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Business > Principles of marketing > Flashcards

Principles of marketing Flashcards

1
Q

Define marketing in simple terms

A

Promoting and selling products or services, including market research and advertising.

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2
Q

What is the goal of marketing

A
  • Focus on customer and changing needs.
  • Goal is long term customer satisfaction.
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3
Q

What is customer orientated marketing?

A

Corporate activities focus on customer needs.

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4
Q

What is integrated effort marketing?

A

All staff accept responsibility for creating customer satisfaction.

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5
Q

What is goal achievement marketing?

A

Corporate goals achieved through customer satisfaction.

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6
Q

What is the difference between market focus and internal focus?

A

Market: customer wants

Efficiency: Doing things well
Effectiveness: Doing the right things (operating in attractive markets)

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7
Q

Define customer value

A

Consumers overall assessment of the utility of the product.

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8
Q

Define perceived value

A

Perceived benefits minus perceived sacrifices.

(Get - give)

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9
Q

What are the 4 main P’s of the marketing mix?

A

Promotion
Product
Place
Price

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10
Q

Define marketing environment

A

Actors and forces that affect a company’s capability to operate effectively in providing products and services to its customers.

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11
Q

Define microenvironment

A

Actors in firm’s immediate environment - firm has influence over these

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12
Q

Define macroenvironment

A

Actors outside firm’s immediate environment - firm has little control over these

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13
Q

What is PEEST

A

Factors in macroenvironment

Political, ecological, economic, social, technological.

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14
Q

Define environmental scanning

A

Monitoring and analyzing the marketing environment of a company,

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15
Q

How do companies respond to environmental change?

A

Change -> ignorance to change -> delay -> gradual strategic repositioning/retrenchment/radical strategic repositioning

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16
Q

Define retrenchment

A

Reduction of spending/costs in response to environmental change

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17
Q

What needs to be understood about consumers?

A
  • Who is important
  • How do they buy
  • What criteria
  • When do they buy
  • Where do they buy
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18
Q

What is the Fishbein-Ajzen model?

A

Theory of reasoned action

Personal beliefs and normative beliefs come together to form purchase intentions and then a purchase.

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19
Q

Who takes part in the buying process?

A

initiator -> influencer -> decider -> buyer -> user

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20
Q

What is the consumer decision making process?

A

1) Inhibitors (needs stimulation).

2) Recognition/problem awareness:
- Importance - Difference between current and desired situ.

3) Info search:
Internal - Own mind
External - Other sources

4) Evaluation of alternatives & the purchase.

5) Post purchase evaluation:
- expectations compared to perceived performance.
- Cognitive dissonance: uncertainty about making the right decision.

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21
Q

What is the theory of planned behaviours?

A

Behavioral, normative and control beliefs come together to form an intention and then behaviour.

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22
Q

What is the Ehrenberg and Goodhart model?

A

For low involvement purchases:
Awareness -> trial -> repeat purchase

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23
Q

What is market segmentation?

A

Dividing market into groups of customers with similar requirements

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24
Q

What is a disaggregated market?

A

Characteristics of ind. customers understood

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25
Q

What is a segmented market?

A

Customers are grouped into similar characteristics

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26
Q

What is a target market?

A

Designed for target market

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27
Q

What are the 3 parts of consumer segmentation?

A

Behavioral
Psychographic
Profile

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28
Q

What is meant by behavioural segmentation?

A

Based on actions in market place.

  • Benefits: why they need it
  • Purchase behaviour: innovators, brand loyalty
  • Purchase occasion: emergency, gift etc
  • Usage: heavy, light, non users
  • Perceptions/beliefs/values
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29
Q

What is meant by psychographic segmentation?

A

Based on interests and lifestyle

  • Lifestyle
  • Personality: reflect on their self expressions
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30
Q

What is meant by profile segmentation?

A

Detailed description of the market segment across a range of factors and measures:

  • Demographic
  • Socioeconomic
  • Geographic
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31
Q

What are the steps of segmenting?

A

1) Segmentation
2) Targeting (evaluate and decide which segment to go after)
3) Positioning (Design a good service)

Targeting depends on evaluating market attractiveness and company’s capability to compete in segment.

32
Q

What are the 4 targeting strategy’s?

A

Undifferentiated - whole market targeted

Concentrated - e.g. Ferrari

Differentiated - e.g. hotels

Customised - e.g. tailoring

33
Q

Define mass customisation

A

Modify a basic service/good to meet the needs of an individual.

34
Q

Steps of positioning

A

Determine brand position in market:
1) Identify competitors
2) Identify how consumer chooses between brands (qualitative)
3) Quantitative market research
4) Plot onto map

35
Q

What is an industrial market?

A

Producer buy to help them manufacture goods e.g. raw materials

36
Q

What is a reseller market?

A

Companies buy products and services to resell e.g. retailers

37
Q

What are government and institutional markets?

A

Government agencies and organisations buy goods and services to carry out activities e.g. schools, hospitals

38
Q

What are the characteristics of B2B purchases?

A
  • Nature & size of customers
  • Complexity of buying
  • Economic & technical criteria
  • Risks & uncertainty
  • Buying to specific requirements
39
Q

Who makes the buying decisions?

A

DMU (decision making unit) or buying centre

Initiator -> gatekeeper (intercepts sales expert before they speak to company leader) -> influencer -> buyer -> user -> decider

40
Q

What is the buying process?

A

1) Problem recognition
2) Determine specification & quantity
3) Search for sources
4) Analyse proposals
5) Evaluate proposals & suppliers
6) Select order routine
7) Performance feedback & evaluation

41
Q

What are the 3 types of buy class?

A
  • Straight rebuy: same goods, same terms
  • Modified rebuy: terms change
  • New task: buying for first time
42
Q

What are the 3 product types?

A
  • Product constituents (all components or products)
  • Product facilities (facilities)
  • MROs (maintenance repair & operations)
43
Q

What is CCCV

A

Customer co-creation of value

How to build value through the customers. Need to know how they co-create (knowledge, skills etc) and why they want to co-create (passion, trust etc)

44
Q

How can B2B create value via relationships

A
  • Info sharing to aid supplier learning (market demand, competitors)
  • Supplier development (up product quality)
  • Strategic knowledge sharing (joint projects)
45
Q

What are the 2 conditions to building and managing customer relationships?

A
  • Mutually rewarding for 2+ parties
  • Commit to relationship over time and need to adapt own behaviour to maintain continuity
46
Q

What are the benefits of CCCV to an organisation?

A
  • Increase purchases
  • Decrease costs
  • Lifetime customer value
  • Word of mouth
  • Sustainable comp adv
  • Employee satisfaction & retention
47
Q

What are the benefits of CCCV to a customer?

A
  • Decrease risk & stress
  • Improve quality of service
  • Avoidance of cost switching
  • Social and status benefits
48
Q

What are the 6 parts of customer retention?

A
  • Bonding
  • Internal marketing (keep employees happy)
  • Trust building
  • Service recovery
  • Promise fulfilment
  • Targeting customers for retention
49
Q

What are the 3 levels to customer retention via bonding?

A

Lvl 1 - financial incentives
Lvl 2 - Social bonds
Lvl 3 - Structural bonds

50
Q

Define corporate strategic planning?

A

Aims to provide direction to meet high level corporate objectives.

51
Q

What are the 4 stages of market planning?

A

1) Where are we now
2) Where do we want to be
3) How do we get there
4) Are we on course

52
Q

What are the 3 ways of knowing where your business currently stands?

A

1) Business mission - statement distinguishing business

2) Marketing audit - examining business market environment, objectives, strats & activities. Internal or external.

3) Swot analysis - internal :(strengths and weakness)
external: (opportunities and threats)

53
Q

How do you figure out where you want your business to be?

A

Strategic thrust objectives: which markets for spec products

Market penetration

Product development: better product 4 more sales

Strategic objectives: build, holds, harvest, divest

54
Q

How do you gain a competitive advantage?

A

Differentiation and cost leadership

55
Q

How do you evaluate results of a marketing plan?

A

Short term - plot results against objectives

Long term - does plan line up with capabilities + environment

56
Q

What are the triggers for global expansion?

A

Find opportunities:

-Saturated domestic markets
- Small domestic markets
- Low growth domestic markets
- Customer drivers
- Cost factors
- Competitive forces
- Portfolio balance

57
Q

How to select a foreign marekt

A

Macroenvironment (economic, sociocultural, political-legal) and microenvironment (market attractiveness, company capability profile) -> foreign market selection.

58
Q

How do you enter a new market?

A
  • Exporting:
    Indirect: domestic based export agents Direct: Foreign based agents
  • Cooperative: licensing, joint ventures
  • Direct investment: new facilities, acquisitions
59
Q

What is a standardised system?

A

Undifferentiated

Where you can, stay local

60
Q

What are the 3 parts of sustainable marketing?

A

1) Environmental - highlights sustainability.
2) Social - need for change in society.
3) Economic - focuses on strong economic performance.

61
Q

Define ethics

A

Moral principles & values that govern actions of an individual or group.

62
Q

Difference between ethics and laws?

A

Laws are enforceable principles.

63
Q

What are the 2 societal issues?

A

Materialism: overemphasise material possessions - say status depends on material possessions.

Short-termism: immediate consumers interest > society long term interest

64
Q

What are the ethical issues with marketing and the environment?

A
  • Consumers wants vs environment.
  • Sustainable resources
  • Efficient manufacture of goods
65
Q

What are the ethical issues with marketing and the political side?

A
  • Globalisation: companies exert power in host countries
    (Power is concerning)
66
Q

What is a marketing information system?

A

Info gathered/stored/analysed & distributed to managers.

67
Q

What is internal continuous data?

A
  • Financial data
  • With sales force mgmt

Ongoing data

68
Q

What is internal adhoc data?

A

Adhoc - when necessary

69
Q

What is environmental scanning

A
  • PEEST (Political Economic Environmental Social and Technological)
  • Longer term view
70
Q

What is research planning (steps of market research no.1)

A

-Initial contact (problem)
-Research brief (what, why, who)
-Research proposal (promise to do)

71
Q

What is exploratory research (steps of market research no.2)

A

Sources:
Ethnography
Focus group
Experts

  • Sin of omission (Not enough detail)
  • Sin of admission (Irrelevant info, too much)
72
Q

What is main data collection (steps of market research no.3)

A

Approach, methods, design

73
Q

What are steps 4 & 5 of market research?

A

4) Data analysis & interpretation
5) Report writing & presentation

74
Q

What is the sampling process?

A

Define pop ->

Search for sampling frame ->

Specify sampling method & determine sampling size ->

Select sample

75
Q

What are the 3 conditions for data collection?

A

Respondents must:
1) Understand question
2) Be able to provide info
3) Be willing to answer

76
Q

How do you develop a questionnaire?

A

1) Define problem
2) Info required
3) Design (order of Q’s, topics, layout, coding)
4) Pilot testing
5) Final Q

77
Q

How do you write a report & presentation?

A

-Title page
-Contents
-Preface (outline)
-Conclusion summary
-Method
-Findings
Conclusions
-Appendices
-Previous related research

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