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MART112 > Sem 1 pt 1 > Flashcards

Sem 1 pt 1 Flashcards

1
Q

What is The Marketing Mix?

A

Product, price, promotion and place.

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2
Q

Define environmental scanning.

A

The process of continually acquiring information on events occurring outside the organisation to identify and interpret potential trends.

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3
Q

What two tools are used for environmental scanning?

A

PESTLE analysis and Porter’s Five Forces Model.

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4
Q

Describe PESTLE analysis.

A

P - Political
E - Economic
S - Sociological
T - Technological
L - Legal
E - Environmental

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5
Q

Describe Porter’s Five Forces Model.

A

1) Threat of new entrants
2) Threat of substitutes
3) Bargaining power of buyers
4) Bargaining power of supplies
5) Rivalry among existing competitors

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6
Q

Define consumer behaviour.

A

The study of the processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires.

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7
Q

Describe the consumer decision making process.

A

Problem recognition, information search, alternative evaluation, purchase decision and postpurchase behaviour (can include cognitive dissonance).

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8
Q

What are the four main influences on the consumer purchase decision process?

A

(PMSS - I’m more likely to shop lots when I am PMSsing)
- Psychological influences
- Marketing mix influences
- Sociocultural influences
- Situational influences

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9
Q

Describe psychological influences on the consumer purchase decision process.

A
  • Needs and motivation (Maslow hierarchy of needs - physiological, safety, psychological, self-actualization)
  • Personality and identity/self concept
  • Perception
  • Learning
  • Values, beliefs, attitudes, lifestyles
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10
Q

Explain sociocultural influences in the consumer decision making process.

A
  • Personal influences
  • Reference groups (associative, aspiration, dissociative)
  • Social class
  • Family
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11
Q

Explain situational influences in the consumer decision making process

A
  • Purchase task
  • Social surroundings
  • Physical surroundings
  • Temporal effects
  • Antecedent states (eg. mood, bank balance)
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12
Q

Define consumer socialisation

A

The process by which young people develop consumer-related skills, knowledge and attitudes. How we learn as children to consume.

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13
Q

Describe STP

A

Segmenting (defining the market and finding segments within it)
Targeting (selecting segments that can be served the most effectively and efficiently by the companies resources)
Positioning (communicating how we want the target market to think and feel about the brand)

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14
Q

What are the five steps in segmenting and targeting markets?

A

1) Group potential buyers into segments (geographic, demographic, psychographic and behavioural)
2) Group products to be sold into categories (that meet customer needs)
3) Develop a market-product grid and estimate market size
4) Select target market (s)
5) Take marketing actions to reach target market

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15
Q

What is the micro-environment made up of?

A

Think McSic (McDonalds makes me sick)
- Marketers
- Competitors
- Suppliers
- Intermediaries
- Consumers

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16
Q

What are the stages in the product life cycle?

A

Introduction, growth, maturity, decline.

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17
Q

What are the stages in new product development (NPD)?

A

1) New-product strategy development
2) Idea generation
3) Screening and evaluation
4) Business analysis
5) Development
6) Market testing
7) Commercialization

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18
Q

What are the six steps in setting price?

A

1) Identify pricing objectives and constraints
2) Estimate demand and revenue
3) Determine cost, volume and profit relationships
4) Select an appropriate price level
5) Set list or quoted price
6) Make special adjustments to list or quoted price

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19
Q

Define communication.

A

The process of conveying a message to others.

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20
Q

Describe each step in the communication process (common exam Q).

A

Source -> message -> channel of communication -> receiver -> the process of encoding and decoding

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21
Q

Define semiotics.

A

The study of symbols and the way in which they can be interpreted/aquire meaning.

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22
Q

Give some of the different models of communication.

A
  • Lasswell’s Model
  • AIDA Model (awareness, interest, desire, action)
  • Hierarchy of Effects Model
  • Persuasion Model
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23
Q

What is the user and gratification theory?

A

Consumers actively pursue that which suits their needs and desires. They do so based on the gratification that they receive from it.

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24
Q

Give the promotional elements.

A

Advertising, personal selling, public relations, sales promotion and direct marketing.

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25
Q

How do promotional elements influence the consumer decision making process?

A

1) Pre-purchase stage
Advertising to inform the customer.

2) Purchase stage
Personal selling, sales promotions, social media to reach final decision.

3) Post-purchase stage
Personal contact after the sale increases satisfaction.

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26
Q

What are the types of product advertising?

A

1) Pioneering (informational) - explains the product.
2) Competitive (persuasive) - promotes brands special features.
3) Reminder - reinforces previous knowledge of product.

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27
Q

What are the types of institutional advertising?

A

1) Advocacy ad - states a company’s position.
2) Pioneering institutional - states information about the company.
3) Competitive institutional - promotes advantages over other companies.
4) Reminder institutional - promotes a company’s name.

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28
Q

Explain the steps in developing advertising.

A

1) Identify the target audience.
2) Specify the advertising objectives.
3) Set the advertising budget.
4) Design the advertisement.
5) Select the right media.

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29
Q

Explain the two types of sales promotion.

A

1) Consumer-oriented.
eg. coupons, deals, premiums.
2) Trade-oriented.
eg. rebates (buying in bulk)

30
Q

Explain public relations.

A

Publicity tools are used in public relations campaigns (it often provides a stronger impact than advertising).

31
Q

Explain the actions in the strategic marketing process (Lectures 11 and 15).

A

Planning phase (SWOT, market product focus/goal setting, marketing program), implementation phase and evaluation phase.

32
Q

Explain the strategy in visionary organisations.

A

1) Organisational foundation (why).
Philosophy, core values, organisational culture. (SWOT analysis).

2) Organisational direction (what).
Goals/objectives - long term and short term. (Ansoff’s matrix).

3) Organisational strategies (how).
Corporate -> strategic business unit level -> functional.

33
Q

Describe SWOT analysis.

A

Within step 1: the organisational foundation (why) of strategy in visionary organisations.

S - strengths
W - weaknesses
O - organisational
T - threats

SO: Uses internal strengths to capitalise on external opportunities.
ST: Uses internal strengths to avoid external threats.
WO: Improves internal weaknesses by using external opportunities.
WT: Avoid threats and minimise weaknesses.

34
Q

Explain the BCG matrix.

A

Question Marks:
High market growth rate, low relative market share (market is growing quickly but not sure if investment will result in STARs, still invest but with caution).
STARs:
High market growth rate, high relative market share (strong competitive performance = high future potential).
CASH COWS:
Low market growth rate, high relative market share (already well established - low competition bc the market is slow growth).
DOGS:
Low market growth rate, low relative market share (not doing well in a market which is not promising - sell quickly and invest back into CASH COWS and QUESTION MARKS).

35
Q

Explain Ansoff’s matrix.

A

Within step 2: organisational direction of strategy in visionary organisations.

A strategy planning tool used to devise strategies for growth.

Market penetration - selling more existing products into an existing market.
Market development - using existing products to enter a new market.
Product development - developing a new product for the existing market.
Diversification - developing a new product for a new market.

36
Q

Define the strategic marketing process.

A

An approach whereby an organisation allocates its marketing mix resources to reach its target markets and achieves a competitive advantage.

37
Q

What are the types of marketing channels?

A

Direct (producer and consumer directly deal with each other).

Indirect (deal with a retailer, wholesaler, agent or a mixture/all).

38
Q

Define B2B marketing.

A

The marketing of products and services to companies, governments or not-for-profit organisations for use in the creation of products and services that they can produce and market to others.

39
Q

Define organisational buyers.

A

Those who buy products and services for their own use or for resale.

40
Q

Describe the differences between the B2B and B2C markets.

A

B2B market:
Customer is businesses and companies, quantity is in bulk, their primary focus is building and maintaining strong relationships with reliability and consistency. Supplier -> manufacturer -> wholesaler -> retailer -> consumer. Buying decision: lengthy time period, logical and according to demands and requirements.

B2C market:
Customer is consumers and individuals, quantity is small, their primary focus is designing and creating a product, then advertising and promoting it. Retailer -> consumer. Buying decision: short time frame, emotion based, impulse decisions.

41
Q

What are the four markets within organisational buying?

A

1) Industrial markets
Re-process a product or service they buy before selling it again to the next buyer i.e. construction (industrial firm), auto repairs (service companies).
2) Reseller markets
Wholesalers and retailers that buy physical products or services and resell them again at a profit without any reprocessing.
3) Government markets
Buy products and services for use in the production of public goods and services.
4) Non-profit markets
Same as government markets.

42
Q

What are the key characteristics of organisational buying?

A
  • Market characteristics
  • Product or service characteristics
  • Buying process characteristics
  • Marketing mix characteristics
43
Q

What is the buying centre?

A

The group of people in an organisation who are responsible for facilitating the selection and purchase of products and services.

44
Q

What are the roles within the buying centre?

A

Buyer - formal authority to purchase
Users
Gatekeeper - controls information flow
Influencer - supplies technical information/specifications
Decider - chooses the product/approves contracts

45
Q

What are the stages within the organisational buying process?

A

Problem recognition, information search, alternative evaluation, purchase decision, post-purchase behaviour (same as B2C).

46
Q

Give the types of buying decisions.

A

Straight rebuy.
Modified rebuy.
New buy.

47
Q

Define a product.

A

Anything that can be introduced to the market for awareness, consumption or usage that aims to fulfil customer needs.

48
Q

Define a brand.

A

An identity that embraces an assurance of quality and transmits a number of tangible and intangible features such as symbols, values, culture, design, perceived customer image and personality i.e. a consumer’s collection of perceptions.

49
Q

Define branding.

A

An organisation’s use of a name, phrase, design, symbol or combination of these to identify its products and distinguish them from those of competitors.

50
Q

Describe the benefits of branding in terms of the company and its customers (possible exam Q).

A

Benefits for company:
Customer loyalty
Premium pricing
Increased distribution/international expansion
Increased market share
Brand extensions
Increased revenue/greater profitability

Benefits for customers:
Increased trust
Lower perceived risk
Reduced search costs
Higher perceived value
Status/prestige
Social safety

51
Q

What are the components of a brand?

A
  • Icon
  • Image
  • Name
  • Term/slogan
  • Mark (symbols, design, logo, trademark)
  • Personality
52
Q

Describe in depth the components of a brand, using examples.

A
  • Icon
    Brands can become a part of societal pop culture through their icons eg. Starbucks/McDonalds.
  • Image
    The set of beliefs that a consumer has regarding a particular brand.
  • Name
  • Slogan
    A statement that sticks in consumers’ minds.
  • Mark
    Not made up of words eg. the Gucci logo.
  • Personality
    eg. Sincerity, excitement, competence, sophistication, ruggedness.
53
Q

Describe the criteria in selecting a brand name.

A

1) Something that suggests the product benefits.
2) Something that is memorable, distinctive and positive.
3) Fits the company or product image.
4) Has no legal or regulatory restrictions.
5) Is simple and emotional.
6) Has favourable phonetic and semantic associations in other languages i.e. is transferrable.

54
Q

Define brand equity.

A

The perceived worth (value) of a brand.

55
Q

Describe the different types of branding strategies.

A

Multiproduct (one name for all its products in a product class eg. Hyundai Tucson).

Multibranding (each product has a distinct name for a different market segment).

Private branding (company manufactures products but sells them under the brand name of a wholesaler or retailer eg. Countdown brand).

Mixed branding (company markets products under its own name and that of a reseller eg. Microsoft).

56
Q

What is the value of packaging?

A

Packaging has commutational, functional and perceptual purposes.

57
Q

What are the challenges of packaging and labelling?

A
  • Connecting with customers.
  • Environmental concerns (eg. is it recyclable).
  • Health, safety and security concerns (eg. is it child safe).
  • Cost reduction (trying to keep the cost of packaging low while incorporating sustainability).
58
Q

Define retailing.

A

All activities involved in selling, renting and providing products and services to ultimate consumer for personal, family or household use.

59
Q

What are the four utilities that create value in retailing?

A
  • Time utility
  • Place utility
  • Form utility
  • Possession utility
60
Q

Explain merchandise lines within retailing.

A

Breadth of product line (horizontal) - the number of different product lines.
Depth of product line (vertical) - the number of items within each product line i.e. types of shoes.

61
Q

What are the levels of service for retailers?

A
  • Self-service
  • Limited service
  • Full service
62
Q

What are the forms of ownership for retailers?

A
  • Independent retailer eg. Rob Roy Dairy
  • Corporate chain eg. Tesco
  • Contractual systems eg. McDonald’s
63
Q

Describe retailing strategy

A

Price: Retail pricing
Product: Merchandise
Place: Store location
Promotion: Retail communication (atmospherics)

64
Q

Describe the strategic marketing process in depth.

A

1) Planning phase
Step 1: Situation Analysis
- Macro environmental analysis (PESTLE)
- Micro environmental analysis (SWOT)
- Segmentation
- Market dynamics (Porter’s 5 Forces Framework)
Step 2: Market-product focus and goal setting
- Porter’s generic business strategies framework (i.e. broad target, narrow target, cost leadership, cost focus)
- Market-product grid
Step 3: Marketing program
- Set measurable goals using a base of facts and assumptions (as developed in Steps 1-2), use simple, feasible, controllable and flexible tasks, find the right team to implement tasks and work towards consensus-building.

2) Implementation phase
- Take action and avoid paralysis by analysis, surface problems with open communication, communicate goals, have a responsible Program Champion. Reward success but don’t punish failure!!!

3) Evaluation phase
Identify deviations from goals (have the KPIs been met?)

65
Q

What is social marketing?

A

The use of marketing principles and techniques to influence a target market to voluntarily accept, reject, modify or abandon a behaviour for their own personal welfare and that of society.

66
Q

What are the four types of behaviour change social marketers encourage?

A

1) Accept a new behaviour (COVID-19 vaccine)
2) Reject (smoking)
3) Modify (eating healthy food)
4) Abandon (DUI)

67
Q

What areas are social marketing techniques utilised in?

A
  • Health promotion
  • Injury prevention (eg. ACC)
  • Environmental protection
  • Community mobilisation
68
Q

Describe the social marketing marketing mix.

A

Product: target audience must believe there’s a problem and the product offered is a solution.
Price: can be monetary, time, effort, giving something up.
Place: the way the product reaches the consumer.
Promotion: integrated marketing communication.

69
Q

What are the elements/benchmarks of social marketing?

A

1) Behaviour change (the goal of social marketing is to change behaviour!!)
2) Consumer research
3) Segmentation and targeting
4) Exchange
5) Competition
6) Marketing mix

70
Q

What are the three social marketing stream?

A
  1. Downstream social marketing
    Focuses on individual VOLUNTARY behaviour change.
  2. Midstream social marketing
    Focuses on collective behaviour change.
  3. Upstream social marketing
    Focuses on influencing public policy and budget allocation.
71
Q

What are the approaches to social marketing?

A
  • Information based
    Aims to educate, assumes targets do not know about the issue or are missing key facts.
  • Emotion based
    Focuses on positive or negative emotions, assumes targets know the facts but require motivation.

MART112 (3 decks)

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