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Flashcards in Marketing Deck (18)
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1
Q

marketing definition

A

‘the management process which identifies, anticipates and supplies customer requirements efficiently and profitably’ - chartered institute of marketing

2
Q

marketing orientation

A

make what the market wants

3
Q

sales orientation

A

the hard sell

4
Q

product orientation

A

we make what we believe will sell

5
Q

production orientation

A

more focus on production process than the customer (eg foodstuffs)

6
Q

Segmentation

A
  • type of customer
  • different needs and tastes
  • location
  • spending potential
  • customer circumstances
7
Q

In order to be effective the chosen segment must be

A

MASS D

Measurable
Acceptable
Stable
Substantial
Defensible
8
Q

The marketing process

A

1.Research
2.Identify target market
3. develop marketing mix ie 4ps
- Product
- Price
- Promotion
- Place
4. if services 3 additional Ps
- processes
- Physical evidence
- People
5. Ethics
how is the product being sold? who is the consumer? who is the customer? where is it being sold? will it pass the Daily Mail test?

9
Q

Product

A

Brand

Basic / actual / augmented

10
Q

Price

A
  • 3 Cs (cost, customer, competitor)
  • consider price elasticity of demand
  • price skimming v market penetration
  • price discrimination
11
Q

Promotion

A
Advertising
sales promotions
public relations
personal selling
relationship marketing
12
Q

Place

A
distribution strategy
distribution channel
overseas aspects (agent, distributor, joint venture)
13
Q

Processes

A

Efficiency

heterogeneity

14
Q

physical evidence

A

logo, uniform, store layout

15
Q

People

A

staff appearance

skills and manner

16
Q

Developing a product

A
  • Positioning (eg Bowmans clock or price v perceived quality)
  • Brand (name, design, association and personality)
17
Q

Brand equity definition

A

An intangible asset that adds value to the business through positive associations made by the consumer between the brand and the benefit to themselves

18
Q

Price elasticity of demand

A

Basic rule - if the price of a good falls demand will increase
price elasticity of demand measures how bi this change will be

Inelastic demand (eg tampons. you need them either way)

PED = % change in demand / % change in price