Things from Carlos his list Flashcards
What are the 4 Ps of the marketing Mix
Product
Place
Price
Promotion
What does ‘product’ mean within the marketing mix
The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.
What does ‘place’ mean within the marketing mix
The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop.
What does ‘price’ mean within the marketing mix
The Product should always be seen as representing good value for money. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.
What does ‘promotion’ mean within the marketing mix
Advertising, PR, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an organisation. These tools should be used to put across the organisation’s message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions.
What are the 7ps of the marketing mix
Product
Place
Price
Promotion
People
Processes
Physical Evidence
What does ‘people’ mean within the marketing mix
All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Having the right people is essential because they are as much a part of your business offering as the products/services you are offering.
What does ‘processes’ mean within the marketing mix
The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for.
What does ‘physical evidence’ mean within the marketing mix
Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible.
For example, a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. Even if the material is not physically printed (in the case of PDFs) they are still receiving a “physical product” by this definition.
What is inbound marketing
Attracts the attention of prospects and new customers via strategic content creation and experiences that are tailored to their unique needs and buying journey.
What is inbound marketing about
about forming connections, answering questions and solving problems
What is outbound marketing
More traditional marketing methods, usually more aggressive. Radio, tv ads, running print. Pushing out marketing messages to a given audience hoping for a response, a lead and new business
What is a lobbygroup
a group of individuals or companies that use their influence over public officials. It also means the action of trying to exert influence over other individuals.
What are things an interest group does? (7)
- Speak on behalf of members
- Mobilize citizens
- Keep citizens informed
- Hold officials accountable
- Litigate on behalf of individuals
- Individuals cannot do these tasks on their own
- Time, access to policymakers
What are actions undertaken by lobbygroups? (4)
- Creation of opinion groups that facilitate access to the company and contribute to its general objectives
- Review of legislation that may affect the company
- Preparation of “position paper” on key issues
- Opening and maintenance of communication channels with institutions
What are interest groups?
groups of market actors who come together to collaborate on a similar vision of change for the market system.
What are the 3 stages of crisis management
- Pre-crisis
- Crisis
- Post Crisis
What 3 things do you do in the pre-crisis stage
- monitor crisis risks
- make decision about how to manage potential crises
- train people who will be involved in crisis
What 2 things do you do in a crisis
- collect and process information for crisis team decision making
- create a disseminate crisis message
What 2 things do you do in the post-crisis stage
- assess the crisis management effort
- provide follow-up crisis messages as needed
What 4 steps does the crisis communication plan exist out of
- decide on your overarching objectives
- define your target audience
- choose your key messages
- select channels of communication
Why is it important to have a crisis management plan?
Having a crisis management plan is critical because, without one, people under stress may make poor decisions and may unintentionally extend or worsen a crisis
What is a corporate identity
The manner in which a corporation, firm, or business enterprise presents itself to the public (such as customers and investors as well as employees). The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations, etc
What is a corporate identity manual
It constitutes the basic guide for the application of the company’s representative signs and constitutes a fundamental working and consultation tool for the people involved. In the design and implementation of any element of corporate communication
It fulfils the function of communication code because: creates and defines code elements establish usage, relationships and norms
What is another name for a corporate identity manual
Brand book
What things are in a corporate identity manual? (16)
- Introduction
- Corporate design elements
- Brand architecture
- Corporate colors
- Fonts
- Design and layout standards
- Language standards
- Photo and illustration style
- Usage examples
- PPT presentations other templates
- Flagging of buildings
- Signage
- Packaging
- Uniformity
- Stands
- Merchandising
What does sponsoring mean?
Total or partial financing situation of an activity for the purpose of economic or image return (I pay you and you name me)
What is audience segmentation
a marketing strategy based on identifying subgroups within the target audience in order to deliver more tailored messaging and build stronger connections.
What are the 4 main types of audience segmentation
demographic
geographic
psychographic
behavioral
What is demographic segmentation
It refers to splitting up audiences based on observable, people-based differences. These qualities include things like age, sex, marital status, family size, occupation, education level, income, race, nationality and religion.
What types of behavioral segmentation can you do? (5)
Online shopping habits
Benefits sought
Actions taken on a website
Usage Rate
Loyalty
Why is it smart to use behavioral segmentation
Allows you to create messaging that caters to those behaviors.
What is geographic segmentation
splitting up your market based on their location
What is important to keep in mind when using geographic segmentation
you might need to change the language of your message
What is psychographic segmentation
Deals with characteristics that are more mental and emotional
Examples of psychographic characteristics (6)
- Personality traits
- Interests
- Beliefs
- Values
- Attitudes
- Lifestyles
What are 5 benefits of market segmentation?
- improves campaign performance
- informs product development
- reveals areas to expand
- improves business focus
- informs other business decisions
What is another name for inbound marketing
pull marketing
What is another name for outbound marketing
push marketing
What is the aim of inbound marekting?
To gently nurture potential customers through the marketing funnel, exposing them to relevant content and brand experiences when they are ready
What are the 5 stages of the sales funnel
Awareness
Consideration
Preference
Purchase
Retention
What is the difference between inbound and outbound marketing (2)
- Instead of advertising blindly to a large audience who may not be interested in your product or receptive to your messages, inbound marketing brings customers to you because you’re targeting audiences who are interested in or actively looking for, your services or products.
*outbound marketing uses both offline and online tactics, inbound focuses primarily on the online realm.
What is crisis management?
the application of strategies designed to help an organization deal with a sudden and significant negative event.
Are the 4ps focused on product or service?
Product
Are the 7ps focused on product or service?
Service
