unit revision lecture Flashcards
product conept
consumers prefer products that offer qualuty , erpsmance innovative features
craftsmen making hig quality artisan rpdocuts
prodcuction concept
consumer prefer products widely avaiable and inexpensive
firms mass produce inexpensive products
selling concept
consumers buy products only if the cmopany activleyu promotes or sells them to them
firms engage in high pressure selling tactics
what is the marketing concept
consumers buy and prefer products which focus on theri needs/wants and delier better vlaue than compeittors
firms focs on consumer needs , wants and values
stp
segmentatino - targetting - positioning
mkt segmentatino
dividing mkt into distinct groups of buyers with diff
needs , charactersitcs , behaviours
and who may require seperate mkting strategies or mixes
semgnets aka - buyer clusters/types
give exmaple of mkt segments
beauty enthusiasts
age 18-35, all genders
urban
care about their appearance
follow trends
interested in beauty and skincare
frequent shoppers
online and in-store
health and wellness seekers
age 25-55, all genders
urban and suburban
care about their general health
interested in vitamins, supplements, and wellness products
regular shoppers
online and in-store
convenience shoppers
all ages and genders
urban and suburban
busy lifestyle
interested in essential products
online shoppers and quick in-store visits
frequent and occasional shoppers
what is targetting
process of identifying segments of the markt product/service intended for
foccsuing marketing efforts on selected segments
in adv what does targetting involve
matching content and message to teh appropriate audience e.g money savin beenfits for price conscious consumers
give example of beauty enthusiast as a target maket in terms of what product/what types of products they would be interested in as well as health and wellness seekers
Key target audience for affordable beauty and skincare products (e.g., drugstore dupes
Key target audience for affordable beauty and skincare products (e.g., drugstore dupes
what are the two types of cosumer descison making
high involvement
low involvement
what does hgih invlvement have
high personal importance
what does low invovlement have
low personal importance
what is complex buying behaviour
high involvement
signficant xifferences btween brands
exaples of high complex buiying behaviou products - characteristics
cars
houses
what is variety seeking buting behaviour - characteristics
low involvemnent
significant differnces between brands
examples of variety seeking buying behcauit
buying fizzy drinks
using deliveroo
characersitics of dissonace reducing buying behaviour
few differncesbetween brands
high invoilvment
give examples of dissonacen reducing buying behaviours
wifi
banks
what is habitual buyinng behaviour charactrsitics -
low invovlement
few differnces betweenbrands
give example of havitual buying behaviour
shampoos
oil
what is consumer desicison making proess
step 1 - need recognition
step 2 - informatino search
step 3 - evlauatino of alternatives
step 4 - purchase decision
step 5 - psot purchase behaviour
in need recognition what are the two types
internal
external
what is aida model of comm
developed by st elmo lewis
attention
interest
desire
action
when and how to communicate model - message purpose
customer journey
awareness
familiarity
likeability
purchase
aftersales
when and how to communicate message content
infomraiton
more detail
emotion
specifics
reassurance
when and how to communciate examples
adv
web
social media
in store
direct
give eample o meesage content - INFORMATION
OF bran d
new status
action
Adv
give eample o meesage content - more detail
tech/spec
relevance
rationale
web
give eample o meesage content - emotion
rapport/dialogue
positivity
share
Socail media
give eample o meesage content - specifics
credit
delivery
spec
in store
give eample o meesage content - reassurance
update/service
front of mind
retain
direct
what are the 4 parts of how to build a brand
brand identity
brand relationships
brand responses
brand meaning
what is the q for brand identity
who are you
what is the q for brand relationships
what kind of association and how much of a connection would customers like to have with you
what is the q for brand repsosnes
what does customer think or feel about you
wwhat is the q for brand meaning
waht are you
what 5 thign sdoes brand meaning have to do with
primary characersitcs and supplementary features
prouct reliability, durablity and serviceability
service effectivenesss, efficieny and empathy
style and design
price
brand identity got to do w what 2 thing s
values and mission
what are the three product levels
core product
embodied product
augemented product
what is core product
real core benefit/service
may be functional benefit (what product does)
or emotional ( how product or service makes people feel)
embodied product aka
actual product
what is embodied product
cosnsits of physial g/s that provides expected beenfit
conssits of many factors e..g feature and capabilties , durabilty design , packaging , promotion and brand name
what is augemented product
consists of emobided product + all other factors necessary to support the pruchase and any post purchase actriviries
e.g.
credit and ifnace , trianign , delioery , installation , guarantees, overall perception of customer service
what is a service
intangible act/performance offered by one party to another
consumption of the serice des not result in what
any transfer of ownership although service process may be attached to the phsycial product
what are the 5 key charcteristics of a service
intangible
inseparable
variable
perishable
lack ownership
what is SWOT
Strategic plannign tool used to evaluate SWOT involved in a project / business venture
which are internal factors in swot
strength and weakness
which are external factos in SWOT
opportunity and threat
give example of strenghts for netflix
brand rep
global prescence
Content Catalogue
give gernal examples of strneght
brand image
Innovative culture
experienced management team
give example of weekness for entflix
licensing (cost + dependent on it)
regional content restrictions
over reliance on north american market
give example of weaknesses in general
high operational costs
outdated technology
lack of finance
give examples of opportunities netflix
orgiginal conten production
partnerships and collaborations
technologgal advancements
give examples of opportunities in general
more demand for product or service or trends towards your product line
strength valuable to a certain aprntern - so acuisioint and diversificxatino
give example of threats for netflix
increasing competition - price and product
piracy and password sharinhg
cubersecrutity attacks
example of threats in general
inflation
increaseing comopetitors
regulation causing lower BTE
WHAT IS A STAR
High market growth high market share
what is a question mark
high market growht , low market share
what is a cash cow
low market growth, high market share
what is dog/pets
low maket growth low makeet hare
draw out ansoff matrix
market penetration existing product and market
product developmpent - new product , exisitng market
market developemtn - existing product , new mkt
what is diversification - new poduct , new market
what are the 3 generic pricin approaches
cost based
value based
competitor base
what busines orientation/managment philosophy dopes cost based related to
production/selling approach
what busoiness orientation . managment philosphy is value based pricing best mached with
marketing approach
what managment philosophy/business orientation is competitor based pricing built on
market approach
what is the funnel for cost based pricing - 5
product
cost
price
value
customer
what is the funnel for value based pricing - marketing approach
customer
value
price
costs
product
what is the funnel for competitor basd dpricing
competitors
price
costs
value
product
what are addtional pricing approaches - 7
premium
freemium
penetration
skimming
product line
bundle
captive product pricing
what are the 5 psychologos pricing
like what is psychology pricing to do witth and what are the 5
-price quality realtionship
anchor pricing
charm pricing
odd even pricing
decoy pricing
center stage
what is webrroming
looking at something you want to buy online and then later buying in a shop
what si show roomin
practice of looking at somethign you want to buy in a shop and then later buying it online, usually at a lower price
state distribution intensity from least to most
intensive
selective
exclusive
what is 4 types of competitive advantahe
operational excellence
product excellence
location excellence
customer excellence
what ar eht emajor promotion mix elements withn an IMC
ADV
SALES PROMO
DIGITAL MKTING
DIRECT MAREKTING
PUBLIC RELATIONS
AFVRTISING APPALS eiher
emotional or rational
what are the 7 types of digitla markeitng
infleuncer marekting
social media marketing
email marketing
kiosk marketing
mobile marketing
search enginge marketing
content markting
planned obscolence
business strategy , prouct designed w a limtied lifespan or becomes obsolete after a certain period
this encourages consumers to replace product frequenctly
dtiving continuous sales for the manufactureer
planned obscolence can be what 3 things
functional
technological
style obsolescence
