a target market?

A

Potential customer that business intends to sell its product.

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25
Q

What is the Mass market Approach?

A

Business targets a large range of customers through a common need.

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26
Q

What is the Marketing segmentation approach?

A

Where the total market is broken into sub- division, which share a common characteristic.

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27
Q

Niche Market approach?

A

Specific target market segments

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28
Q

What is implementation?

A

Is the process of introducing marketing strategies into operation.

29
Q

What is a financial forecast,
how can it be done ?

A

Is estimating the future financial outcomes by altering management strategies.

30
Q

What is a sale analysis?

A

Use of sale data to evaluate a business current performance and the effectiveness of marketing strategies.

31
Q

Weakness of sale analysis?

A

Don’t reveal the exact profit

31
Q

Strengths of sale analysis?

A

Inexpensive to collect (cheap)

32
Q

What are some key performance indicators?

A
  • Sale analysis
  • Market share analysis
  • Market profitability analysis
33
Q

How do we determine if a strategy is effective?

A

Through comparing actual and planned results and see if strategies effective (controlling)

34
Q

What are 3 marketing strategies?

A

1) Market segmentation
2) Good/service differentiation
3) Good/service positioning

35
Q

What is type(4 of them) and what adv market segmentation?

A

Where the market is segmented according to
 demographics
 geographics
 psychographics
 Behavioural,
so that a business can focus on one segment, so that they can better understand and thus get a competitive advantage.

36
Q

What is Good/service positioning?

A

When marketers try to create an image for a product compared with competitors,
Consumers perception

36
Q

What is Good/service differentiation?
whatare the 3 ways business can differntaite the product?

A

Where products are made to look different from competitors,
done through.
 Packaging and labelling
 Customer service
 Environmental concern

37
Q

What are Tangible benefits?

A

physical attributes, design colour

38
Q

What is Branding?

A

Reputation that a business or product develops over a period, this ca be done through name or logo.

38
Q

what are Intangible benefits?

A

BRANDNG
Prestige, image associated with product

39
Q

What are the types of branding?
(2 examples)

A
  • Manufacturer- well known product
  • Generic- don’t have logo or a big brand this is done so that they can reduce the value/ cost of the good, (everyday use)
40
Q

What is the benefits of branding for consumers? (3 of them)

A
  • Easily identify the product
  • Reduced levels of risks
  • Psychological work= prestige/ status
41
Q

What is the benefits of branding for business? (2 OF THEM)

A
  • Easily introduce new products
  • GAIN CUSTOMER LOYLTY
  • Repeat the sale
42
Q

What is packaging?

A
  • The way a product is physically presented to customers,
  • people often judge a book by its cover so the first impression is very crucial,
  • as many people buy the same brand of goods.
43
Q

What is cost based pricing?

A

Is the cost that is used to make the product plus mark up?

44
Q

What is the market-based pricing?

A

Is set according to supply and demand when there is more demand than supply the price of the good will increase.

45
Q

What is a limitation of the cost-based pricing
(3 of them)?

A

It ignores the,
- State of the market
- Demand
- Hard to find the mark up price (might be too high or low)

46
Q

What is competition-based pricing?

A

Business observes competitor’s price sets accordingly may choose:
- Above (convey a superior image)
- Equal
- Below (break into market)

47
Q

What are the advantages of price skimming?

A
  • so, they can make the expenses, they spent on research and development.
  • helps build perception of exclusivity and quality of the product.
48
Q

What is price skimming?

A

Business sets a relatively high prices and lowers it over time.

49
Q

what is the disadvantage of price skimming?

A
  • Create negative back clash from mainstream customers (feeling the price is too high)
  • Create a competitive advantage for other business as they might lower the price of a similar product.
50
Q

What is price penetration?

A

Business charges lowest price possible to achieve larger share, put into place in a completive environment.

51
Q

What is the advantage of price penetration?

A
  • Help business gain quick market share.
  • Positive customer perception as a good value for money –> increase customer loyalty –> repeat in sales
51
Q

What is the disadvantage of price penetration?

A
  • Longer time to make back the expenses used or research and development.
  • Might attract price sensitive customer and they are more likely to switch business when prices increase.
52
Q

What is loss leader?

A

Products are sold below the cost price.

53
Q

What is the advantage of loss leader?

A
  • Helps business clear inventory when reaching expiry.
  • Attract more customers, Positive customer perception as a good value for money –> increase customer loyalty –> repeat in sales.
54
Q

what is advertising?

A

Form of paid non-personal communication intended to persuade audience to purchase a product.

54
Q

What are the promotional strategies
(6 of them)?

A
  • Personal selling
  • Sales promotions
  • Publicity
  • Public relations
  • Opinions leader
  • Word of mouth
55
Q

what is personal selling also known as?

A

Relationship marketing

56
Q

What is publicity?

A

Free news story about a business or their product

57
Q

What is personal selling?

A

Sale’s representative persuades customer directly, suited to tailor the customer.

57
Q

What are sales promotions?

A

Short term attempt of persuading customers to buy a product,
New customers
Increase the repeat of existing customers.

58
Q

What are public relations?

A

Activities that involve establishing good relationships between business and customers

59
Q

What is opinion leader?

A

Individual which influenced the public

60
Q

What is Word of mouth?

A

People influence others through recommendations as people tend to trust people who they have previously interacted with.

61
Q

What are distribution channels?

A

business moves goods from manufacturer to point of sale (customer)

62
Q

What are the 3 distribution channels?

A
  • Producer to customer
  • Producer to retailer to customer
  • Producer to wholesaler to retailer to customer
62
Q

How does the retailer purchase the product?

A

Purchases in bulk

63
Q

What are the 3 thing all distribution channels requires?

A
  • Transportation
  • Warehousing
  • Inventory management.
64
Q

What are the issues of the 2 physical distribution?

A

Transport of goods- can’t be moved in time
Expense of holding stock- hold too much stock causing unnecessary expenses.

65
Q

What are the 3 Channel choices and explain them?

A

Exclusive- Choices sold in one or few locations.

Selective- limit number of location good is sold.

Intensive- sold in as many locations as possible

66
Q

What are the 3p’s?

A
  • People
  • Processes
  • Physical Evidence
67
Q

What is the relationship between people(HR staff) and marketing?

A

staff is the face of the buisness and their interaction can influence customer buying habits

marketing attracts customer increases sales whihc increase profits and those profits are used to pay the wages and saleries

68
Q

What is the relationship between processes and marketing?

A

Customers total experience of buying the product.

69
Q

What is the relationship between Physical evidence and marketing?

A

Overall environment in which the service is being delivered–> the packaging.

70
Q

What is E- Marketing?

A

Use of the internet and digital media to perform marketing activities.

71
Q

What is the advantage of E- marketing?

A

Enables the business to reach a global audience.

72
Q

What is global branding?

A

Refers to the management of a brand when sold around the world.

73
Q

What is standardisation, in global marketing?

A

Selling of the same product in more than one country with no differentiation.

74
Q

What is Customisation, in global marketing?

A

Product differentiation, in order to better suit the product to the needs and wants of the customers in a particular market.

75
Q

What is competitive positioning, in global marketing?

A

How a business differentiates its product to create value for its market.

Buisness (5 decks)

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