Powerpoint slides

Question 1

Marketing

Answer 1

is directly connected to top level strategy: it is about creating value, solutions to problems, and a competitive edge; it is about attracting customers and profit.

Question 2

Marketing at its best creates…

Answer 2

a win win

Question 3

marketing is both

Answer 3

common sense and complex with a lot of moving parts

Question 4

marketing should NOT involve

Answer 4

ripping off customers and manipulating

Question 5

why does e scanning matter?

Answer 5

In today’s turbulent business environment the best scanning method available is continuous scanning.

Question 6

what does PEST stand for

Answer 6

political, environmental, social, technology, + ethics and legal

Question 7

demographics

Answer 7

how big is the target market? and where is it?

Question 8

Psychographics

Answer 8

how do people in the target market think

Question 9

what does SWOT stand for

Answer 9

Strengths, Weaknesses, Opportunities, Threats

Question 10

What is PORTERS 5?

Answer 10

1. supplier bargaining power, 2.threat of new entrants, 3.customer bargaining power, 4.threat of substitutes, 5.industry rivalry

Question 11

Ethics

Answer 11

moral principals and values that govern and / or serve as guidelines on how to make ‘right’ actions and decisions of an individual or group

Question 12

Laws

Answer 12

society’s values and standards that are enforceable in the courts

Question 13

justice approach

Answer 13

moral decisions must be based on standards of equity, fairness, and impartiality

Question 14

distributive justice

Answer 14

treatment not be based on arbitrary characteristics (e.g. equal pay for equal work)

Question 15

procedural justice

Answer 15

rules should be clearly stated and be consistently and impartially enforced

Question 16

compensatory justice

Answer 16

the party responsible should compensate injured individuals if in their control.

Question 17

moral rights

Answer 17

Asserts that humans have fundamental rights that cannot be taken away by an individual’s decision.

Question 18

what are 6 moral rights

Answer 18

1. free consent. 2. privacy 3. freedom of conscience 4.free speech 5. due process 6. life and safety

Question 19

where do ethics come from?

Answer 19

religion, determined by the individual, community/culture/majority/society, situation, feels good, moderation, the strong

Question 20

what is a mission statement

Answer 20

the reason why the company exists. what need it is fulfulling

Question 21

segmenting

Answer 21

the process of dividing the total market into segments based on 1.common needs 2.the probability that these groups will respond similarly to a marketing action

Question 22

target ing

Answer 22

This is the step of selecting one or more target segments based on evaluation of their attractiveness

Question 23

businesses often fail because

Answer 23

Too often businesses enter the marketplace with a value equation not unique and / or significant enough to carve out a niche, Or, they take a broad swipe at the market and try to appeal to everyone, creating insufficient ability to serve varied needs

Question 24

ways to segment consumer markets

Answer 24

By Geographics
By Demographics
By Psychographics
By Behaviour

Question 25

product positioning

Answer 25

is to design-in how a brand is perceived situated, from low cost and low frills to very exclusive and pricy … and anywhere in between. The optimal way to position a brand will depend on multiple factors.

Question 26

branding

Answer 26

is about designing in a desired perception with regard to a business and / or product. It is also about creating a point of difference from competing brands.

Question 27

brand identity

Answer 27

helps a business claim a unique position within the workplace