UNIT 3 - Marketing Flashcards
What are some examples of common marketing objectives? (7)
Increase in…
- Market share
- customer satisfaction
- brand identity
- increase in customers
- Frequency of visits from loyal customers
- avg number of items purchased per visit
- total sales
What is Product orientation?
Making products that can be made - or have been made for a long time, and then trying to sell them. (Selling into already formed markets.
What is Market orientation?
basing product decisions on consumer demand, as established by market research. (making a totally new product to fit a consumer’s demand or wants/needs)
What are the 5 features of a market?
- market share
- Market growth
- Market size
- Competitors
- Market location
What are the 4 main needs for market research?
- Reduce the risk associated with new product launches
- Predict future demand changes
- Explain patterns of existing products and market trends
- Assess most favoured designs, flavours, styles, promotions and packages for a product.
What are some examples of primary research?
- Focus groups
- Surveys
- test marketing
- observations
What are some examples of secondary research?
- the internet
- government publications
- local libraries
- internal company records
- newspaper reports
What are the 4 C’s that correlate with the 4 P’s
Product : Customer goods
Price : Cost to customer
Place : Convenience to customer
Promotion : communication with customer
Price: what are the four cost-based pricing methods?
- Target pricing
- Full-cost pricing
- Contribution cost
- mark-up pricing
price: what are the two competition based pricing methods?
- Skimming
- Penetration pricing
How do managers determine the appropriate price? (6)
- competitors prices
- Competition conditions in the market
- costs of production
- business marketing objectives
- PED
- Whether it is a new or existing product
Promotion: What are ways of below-the-line promotion? (7)
- sponsorship
- Merchandise
- Public relations (PR)
- Direct selling
- Trade fairs
- branding
- Direct mail
What is the purpose of packaging? (4)
- Supports brand image of the product
- Protection
- Tells information about the product
- aids recognition of the product
What is Integrated marketing mix?
The key marketing decisions complement each other and work together to give customers a consistent message about the product
