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Year 1 - Introduction to Marketing > unit revision lecture > Flashcards

unit revision lecture Flashcards

1
Q

product conept

A

consumers prefer products that offer qualuty , erpsmance innovative features

craftsmen making hig quality artisan rpdocuts

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2
Q

prodcuction concept

A

consumer prefer products widely avaiable and inexpensive

firms mass produce inexpensive products

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3
Q

selling concept

A

consumers buy products only if the cmopany activleyu promotes or sells them to them

firms engage in high pressure selling tactics

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4
Q

what is the marketing concept

A

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

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5
Q

stp

A

segmentatino - targetting - positioning

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6
Q

mkt segmentatino

A

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

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7
Q

give exmaple of mkt segments

A

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

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8
Q

what is targetting

A

process of identifying segments of the markt product/service intended for

foccsuing marketing efforts on selected segments

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9
Q

in adv what does targetting involve

A

matching content and message to teh appropriate audience e.g money savin beenfits for price conscious consumers

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10
Q

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

A

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

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11
Q

what are the two types of cosumer descison making

A

high involvement
low involvement

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12
Q

what does hgih invlvement have

A

high personal importance

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13
Q

what does low invovlement have

A

low personal importance

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14
Q

what is complex buying behaviour

A

high involvement

signficant xifferences btween brands

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15
Q

exaples of high complex buiying behaviou products - characteristics

A

cars

houses

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16
Q

what is variety seeking buting behaviour - characteristics

A

low involvemnent

significant differnces between brands

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17
Q

examples of variety seeking buying behcauit

A

buying fizzy drinks

using deliveroo

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18
Q

characersitics of dissonace reducing buying behaviour

A

few differncesbetween brands

high invoilvment

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19
Q

give examples of dissonacen reducing buying behaviours

A

wifi

banks

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20
Q

what is habitual buyinng behaviour charactrsitics -

A

low invovlement
few differnces betweenbrands

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21
Q

give example of havitual buying behaviour

A

shampoos

oil

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22
Q

what is consumer desicison making proess

A

step 1 - need recognition

step 2 - informatino search

step 3 - evlauatino of alternatives

step 4 - purchase decision

step 5 - psot purchase behaviour

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23
Q

in need recognition what are the two types

A

internal

external

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24
Q

what is aida model of comm

A

developed by st elmo lewis

attention

interest

desire

action

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25
Q

when and how to communicate model - message purpose

A

customer journey

awareness

familiarity

likeability

purchase

aftersales

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26
Q

when and how to communicate message content

A

infomraiton

more detail

emotion

specifics

reassurance

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27
Q

when and how to communciate examples

A

adv

web

social media

in store

direct

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28
Q

give eample o meesage content - INFORMATION

A

OF bran d
new status
action

Adv

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29
Q

give eample o meesage content - more detail

A

tech/spec
relevance
rationale

web

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30
Q

give eample o meesage content - emotion

A

rapport/dialogue

positivity

share

Socail media

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31
Q

give eample o meesage content - specifics

A

credit

delivery

spec

in store

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32
Q

give eample o meesage content - reassurance

A

update/service

front of mind

retain

direct

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33
Q

what are the 4 parts of how to build a brand

A

brand identity

brand relationships

brand responses

brand meaning

34
Q

what is the q for brand identity

A

who are you

35
Q

what is the q for brand relationships

A

what kind of association and how much of a connection would customers like to have with you

36
Q

what is the q for brand repsosnes

A

what does customer think or feel about you

37
Q

wwhat is the q for brand meaning

A

waht are you

38
Q

what 5 thign sdoes brand meaning have to do with

A

primary characersitcs and supplementary features

prouct reliability, durablity and serviceability

service effectivenesss, efficieny and empathy

style and design

price

39
Q

brand identity got to do w what 2 thing s

A

values and mission

40
Q

what are the three product levels

A

core product

embodied product

augemented product

41
Q

what is core product

A

real core benefit/service

may be functional benefit (what product does)
or emotional ( how product or service makes people feel)

42
Q

embodied product aka

A

actual product

43
Q

what is embodied product

A

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

44
Q

what is augemented product

A

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

45
Q

what is a service

A

intangible act/performance offered by one party to another

46
Q

consumption of the serice des not result in what

A

any transfer of ownership although service process may be attached to the phsycial product

47
Q

what are the 5 key charcteristics of a service

A

intangible
inseparable
variable
perishable
lack ownership

48
Q

what is SWOT

A

Strategic plannign tool used to evaluate SWOT involved in a project / business venture

49
Q

which are internal factors in swot

A

strength and weakness

50
Q

which are external factos in SWOT

A

opportunity and threat

51
Q

give example of strenghts for netflix

A

brand rep
global prescence
Content Catalogue

52
Q

give gernal examples of strneght

A

brand image
Innovative culture
experienced management team

53
Q

give example of weekness for entflix

A

licensing (cost + dependent on it)
regional content restrictions
over reliance on north american market

54
Q

give example of weaknesses in general

A

high operational costs
outdated technology
lack of finance

55
Q

give examples of opportunities netflix

A

orgiginal conten production

partnerships and collaborations

technologgal advancements

56
Q

give examples of opportunities in general

A

more demand for product or service or trends towards your product line
strength valuable to a certain aprntern - so acuisioint and diversificxatino

57
Q

give example of threats for netflix

A

increasing competition - price and product

piracy and password sharinhg

cubersecrutity attacks

58
Q

example of threats in general

A

inflation

increaseing comopetitors

regulation causing lower BTE

59
Q

WHAT IS A STAR

A

High market growth high market share

60
Q

what is a question mark

A

high market growht , low market share

61
Q

what is a cash cow

A

low market growth, high market share

62
Q

what is dog/pets

A

low maket growth low makeet hare

63
Q

draw out ansoff matrix

A

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

64
Q

what are the 3 generic pricin approaches

A

cost based

value based

competitor base

65
Q

what busines orientation/managment philosophy dopes cost based related to

A

production/selling approach

66
Q

what busoiness orientation . managment philosphy is value based pricing best mached with

A

marketing approach

67
Q

what managment philosophy/business orientation is competitor based pricing built on

A

market approach

68
Q

what is the funnel for cost based pricing - 5

A

product

cost

price

value

customer

69
Q

what is the funnel for value based pricing - marketing approach

A

customer

value

price

costs

product

70
Q

what is the funnel for competitor basd dpricing

A

competitors

price

costs

value

product

71
Q

what are addtional pricing approaches - 7

A

premium

freemium

penetration

skimming

product line

bundle

captive product pricing

72
Q

what are the 5 psychologos pricing

like what is psychology pricing to do witth and what are the 5

A

-price quality realtionship

anchor pricing
charm pricing
odd even pricing
decoy pricing
center stage

73
Q

what is webrroming

A

looking at something you want to buy online and then later buying in a shop

74
Q

what si show roomin

A

practice of looking at somethign you want to buy in a shop and then later buying it online, usually at a lower price

75
Q
A
76
Q

state distribution intensity from least to most

A

intensive

selective

exclusive

77
Q

what is 4 types of competitive advantahe

A

operational excellence

product excellence

location excellence

customer excellence

78
Q

what ar eht emajor promotion mix elements withn an IMC

A

ADV

SALES PROMO

DIGITAL MKTING

DIRECT MAREKTING

PUBLIC RELATIONS

79
Q

AFVRTISING APPALS eiher

A

emotional or rational

80
Q

what are the 7 types of digitla markeitng

A

infleuncer marekting

social media marketing

email marketing

kiosk marketing

mobile marketing

search enginge marketing

content markting

81
Q

planned obscolence

A

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

82
Q

planned obscolence can be what 3 things

A

functional

technological

style obsolescence

Year 1 - Introduction to Marketing (15 decks)

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