Brainscape's Knowledge GenomeTM

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


See full index

Buisness man > Outcome 2- Marketing + Public Relations + Crisis Communication Plan + Publics > Flashcards

Outcome 2- Marketing + Public Relations + Crisis Communication Plan + Publics Flashcards

1
Q

What is Marketing?

A

Marketing is the Process of planning and executing the conception, pricing, promotion and distribution of ideas, and goods and services. It exists to create exchanges that satisfy individual and Organisational Objectives

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

Marketing Plan (Define)

A

A Marketing plan helps you develop products and services in your business that meets the needs of your target market. It helps the customers understand why your product or service is better or different from competitors

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

Marketing Plan (Why Do I need one?)

A

Because a good marketing plan can help reach your target audience, boost your customer base and increase the bottom line.

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

Marketing Plan (What does it Require?)

A

Developing a marketing plan requires research, time and commitment, but is a valuable process that can contribute to the business’ Success

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

What is a Marketing Objective?

A

A Marketing Objective are goals set by a business when promoting its products to potential customers. They should be generally achieved within a given time frame

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

My Business Objectives

A
  • Have 50 videos completed in 6 months

- Connect with other photography and videography Companies by a year

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

Evaluation a Business (How to tell if a business is performing well)

A

Financial Indicator- Profit , Share Price, Market Share and Sales.
Non- financial- Customer Satisfaction (No. of returning customer or Complaints), Employee Satisfaction, Rate of Employee turnover (Rate of Absentee)

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

KPI (Define)

A

A Key Performance Indicator is a measurable value that demonstrates how effectively an organisation is achieving its key business objectives. KPI’s can be financial Indicators or Non- Financial Indicators

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

3 Key Indicators to know about a Businesses Performance

A
  • Sales- Analysis
  • Market Share Analysis
  • Marketing Profitability Analysis
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Indicator (Sales- Analysis)

A

Sales- Analysis uses sales data to evaluate the business’ current performance and the effectiveness of the market mix. By comparing expected sales with actual sales, Businesses can determine the success of its marketing approach.

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

Indicator (Market Share Analysis)

A

By undertaking a market share analysis, a business can evaluate its marketing strategies as compared with those of its competitors. The evaluation reveals whether changes in total sales either increase or decrease resulting from business marketing strategies .

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

Indicator (Marketing Profitability Analysis)

A

A method used by a business to break down its total marketing costs into specific marketing activities. These activities can be advertising, transport, administration or order processing.

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

Internal Environmental Factors affecting Customer Base and Brand Identity

A

Having Total Control.
-Owners and Managers- Determine Objectives and Staff

  • Employees- Details of marketing strategy have to be instilled in the employees of a business
  • Culture and Polices- The Beliefs, values and expectations within a business will form the basis with how a business operates
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

External Environmental Factors affecting Customer Base and Brand Identity

A

Having No Control
-Tech Forces- They Ensure that a business is using the latest tech to improve customer experience.

  • Economic Forces- Successful marketing strategies will tap into greater levels of consumer confidence.
  • Legal Forces- Making certain Marketing strategies legal/ illegal.
  • Social Forces- Tapping into social trends and fashion is a good marketing strategy.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Operating Environmental Factors affecting Customer Base and Brand Identity

A

Customers- Customer focus is essential in marketing.

Supplier- Provides raw material depending on business marketing.

Competitors- Marketing must be more effective than competitors.

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

2 Competitors that Could affect my Business

A

First Shot Photography and FaceBook

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

Market Research Practises (Define)

A

A process of systematically collecting, recording and analysing information for a specific market.

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

Market Research Practices (Primary Data)

A

Information Collected from original sources such as
-Surveys- Questioners or Focus Groups

  • Observations- Personal Observations or Observations through cameras or tape recording
  • Experimentation - Gathering data under controlled conditions.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Market Research Practises (Secondary Data)

A

Refers to Information that has been collected by someone else example;
-Internal data- Collected from inside the business such as financial statistics, annual reports, research reports and sales reports

-External data- Data that has been published from sources outside the business such as reports published by the Aust Bureau of Stats (ABS)

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

Statistical Interpretation Analysis (Define)

A

Once Data has been collected it needs to analysed and interpreted. SIA focuses on the data that represents an average or deviation from the typical pattern. This is then displayed on a spreadsheet.

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

Market Segmentation (Define)

A

Divides the Customer market according to 4 dimensions

  • Demographic
  • Geographic
  • Psychographic
  • Behavioural
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Market Segmentation (Demographic)

A

Age, Gender, Occupation , Education or religon

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Market Segmentation (Geographic)

A

Urban, Suburban, Rural , Regional or Climate

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

Market Segmentation (Psychographic)

A

Lifestyle, Motives, Personality, Consumer Options.

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

Market Segmentation (Behavioural)

A

Regular user, First time user, Brand loyalty.

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

Market Segmentation (Target Market)

A

Once a market has been segmented, the business will select one of the segments to become its target market.
A target market are groups of customers with similar characteristics who currently purchase a product or will in the future.

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

Market Strategies towards a Target Market

A

Once a business selects a target market, it can direct its marketing strategies to that specific group of customers.
Such of these strategies are;
-Using Relevant Promotional material.
-Using its marketing resources more effectively.
-Collecting and Comparing date more effectively.

28
Q

The ‘Niche’ Market

A

A Narrowly Selected Target market segment. (A segment within a segment). Such Business’ market to a narrow, specific customer base eg Boutique beer.

29
Q

Target Market Attributes (Factors Influencing Consumer Behaviour)

A

Psychological Influences
Sociocultural Influences
Economic Influences
Government Influences

30
Q 
Consumer Behaviour (Psychological Influences) 
PMAP
A

Perception- A Positive perception of the product is in the mind of the customer.

Motives- Behind customer choice include comfort, health, safety and ambition

Attitude- Customer Attitude towards a business and its products affect the success or failure of a marketing strategy

Personality- Can influence the types of brands a person will buy

31
Q

Consumer Behaviour (Sociocultural Influences)

A

Family and roles- A role in the family can influence buying behaviour. Eg women buying decisions related to healthcare products and food.

Social Class- As Determined by education, Occupation and income influences the types, quality and quantity of products bought.

Peer Groups- Buying Behaviour may change according to a persons peer group attitudes.

Culture and Subculture- Culture influences buying behaviour as it determines such things as what people wear, what and how they eat or where or how they live.

32
Q

Consumer Behaviour (Economic Influences)

A

Impact on Consumers willingness and ability to spend

33
Q

Consumer Behaviour (Government Influences)

A

The use of government policies influence the level of economic activity. These polices can directly and indirectly influence consumer spending habits.

34
Q

Public Relations (Define)

A

PR combines a number of marketing and sales techniques and presents one consistent image. Their purpose is to project a positive image of the outside world through planned communication strategies.

35
Q

Public Relation Activities include

A
  • Developing good relations with Publics
  • Handling unfavourable stories that could damage a businesses image
  • Enhancing Public image.
36
Q

Public Relation Chain

A

A Business needs to build and enhance a positive image in order to attract new customer or maintain existing customers in order to achieve business objectives

37
Q

4 Main ways P.R activities can assist businesses in achieving its objective

A
  • Promoting a Positive image- Reinforcing favourable attitudes and perceptions
  • Effective Communication of Messages- Using ads, sales and promotions
  • Issues Monitoring- Protecting sales by providing early warnings of affecting trends.
  • Crisis Management- Protecting a Business’ reputation
38
Q

Results of a Proper Image

A

A greater credibility, better brand recognition, higher level of sales and improved public recognition in the market place.

39
Q

Public Relation Strategies (Step 1)

A

Establish the PR’s Objectives. This should be developed using the SMART principle.

40
Q

Public Relation Strategies (Step 2)

A

Identify the intended public. (Which groups will the PR campaign be directed towards?)

41
Q

Public Relation Strategies (Step 3)

A

Develop PR strategies and tactics (How is the PR Campaign going to achieve the objectives?)

42
Q

Public Relation Strategies (Step 4)

A

Implement the PR campaign (Are we ready to commence the campaign?)

43
Q

Public Relation Strategies (Step 5)

A

Evaluate the results (Is the PR campaign achieving what we thought?)

44
Q

SMART principle

A 
Specific
Measurable
Attainable
Relevant
Timebound
45
Q

Crisis Communication Plan (Define)

A

A CCP outlines the policies and procedures to follow when handling unfavourable publicity and news. In the face of Crisis, it is better to initiate than to react.

46
Q

CCP- Two Properties that must be managed effectively

A

Bringing the crisis under control and Dealing with the intense media and public scrutiny.

47
Q

CCP (Elements)

A

Elements are steps to take in order to deal with the crisis.

48
Q

Elements that make a Business Image.

A

Business name, Business logo, Customer service, Business layout, Range of products, Quality of products and Location etc.

49
Q

3 Elements of a Crisis Communication Plan

A

-Get the facts- All necessary info should be gathered and tested to make sure of its authenticity and reliability

-Responses should be given as quickly as possible-
Indecisiveness may worsen the situation and suggest a cover up

-Provide regular updates- Use press releases and conferences to keep the media informed of any developments.

50
Q

Publics

A

Publics are stakeholders. They are groups that the business interacts with and that have vested interest in what the business does.

51
Q

6 Types of Publics

A 
Internal Publics
General Publics
Local Community Publics
Citizens- action Publics
Media Publics
Government
52
Q

Publics (Internal Publics)

A

Internal publics includes a businesses employees and managers. They expect fair pay and a safe working enviroment

53
Q

Publics (General Publics)

A

Their feelings towards a business can affect its customers attitudes. Society expects fair and honest business practises.

54
Q

Publics (Local Community Publics)

A

The public of crucial importance for a small business because it represents local residents. They expect the business to be a good ‘Coperate’ Citizen.

55
Q

Publics (Citizens- action Publics)

A

A Business practises may be scrutinised by action groups such as environmental organisations. They expect a business to operate in a environmental sustainable matter.

56
Q

Publics (Media Publics)

A

Include Print and electronic news reporting organisations.

57
Q

Publics (Government)

A

Three Levels of government, each with its own regulations. Governments expect a business to abide by their laws.

58
Q

Customer Relations Strategies (Taking a positive approach to quality service)

A

Invest in staff training. This makes staff friendly, approachable, have high knowledge about the product and it provides clear guidelines for staff to follow.

59
Q

Customer Relations Strategies (Complaints Returns and Refunds)

A

Welcome Complaints and use them to improve. Complaints lead to a better understanding of customer expectations which therefor improves customer satisfaction and loyalty

60
Q

Customer Relations Strategies (Customer Loyalty Programs)

A

Originally designed to reward customers. New designs keep customers coming back

61
Q

Customer Relations Strategies (The Online Presence)

A

Potential customers will check out the website if its user friendly and easy to navigate.

62
Q

Customer Relations Strategies (Catering to a Multicultural Market)

A

Hiring staff that can communicate in languages spoken in the community can demonstrate sensitivity to a variety of different cultures which therefor makes customers return

63
Q

CSR in Maketing

A

It the Business owners responsibility to do marketing a ethical and legal way.

64
Q

Criticisms of Marketing

A
  • Creation of needs- materialism
  • Product placement
  • Use of sex to sell products
  • Invasion of privacy.
65
Q

Socially Responsible Marketing (Community Sponsorship)

A

Engaging with the local community and supporting local organisations can be positive and socially responsible means of marketing a business.

66
Q

Socially Responsible Marketing (Green Marketing)

A

Marketing products and services that minimise environmental danger is likely to increase the chance of business success. Ways of doing this in marketing is to incorporate modified advertising practises such as no longer using junk mail or flyers

67
Q

Customer Profile

A

A specific version of the target market. they profile on what they want and expect in the business.

Buisness man (9 decks)

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