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Description
Flashcards by ben.kelly.12.12, updated more than 1 year ago
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Created by ben.kelly.12.12
over 9 years ago
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| Question | Answer |
| What is the full Marketing Mix | Product, Price, Place, Promotion, People, Process, Proof |
| What is the production concept | Manufacturing, low cost strategy High production/volume Cost reduction/control |
| What is product concept | Innovation Quality incrementation Upgrade product to sell |
| What is selling concept | Aggressive sales/promotions Quick turnover high volume Selling unsought goods |
| What is marketing concept | Market segmentation/target markets Needs/Wants/Demands Meeting product to gap in market Customer Satisfaction/Loyalty |
| What is Societal Concept | Green marketing Societal wellfare Providing service Goals/Responsiblities/Change |
| What is SWOT analysis | A heuristic for brainstorming and identifying Strengths, Weaknesses, Oppurtunities and Threats of a business plan |
| What is stimulus response model | Armstrong et al - Marketing Mix External Stimuli Buyers Black Box Buyer Response |
| What are some influences on consumer behaviour | Socio-Cultural Personal/Interpersonal Individual |
| What is the buyer decision process | Armstrong et al- Need recognition Info search Evaluation of choices Purchase decision Post purchase experience/behaviour |
| What are some buying behaviours | Complex behaviour Dissonance reducing behaviour Habitual Variety seeking |
| How can a market be segmented | Geographically Demographically Psychographically Behaviourally |
| What is the marketing research process | Define Design Data Interpret Report |
| Secondary Data | Can be internal/external. Is already existing data to be acquired. Is cheap and quick. May not be reliable/relevant |
| Primary Data | Is data that is acquired and generated for the purpose. Purposeful/relevant, and exclusive. But can be expensive, biased and time consuming |
| PESTEL analysis | Framework used to analyse and interpret a macro enfironment. Political, Economic, Sociological, Technologicla, Environmental, Legal. |
| Qualitative methods | Interview Observation Experiment Open questionnaires/Write-ins |
| Quantitative methods | Questionnaires Panels Surveys Statistics |
| Sampling Processes | Oppurtunistic Quota Invitational Geographical |
| Micro Environment | All the internal influences of a company |
| Macro Environment | Anything outside the boundaries of the company |
| B2B | Businesses as buyers and sellers to eachother, Professional purchasing Different ballgame |
| Different cases of B2b | E-commerce Centralized purchasing Just In Time Reverse Marketing Sealed Bids Relationship Marketing |
| Three Levels of product | Core Product Tangible product (packging, design etc) Augmented product (addons, warranty, post purchase) |
| Product Life Cycle Phases | Introduction Phase - newly released/developed product, R&D, lots of advertising Growth Phase - Product starts selling, industry profits, competition increases Saturation phase - product sales peak and stabilise/drop, pricing changes Decline phse - Sales drop, stock flush, promotions etc |
| Pros of branding | Easier product identification Communicates features/benefits Product evaluation Risk reduction of purchase Brand loyalty Premium pricing |
| Advertising | Growth phase Quick sales Awareness Costly No feedback |
| Personal Selling | Industrial / Technical settings Repurchase Maturity stage Interactive/Adaptive Meet stakeholders |
| Trade Promotions | Promotions within micro environment to encourage sales and distribution |
| Sales Promos | Direct measurable effects Short Term traffic increase Sales targets / stock flush Attract new customers Difficult to establish cause/Effect |
| Direct Marketing | Telephone marketing Mail/catalogue Tv Marketing shows Online shopping Personalised Aggressive Invasive |
| Integrated marketing communications | Basically just means effectively using all promotional methods to push your brand/product, but keeping them all woven and consitent across the comms |
| Price Floor Price Ceiling | 0 profit is possible below a price floor 0 demand or outrage is probable above price ceiling |
| Cost-based pricing | Cost of development set the bar for price. Product-driven |
| Competition-Based | Price based on competition's actions/prices, pricing strategies, aggressively try to outmaneuver competition |
| Skimming | High price, low volumes. Tight market, prices slowly lower with time. |
| Penetration pricing | Low initial price to penetrate market and win market share |
| Psychological Pricing | price is used as a communication of the benefits and value of a product |
| Geographical pricing | Price can adjust based on location |
| Promotional Pricing | Discounts create buying excitement nd urgency |
| Price cutting | Ecess capacity Failing demand/economy Penetration Saturation/Decline stage |
| Marketing channel | Set of organizations involved in making a product available for use/consumption eg supplier-hovis-tesco |
| Rights of distribution | Right product Right place Right Time Right Quantity Right Price |
| Wholesalers Brokers/Agents Retailers | Sell to retailers primarily. fast moving product in bulk. Unite buyer/seller, take commission. Facilitate purchase and promotion. Retailers B2B purchase for further profits |
| Characteristics of services | Inseparability Intangibility Variability Perishability |
| Core service Secondary Service | Underlying service concept defined in terms of customer benefits Features, Processes, Branding, QUality, Accessibility, Packaging, Brochures/Documents |
| Relationship marketing | Build a relationship with customer for retention |
| Roadblocks of services | Can't be inventoried Intangibility creates varied value creation Difficult to visualize/understand Customers my be involved in co-production Inputs/Outputs vary |
| Corporate Social Responsibility | Business performance should not negatively effect environment/society. accountability for effecting environment/society. |
| Deontological | Right/Wrong is not exclusively consequences |
| Teleological | Right/Wrong is all about consequences |
| Utilitarianism | Right/Wrong is about maximising utility (happiness/welfare etc) and minimising dissonance |
| Managerial Egoism | Managers ought to act based on whats best for them. Right/wrong determined by what benefits the manager |
| Virtue ethics | Aristotle Behave based on 11 virtues - bravery, selfcontrol, generosity, magnificence, self-respect, ambition, gentleness, friendliness, truthfulness, wittiness, justice |
| Ethics in research/segmentation | Data collection Data use Data retention |
| Ethics in product/brand management | Disclosure of info Deceptivity Safety/Reliability/Liability |
| Ethics in promotion | Deceptivity/Innappropriate advertising Targetting methods Honesty in promotions |
| Ethics of pricing | Excess profit delegation Predatory pricing Discriminatory pricing Needs and luxuries pricing |
| Ethics of distribution | Monopoly High pressure areas Edging out SPAM ads |
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