MODULE 1: MARKETING CONCEPTS AND THEORIES Flashcards
What are the components of the Extended marketing mix?
Product, Price, Place, Promotion, physical evidence, process, People
What does the product element of the marketing mix focus on?
Highlights features, benefits, and lifecycle.
Emphasizes guarantees, add-ons, and digital descriptions.
What factors influence pricing in the marketing mix?
Psychology, costs, business targets, and brand impact.
Various pricing strategies: Premium, penetration, skimming, economy.
What does the place element of the marketing mix refer to?
Location of sales, distribution channels, and transportation.
Importance of selecting right retailers and online channels.
What is the focus of the promotion element in the marketing mix?
Techniques to raise awareness: advertising, promotions, direct marketing.
Adapted for online platforms, target audience preferences.
What does the people element of the marketing mix focus on?
Importance of motivated staff for customer satisfaction.
Involves customer support and service in digital environment.
What does the process element of the marketing mix involve?
Focuses on customer journey and smooth transactions.
Critical for e-commerce and traditional businesses.
What does physical evidence refer to in the marketing mix?
Relates to what consumers see or experience, impacting brand perception.
Involves website layout, branding, and online user experience.
What are the key stages of the decision-making process in organizational purchasing?
Problem Recognition
General Need Description
Product Specification
Value Analysis
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine
Specification
Performance Review
What are the three key elements of brand positioning?
Differentiation from competitors
Value proposition
Product dimensions
What is a value proposition?
A value proposition is the promise that a business gives its customers regarding the benefits of its products.
What is a perceptual map used for in marketing?
A perceptual map visually displays customer perceptions of products or brands relative to their competition.
What is a buyer persona?
A buyer persona is a semi-fictional representation of an ideal customer based on market research and real data
What are the four key strategies for market segmentation?
Geographic Segmentation
Demographic Segmentation
Behavioral Segmentation
Psychographic
Segmentation
What is demographic segmentation based on?
Demographic segmentation is based on factors such as age, gender, income, and occupation.
What is stakeholder management?
Stakeholder management involves identifying and managing individuals or groups with an interest in a business.
What are Clarkson’s 7 principles of stakeholder management?
Acknowledge and monitor concerns.
Listen to stakeholders and communicate openly.
Adopt sensitive processes.
Achieve fair distribution of benefits and burdens.
Work cooperatively to minimize risks.
Avoid activities that jeopardize human rights.
Address conflicts between roles and responsibilities.
Why is corporate reputation important?
Corporate identity is how a company wants to be perceived, including communication, design, and behaviour.
What is corporate image?
Public perception influenced by identity tools, mission, promotion, and training.
How can corporate reputation be managed?
Invest in long-term CSR strategies.
Enhance employee benefits and working environment.
Improve customer service processes.
Partner with efficient suppliers.
Develop crisis management plans.
What are the main components of corporate reputation?
Ethical behaviour
Employee treatment
Financial performance
Leadership
Management quality
Social responsibility
Customer focus
Product quality
Reliability
Emotional appeal
What are the original 4 ps from the extended marketing mix
Price product place promotion
