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Marketing > Week 1 - Introduction > Flashcards

Week 1 - Introduction Flashcards

1
Q

What is marketing?

A

Marketing involves creating, communicating, delivering & exchanging offerings that have value for customers, partners & society

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2
Q

What is customer value?

A

Customer value is the value perception of customers, based on what customers receive (benefits, quality, and reputation) vs what they give (price, effort)

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3
Q

What are the 4 types of utility (benefits)

A

The four types of utility are form, place, time, and possession

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4
Q

What is form utility

A

Form utility is transforming raw materials/knowledge into a usable product or service e.g. pre-cooked meals

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5
Q

What is place utility

A

Place utility is making offerings available and convenient for when customers need/want them e.g. shopping malls with various stores

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6
Q

What is time utility

A

Time utility ensures that a product or service is available when needed, e.g., express delivery. Additionally accounts for seasonal purchases such as ice-cream in summer.

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7
Q

What is possession utility

A

Possession utility is the amount of usefulness/value from owning a product and the ability to use it as soon as possible, e.g. car dealerships and leases, allowing cars to be financially accessible for consumers to use a vehicle even though that can’t pay it outright.

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8
Q

What is value?

A

Value is the total offering and is hard to measure or quantify. Value = Quality/Price
It can also change interpersonally or situationally

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9
Q

What is marketing exchange

A

Marketing exchange is a successful exchange between two parties with something valuable to each, mutual benefit and fulfilled expectations

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10
Q

Who is marketing for

A

Marketing is focused at meeting the needs and wants of various stakeholders

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11
Q

What is the marketing evolution

A

The marketing evolution is
- Trade Orientation
- Production Orientation
- Sales Orientation
- Market Orientation
-Social Market Orientation

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12
Q

Trade Orientation

A

Trading one product for another e.g. Farmers trading crops for stock/tools within the community

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13
Q

Production Orientation

A

Producing a lot of the product so there is high availability, e.g. Harry Ford’s Model T production line making cars more affordable and available

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14
Q

Sales Orientation

A

Selling a product through selling techniques and persuasion e.g. Door-to-door sales, heavy advertising campaigns

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15
Q

Market Orientation

A

Focusing on customers’ needs and preferences, e.g. Shoes for basketball, soccer, and running (need). Shoe customisation (preferences)

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16
Q

Social Market Orientation

A

Aiming to meet customer satisfaction and positive social impact, e.g. Incorporating social goals into products by using recycled materials in the product or packaging

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17
Q

What is the Triple bottom line

A

Corporate social responsibility: Businesses must act in the interest of societies that sustain them

Sustainability: Business philosophy that is needed to ensure our future

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18
Q

What is the marketing process?

A

Understand
Create
Communicate
Deliver

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19
Q

What is a market?

A

A market is a group of customers with different needs and wants e.g Geographic (Australian vs USA Market)
Product (Smartphone vs Tablet Market)
Demographic (University vs Highschool Market)

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20
Q

What is the Marketing Mix (4 P’s)

A

Product
Price
Promotion
Place

21
Q

What is a Product?

A

Anything offered in the market can be a good, service or idea

22
Q

What is Price

A

The amount of money in a business demands in exchange for its offerings

23
Q

What is Promotion

A

The marketing activities that make potential customers, partners and society aware of the business

24
Q

What is place(distribution)

A

The means of making the offering available at right place and right time

25
Q

What is the marketing environment

A

The Marketing Environment is all of the external forces that affect a marketer’s ability to create, communicate, deliver and exchange offerings of value

26
Q

What is environment analysis

A

Environment Analysis is a process that involves breaking the marketing environment into smaller parts in order to gain a better understanding

27
Q

Factors under and not under control

A

Under Control
- Strengths
- Weakness

Not Under Control
- Opportunities
- Threats

28
Q

What is the internal environment

A

The parts of the organisation, the people and the processes used to create, communicate, deliver and exchange offerings that have value

The organisation can directly control its internal environment

Strengths and Weaknesses are internal factors

29
Q

What is the external environment

A

The people and processes that are outside of the business and can’t be controlled only influenced

Opportunities and Threats are external factors

It can be divided into micro and macro environment

30
Q

What is Micro Environment

A

The forces within the organisation’s industry
Target markets (Customers)
Partners
Competitors

31
Q

Target market (Customers)

A

Marketers must understand the current and future needs and wants of their customers

32
Q

Partners

A

People who work with the organisations (Logistic Firms, Financiers, Retailers, Wholesalers and Suppliers)

33
Q

Competitors

A

Marketers must ensure their offerings provide their target market with greater value than their competitor’s offerings

34
Q

What are the types of competitors

A

Monopoly
Monopsony
Oligopoly
Monopolistic Competition
Pure Competition

35
Q

Monopoly

A

One main supplier dominates the market e.g. Australia Post, sole provider of essential postal and mail services in the country

36
Q

Monopsony

A

One main buyer dominates the market, e.g. deep sea fishermen collect large fish and have only one buyer setting the price, forcing fishermen to accept or not sell at all

37
Q

Oligopoly

A

There are few main players; entry barriers high
Telecommunications brands in Australia, Telstra, Optus, Vodafone

38
Q

Monopolistic Competition

A

Numerous competitors; striding to differentiate, Petrol stations, 7-Eleven, Ampol, Shell, BP are differentiating each other through price, offering unique services, loyalty programs, brand perception, and convenience

39
Q

Pure Competition

A

Numerous competitors; undifferentiated products Agricultural markets for commodities like wheat, corn, and rice are examples of pure competition. Farmers sell these products at the market price, which is determined by supply and demand, and individual producers cannot set prices

40
Q

What is the Macro Environments

A

Political Forces
Economic Forces
Sociocultural Forces
Technological Forces
Environmental Forces
Legal Forces

41
Q

Political Forces

A

The influence of politics

42
Q

Economic Forces

A

The factors affecting how people spend their money (interest rate, exchange rate, economic growth rate)

43
Q

Sociocultural Forces

A

Social and cultural factors (attitudes, beliefs, behaviour, preferences customs and lifestyle)

44
Q

Technological Forces

A

Improvement in technology

45
Q

Environmental Forces

A

Natural disasters, weather and climate change

46
Q

Legal Forces

A

Laws and Regulations

47
Q

Situational Analysis

A

An ongoing process that combines organisational objectives and situational analyses to formulate plan that moves the organisation from where it currently is to where it wants to be

48
Q

Situational analysis + Organisational objectives = Marketing place

A

Where we are now
Where senior management thinks we should be
How we plan to get to where management want us to be

49
Q

Marketing Metrics (SWOT)

A

Strengths - Attributes of the organisation that help it achieve its objectives
Weaknesses - Attributes of the organisation that hinder it in trying to achieve its objectives
Opportunities - External factors that are potentially helpful to achieving objectives
Threats - External factors that are potentially harmful to achieving objectives

Marketing (11 decks)

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