TAP preparation Flashcards
What is marketing? (according to chartered institute of marketing)
management process that identifies, anticipates and satisfies customer requirements profitably
What is marketed (6)?
products, services, places, people, ideas, attitudes and beliefs
What is the key idea of marketing oriented philosophy?
focus on satisfying customer’s needs and wants while meeting objectives
What is the key idea of societal oriented philosophy?
focus on satisfying customers need and wants while enhancing individual and societal well being
What is the key idea of sales oriented philosophy?
focus on aggressive sales techniques and believe high sales = high profit
What is the key idea of production oriented philosophy?
focus on efficiency of internal operations
What is transactional marketing?
focus on sale then move on, no attempt to build relationship with customers
What is included in the 7Ps?
product, price, promotion, place, people, process, physical evidence
What are the characteristics that companies with successful marketing shares?(5)
profitable, offensive, integrated, strategic (future oriented), effective
What does SOSTAC stands for?
situation, objective, strategy, tactics, actions, control
What is included in the 7Ss (internal environment) ?
shared values, staff, structure, style, skills, strategy, systems
What are the 4 market positions?
market leader (largest market share) , market challenger, market follower, niche player
What are the advantages of environmental scanning?(6)
enables opportunities to be capitalised upon, provide objective information, increase sensitivity to changing needs, provide intellectual simulation for strategists, improves public image, provide a continuing broad based education for executives
What is environmental scanning?
process of gathering information about events and their relationship within an organisation internal or external environment
What is the basic purpose of environmental scanning?
help management determine the future direction of organisation
What are the tools (or elements) that can be combined to make an organisation marketing communications strategy?(5)
ad, sales promo, personal selling, direct marketing, public relations
What is the difference between media and tools?
media: channel which you deliver your message
tools: thing you use to deliver your message
What is integrated marketing communication (IMC) ?
process of ensuring that all elements of the promotion mix are complementary to avoid mixed message and strengthened the brand
What does DRIP stands for?
Differentiate your product / brand
Remind / reassure your target audience concerning your product or brand
Inform your target audience about your product or brand
Persuade your target audience to act in the way you would like them to
What are the communication strategies?
push, pull, profile
What is a push comm strategy?
aims to keep products in stock even before the customers order them
What is a pull comm strategy?
Focuses on increasing the number of consumers who want to buy a particular product. It often involves convincing a consumer to actively seek a product in order to get retailers to stock it. Brands that use pull marketing will reach out to consumers through a direct marketing campaign.
What is a profile comm strategy?
Intended to fulfill the corporate promotional goals of an organization as to how it wishes to be seen in the eyes of the public. Focuses on satisfying the needs of the stakeholder and sustaining the dialogue with them by closely keeping in touch with them.
What does ATR means?
awareness, trail, reinforcement AKA weak theory, more commonly applied to new products
What is segmentation?
dividing up the market (by age, gender, income, etc)
What is targeting?
selecting the group(s) most likely to want your brand or product (the ‘target audience)
What is positioning?
making your brand as attractive as possible in the eyes of target audience
What are the pros of advertising? (5)
mass coverage, buyer controls content and timing, fulfils a stated obj, can be measured, have creative opportunities
What are the cons of advertising? (4)
expensive, high wastage, impersonal, subject to noise (msg can be lost)
What is frequency in L3 communication?
avg no of times that a member of a target audience will have been exposed to a promotional msg during a specified time period (usually a campaign)
What is reach?
% of target audience exposed to a promotional msg at least once during a specified time period
What does AIDA stands for?
awareness, interest, desire, action ; cust. moving thru the steps or stages when they make purchase decisions
What are the pros of sales promotion (4)?
provide a quick uplift in sales, Gain better store presence, forge links with other brands, generate good quality customer data
What are the cons of sales promotion (3)?
if overused, consumers only purchased during promotion, can cause fulfilment problems, promotion led customers - low brand loyalty
What are the pros of public relations (4)?
good coverage, cost effective, significant creditability, good for supporting new products
What is public relations and what does it includes?
planned and sustained effort to establish and maintain goodwill and mutual understanding between an org and its public (including, press relation, media relation, corporate sponsorship, event)
What are the cons of public relations (3)?
hard to control, not long term, evaluation can be hard and expensive
What are the cons of direct mktg (4)?
negative perceptions, can be intrusive, data must be processed, some legal restrictions
What are the pros of direct mktg (3)?
personalised and customisable (precise targeting), interactive, measurable
What are the pros of personal selling (5)?
two way comm, participation in decision making process, immediate feedback, flexible (allows demonstration), relationship building
What are the cons of personal selling (3)?
high cost per contact, reach and frequency low, consistency of comm difficult
What is the purpose of budgeting? (4)
planning + benefits gained from working thru budgetary sales tgt, coordination, motivation, control
What is a relative cost?
how much it cost to touch everybody you reach with your ad campaign
What are the 2 budget setting approaches?
top down methods, bottom up methods
What are the 4 factors included in top down methods?
% of sales and profit, competitive parity, affordable method, consideration of share of voice
What are the 4 factors included in bottom up methods?
obj and task, planning and control, consideration of cost-volume profit, consideration of share of voice
What are the 5 criteria for segmentation?
measurable, homogenous, heterogenous, substantial, accessible
What are the 4 basic ways of segmenting?
demographic, psychographic, socioeconomic, geographic
What are the 6 segmentation by bhv?
purchase occasion, consumption usage, frequency of purchase, product or brand loyalty, media usage, tech usage
What is a perceptual map?
useful way of comparing how consumers ‘see’ your product or brand in comparison to others
What is targeting?
selecting the groups of people most likely to buy your products
What is positioning?
using mktg mix to make your ‘offer’ as attractive as possible to the group of people most likely to buy your products
How to reposition?
use perceptual map to work out if you are in ‘best’ position ; changing your position = changing the way cust see you
When will reposition needed?
if brand goes into decline, popular taste change
What are the 5 stages in consumer decision making?
problem recognition, info search, evaluation of alternative, product choice, outcome
What could start problem recognition?
ad campaign introduce new awareness / new solutions / famous people talking or using it
Info search may be?(4)
internal, external, active, passive
What is passive info search?
start to see things more around you which build your desire to get the thing you think you want
What is active info search?
self explanatory, go out and hunt info
What is internal info search?
search of memory
When evaluating alternative, criteria is likely to be influenced by? (3)
risks (cost, performance, function, physical, social, psychological), personal requirement, all mktg comm
What could product choice be influenced by? (4)
personal selling, point of purchase display, discounts, the people you are with
What are the 3 likely outcomes? (post purchase evaluation)
disappointment, satisfaction, delight
What is the level of involvement affected by? (4)
self image, how much risk you think there is in the product, how you think the product will be perceived (social factors), level of hedonism
What are the 3 types of problem solving?
routine problem solving (low risk)
limited problem solving (greater risk)
extended problem solving (high risk)
What 5 factors can influence consumer level of perceived risk?
monetary, functional, physical, social, psychological
Why is segmentation important?(4)
help understand customer requirements, identifies opportunities for new product development, specific targeting enables an appropriate mktg mix to b develop for each segment, segmentation provide better efficiency and therefore profits