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Business Management > Unit 2 AOS 2 > Flashcards

Unit 2 AOS 2 Flashcards

1
Q

What is marketing

A

= process of implementing strategies 2 price, promote + distribute products 2 current + potential c’er appropriately
-> bus should also focus its marketing strategies directly 2 c’er with in c’er base b/c inc. likely 2 be most receptive 2 marketing strategies.

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2
Q

What is a customer base

A

= group of c’er continuously purchasing g/s from bus, identified through creating customer profiles ( description about type of person bus selling 2) and thus should aim 2 ensure c’er needs + wants are met by the product

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3
Q

What is market orientation

A

= A strategic focus on identifying c’er needs and wants in order to define new products to be developed

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4
Q

Types on external factors

A
  • Operating
  • Macro
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5
Q

External operating factors examples

A

Customers -> needs + wants = essential therefore marketing strategies must ne c’er focused
Suppliers -> providers of resources 4 bus 2 sell g/s
Competition -> bus must be aware of marketing strategies of comp 2 dev unique marketing plan + create p.o.d

-> Affect how bus establishes + maintains c’er base and brand identity

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6
Q

What are external macro factors and some examples

A

= things beyond the control of a business h/r still have impact on how bus deal with c’er base + brand identity

  • Legal
  • Economic
  • Social
  • Tech
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7
Q

What is branding

A

= refers 2 a bus + marketing concept that helps ppl identify a particular company, product or individual

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8
Q

Importance of a brand / branding

A

-> brand influences ppl’s perceptions of companies, products or individuals helping 2 create brand identity within marketplace
Brands provide enormous value 2 the company or individual, giving them a competitive edge over others in the same industry

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9
Q

What is corporate culture

A

= shared values + beliefs of ppl in organisation
( Culture = “personality” of organisation / “how we do things around here” )

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10
Q

The impact of corporate culture

A

-> +ve culture inc. prod, qual + employee engagement
(-> possible high levels of success contributing 2 c’er base growth)

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11
Q

The link between corporate culture and consumer base

A

-> bus values c’er therefore prioritise c’er service
- Bus able 2 conduct itself well + popular can reap rewards + get message out 2 community e.g via S.M
- If poor -> risk c’er base + brand identity b/c fail 2 live up 2 expectations

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12
Q

What is market research

A

= Process of finding and analysing info re c’er wants + needs + nature of market carried out 2 help bus make decisions that will appeal 2 c’er + compete in market

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13
Q

What’s the purpose of market research

A

Gather info re…
- size + comp structure of market
- products
- pricing in the market
- promotion in market
- c’er

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14
Q

When/ where can market research be used

A

1) 2 identify new opportunities
2) 2 assess feasibility of plans/ideas
3) 2 review success of plans/ideas once implemented

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15
Q

What is primary research + example

A

= collection of info 1st hand 4 specific purpose
e.g surveys, focus groups, c’er reviews

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16
Q

What is secondary research

A

= use of info that has already been collected 4 dif purpose
e.g ABS, reports, articles

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17
Q

What is qualitative data

A

= Info x able 2 be counted, measured or expressed using numbers

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18
Q

What is quantitative data

A

= inc. specific / can be counted, measured or expressed using numbers

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19
Q

3 ways 2 interpret marketing data

A

1) Confidence intervals -> indication of how certain researchers are of result
2) Correlation -> identifying relationship b/n 2 variables
-> expressed on a spectrum -1 – 1
3) Extrapolation -> using prev patterns of numerical data 2 predict values in the future

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20
Q

What is a target market

A

= specific group of c’er @ which bus product is aimed at

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21
Q

Market research process

A

1) research objectives
2) perform secondary research + analyse
3) decide on primary research methods
4) conduct primary research + analyse data
5) present data + produce report
6) adapt and implement new products 2 meet c’er needs

22
Q

What is market segmentation

A

= classification of c’er / potential c’er into groups, each of which responds differently 2 different products or marketing approaches.
-> involves identifying particular groups that have broadly sim. needs + wants within a market + selling g/s 2 them profitably
t/f bus try 2 identify markets that have segments large enough to target.

23
Q

Ways to segment a market

A
  • Behavioural
  • Demographic
  • Geographical
  • Income
24
Q

Why use market segmentation

A

-> enables a bus 2…
1) Accurately define market(s)
2) Position products + services 2 match demands of particular segments
3) Identify gaps in the market
4) Make inc. efficient use of marketing resources

25
Q

What is niche marketing ( benefits + drawbacks in notes book )

A

= When firms target a g/s at a small segment of a large market

26
Q

What is mass marketing ( benefits and drawbacks in notes book )

A

= strat of selling goods with appeal + promoting them 2 all types of c’er

27
Q

What is market positioning

A

= how a business’ products are perceived relative 2 comp

28
Q

What is the marketing mix

A

= elements of a firm’s approach 2 marketing that enables it to satisfy and delight it’s c’er

-> Described as 7p’s = physical evidence, price, product, promotion, place, ppl, process

29
Q

Marketing mix : product

A

-> includes physical features + specifications of product that should possess features that ensure it appeals 2 needs of target market
e.g functionally, appearance and aesthetic

30
Q

Marketing mix : price

A

-> refer 2 way product is priced + rationale behind it

Possible strats = price skimming, penetration pricing, competition based pricing + cost plus pricing

31
Q

Market mix : place

A

-> refers 2 where product will be sold

32
Q

Market mix : promotion

(and aims + methods)

A

-> refers 2 how the product is advertised
Aim = inform c’er, create awareness, build brand image, create c’er loyalty, persuade c’er

Methods = Advertising, sponsorship, direct marketing, etc.

33
Q

Marketing links

A

Segmentation -> Market research -> market mix -> Establish c’er base

34
Q

What is price skimming

A

= setting high original price 4 a g/s then gradually decrease it based off c’er responses + reactions in the market

35
Q

What is competition based pricing

A

= pricing g/s 2 be similar 2 competitors prices 2 ensure competitiveness

36
Q

What is cost-plus pricing

A

= calculating the total cost of production of a g/s then adding a mark u 2 ensure a profit is made

37
Q

What is penetration pricing

A

= offering a low price 2 increase c’er support + take c’er from competitors ( as prices are lower and more appealing ) then gradually increase as c’er base increase

38
Q

Marketing mix: physical evidence

A

-> refers 2 non-human elements of bus that c’er interact with
e.g facilities / interior design / ambience / evidence of service performed / digital world

39
Q

What are customer relationships

A

= refer 2 managing interactions with previous, current and future c’ers

40
Q

Benefit of customer relations strategies

A

= encourage occasional c’er 2 become regular c’er through developing strong rep, being the difference b/n success and failure in a bus potentially

41
Q

What is a proactive approach to customer service

A

= anticipating possible problems b4 they arise, + having all the systems + processes in place 2 prevent problems occuring

42
Q

What will a successful complaint handling system include

A
  • Ability 2 deal with complaints immediately + keep c’er informed
  • Simple process 4 c’er 2 complete
  • Clear communication that complaints will be welcomed
42
Q

What will a successful complaint handling system include

A
  • Ability 2 deal with complaints immediately + keep c’er informed
  • Simple process 4 c’er 2 complete
  • Clear communication that complaints will be welcomed
43
Q

What are loyalty programs

A

= involves earning points based on amount of money they spend in a bus, designed 2 keep c’er coming back 2 bus -> build loyalty (inc. sales)

44
Q

What is the purpose of public relations

A

= 2 project a +ve image of the bus 2 the outside world through planned communication strategies
-> can help bus achieve bus objectives e.g inc. sales 2 in.c profits + inc. market share

45
Q

What is the purpose of public relations

A

= 2 project a +ve image of the bus 2 the outside world through planned communication strategies
-> can help bus achieve bus objectives e.g inc. sales 2 in.c profits + inc. market share

46
Q

Function of public relations

A

1) promoting = reinforce familiar attitudes + c’er perceptions re bus rep
2) effective communications of messages = use advertising 2 convey info re bus + products
3) crisis monitoring = protect rep from neg press / rumours
4) issues monitoring = protect sales by prewarning of pub. trends affecting sales

47
Q

What is the main difference b/n public relations + c’er relations management

A

= Audience
CMR aim 2 build strong + lasting relationships with past, future and present c’er
PR aim 2 create strong rep 4 bus + +ve perception in gen public

48
Q

Types of customer relations strategies

A
  • Customer loyalty schemes
  • Proactive approaches
  • Complaint/ review services
  • Refund + returns services
49
Q

CSR in marketing

A

= re ensuring bus provides most accurate info 2 c’er 2 enable them 2 make an accurate decision re whether g/s are suitable 2 meet needs

50
Q

Types of marketing 2 benefit community
-> community sponsorships

A

= include supporting local org e.g sports teams, through donations of money, equipment or facilities -> return, bus can display signage + sponsorship certificate @ bus

51
Q

Types of marketing 2 benefit community
-> Green marketing

A

Refer 2 selling g/s by highlighting environmentally friendly -> recognised by terms like “organic, eco friendly, recyclable or sustainable”

Business Management (5 decks)

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