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BA Part 2 > Module 9: Products and Markets > Flashcards

Module 9: Products and Markets Flashcards

1
Q

What is the definition of marketing?

A

Management process responsible for identifying, anticipating and satisfying customer requirements profitably

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2
Q

Focus of marketing?

A

Customers, centre of all business planning and decision-making
‘Market-orientated’

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3
Q

What is product orientated?

A

Belief that should focus on enhancing efficiency and effectiveness of the manufacturing process
Demand is ‘given’
Major goal as being the cost effective supply to the market

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4
Q

What is selling orientated?

A

Hard selling should be focus of attention

Sell the company rather than making what the market wants

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5
Q

What is product orientated?

A

Innovative nature and quality of the product are sufficient to ensure it sells

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6
Q

What is the market process?

A

Market Analysis
Planning
Implementation
Control

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7
Q

In setting out marketing strategy a company must make decisions dealing with each of what?

A 
Segmentation
Product
Price 
Place
Promotion
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8
Q

What should we consider in Product?

A

Positioning strategy for new products

Product mix management for existing products

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9
Q

How may companies design products/services?

A

Competitive
Improved
Breakthrough or innovative

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10
Q

Product mix is described in terms of what?

A

Breadth

Depth

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11
Q

Boston Matrix?

A

Stars - High Growth, High market share
Cash Cows- Low growth, high share
?- High growth, low share
Dogs- low growth, low share

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12
Q

What are stars?

A

High growth and market share
Can increase share
Threat from competitors who are attracted to growth
Invest in promotion and development to support
Worthwhile as valuable revenue

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13
Q

What are cash cows?

A 
High market share 
Low growth market
Milk it 
Generate cash to fund stars
Economies of scale
Brand recognition
Barriers to entry
Easy to generate cash from
Avoid investing in
Little long term growth
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14
Q

What are question marks?

A 
Low market share
High growth market
Performing badly but has potential
Large investment
Abandon or improve
'Double or quit'
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15
Q

What are dogs?

A 
Low market share
Low growth market
Not contributing profits
Little future growth
Discontinue
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16
Q

Elements of the promotion mix?

A

Personal selling
Publicity and PR
Sales Promotion
Advertising

17
Q

Advantages of Advertising?

A

Long term brand image

Dramatic impact

18
Q

Disadvantages of Advertising?

A

Difficulty in evaluating effectiveness

High cost incurrence- expensive tool

19
Q

Advantages of Personal selling?

A

Long term relationships

Flexibility

20
Q

Disadvantages of personal selling?

A

Potentially high cost per customer contact

Higher exposure to people issues

21
Q

What is publicity?

A

Any types of new item about an organisation conveyed through mass media at no immediate cost

22
Q

What is PR?

A

Steps to create an understanding and goodwill

23
Q

What are the advantages of sponsorship?

A

Promote whole company

Accepted as less bias

24
Q

What are the disadvantages of sponsorship?

A

Impossible to control media comment and reactions

Difficult to assess on sales and profits

25
Q

Advantages of sales promotion?

A 
Easy to quantify and monitor
Stimulate immediate purchases
Useful to create interest
Brings into store, may buy more
Useful to rid of obsolete stock
26
Q

Disadvantages of sales promotion?

A 
No customer loyalty
Make price sensitive
Stimulate price war
Damage high quality image
Difficult to coordinate
Same revenues as price drop and volumes rise but with lower margins and lower profits
27
Q

Principal factors in optimal promotional mix?

A

Past experience
Actions of competitors
Suitability of alternatives
Cost and budget

28
Q

What are the three main types of intermediary?

A

Merchants
Agents
Distributors

29
Q

What are 4 aspects of decisions about channels?

A

Channel levels- how many
Types of intermediary
Number of intermediaries and market coverage
Agreement of tasks, responsibilities and terms

30
Q

Three options for number of intermediaries?

A

Intensive distribution- as many as possible
Selective- moderate
Exclusive- selected few

31
Q

From a consumer viewpoint, goods and services fall into what 3 categories?

A

Convenience goods- more outlets
Expensive shopping goods-not often
Speciality goods- travel so fewer outlets

32
Q

What is supply chain management?

A

Wider view of distribution
Integrated view of entire process of physical movement
Cooperation
Reduce time and save

BA Part 2 (11 decks)

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