weeks 3 and 4

Question 1

what is marketing

Answer 1

interactive process aimed at understanding, satisfying or exceeding customer needs
concerned with product design, branding, pricing, promotion, communication and accessability to goods/services

Question 2

what is business to business marketing

Answer 2

exchange of goods/services between two companies
overlap with purchasing and procurement
companies are concerned with utility of goods as well as costs
more formal arrangement that involves contracts

Question 3

what is marketing of services

Answer 3

most services do not have a physical product that can be seen/touched
consumption of services occurs at the same time as acquisition
many services are customised and the nature of personal relationship is important
most services cannot be stored for future use
usually by rights for a period, not ownership

Question 4

what is marketing of images

Answer 4

idea of conveying a message about the type of person or brand you are selling
eg political elections

Question 5

what is international marketing

Answer 5

adaptations of product and pricing for a different cultural audience

Question 6

what is market research

Answer 6

collection and analysis of info to help marketing planning process
enables managers to make more effective decisions and be responsive to customer needs

Question 7

what is segmentation, targeting and positioning

Answer 7

segmentation - dividing the market into distinct groups of buyers who have certain needs and characteristics
targeting - identifying market segments the organisation wishes to pursue and how best to do it
positioning - placing the product in the market so it meets customer expectations and perceptions

Question 8

what is branding

Answer 8

giving the product a name, logo or symbol to distinguish it from products offered by competitors
can emphasise product, brand, personality etc

Question 9

what is co-branding

Answer 9

two or more brands being presented in association to increase exposure and customer awareness

Question 10

why do you have branding

Answer 10

differentiation and attraction
development of brand loyalty

Question 11

what are the criticisms of branding

Answer 11

can draw false distinctions between products
causes status of goods

Question 12

what are the 4Ps of marketing

Answer 12

product
price
promotion
place

Question 13

what is a product line

Answer 13

total number of variations of the same basic product, differentiated by quality, cost or extra features

Question 14

what is a product mix

Answer 14

total number of products offered by the firm
also called product portfolio

Question 15

what is the product life cycle

Answer 15

induction phase - sales are slow as both consumers and distributors become aware of the product
growth phase - rapid acceptance of the product and a dramatic increase in sales, sustained by improved distribution, product improvements and price reduction
mature phase - sales and profits are high, needs to be an investment in maintaining sales
decline phase - falling off in sales, survival is from product diversification

Question 16

what is pricing and strategy

Answer 16

influenced by:
cost - base point to set prices
consumer behaviour - perception of value, willing to pay
economic factors - like exchange rate, inflation etc
competition - base prices around competitor prices
management goals - optimising profit
organisation size - may have market power
promotion - allows for growth

Question 17

what are the aims of advertising

Answer 17

differentiate products/services from others
reminds consumer of product and encourages repeat purchases
inform customer of new products
persuade the customer to buy this product rather than a rival product

Question 18

what are the subgroups of marketing

Answer 18

sales promotion - including offers, freebies, loyalty schemes
direct marketing - such as direct mail/email, magazine ads
personal selling - builds relationship between seller and customer, expensive
public relations - helps credibility, eg specialist newspaper deals

Question 19

how does place effect advertising

Answer 19

processes by which the advert reaches a consumer
intermediaries - transporters, agents, wholesalers and retailers can distribute goods in a more cost effective way, important area of market research, may offer after sale service

Question 20

what are the 7Ps

Answer 20

people - staff in an organisation, provide customer satisfaction and loyalty
process - identification of customer needs eg handling orders
physical evidence - attractive environment to deliver good to customer
4Ps

Question 21

what is buyer behaviour

Answer 21

categorised into five types:
innovators
early adopters
early majority
late majority
laggards
different types of people have different social and economic influences

Question 22

how does economic activity affect marketing

Answer 22

prosperity - demand is high, price is less relevant
recession - money tight, utility and value for money
changing inflation rates - affects savings and credit availability

Question 23

how does politics affect marketing

Answer 23

attempt to regulate marketing of private firms to maintain free competition
most govs have standards that must be complied by

Question 24

how does consumerism affect marketing

Answer 24

people have certain rights eg privacy, ability to make informed choices etc that should be abided by
guarding against dishonest producers and making consumers more aware and better informed

Question 25

how does technology affect marketing

Answer 25

developments in transport improved distribution
able to collect data about people more efficiently

Question 26

how does social media affect marketing

Answer 26

email marketing
display ads
search engine marketing

Question 27

how do social, national and cultural influences affect marketing

Answer 27

core cultural values eg family, political views etc influence what goods people buy
need to aim marketing at those specific groups
also aspects like colours, language, symbols etc