Marketing

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According to (?), what is the marketing concept?
According to Kotler "The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability"
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Accordng to (?) what is the role of marketing?
According to Moorman & Rust, Marketing "Develops knowledge and skills in connecting the customer to the product, financial accountability and service delivery"
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According to the BPP Marketing Principles, what is marketing?
"Marketing is the management of exchange relationships"
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What are the four market orientations?
Production, product, sales, market orientation
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What is production orientation and what are its disadvantages?
Business beleives economies of scale generated by mass production will reduce costs /maximise profits. CONS: compromises product design and quality, reduces appeal to customers
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What is product orientation and what are its disadvantages?
Company beleives product's high quality / function features make it a superior product. CONS: Superiority does not sell alone, needs to satisfy consumer wants and needs.
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What is sales orientation and what are its disadvantages?
Simple focus, make the product they think customer likes without relevant research then sell it. CONS: sales not this simple, market research /effective promotion strategy required.
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How have markets developed over time?
Barter - specialisation - invention of money - full fledged market - C 18th-19th industrial revolution - production concentrated in factories, towns grew, tade increased
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How has the focus on supply and demand changed?
Generally there is excess supply not excess demand, focus swtiched from how to product enough to how to increase demand.
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What is customer research?
The study of the relationship between the personality of the cosnumer and the personality of the product
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What are the three aspects of business which are important in marketing?
1. Distrubution - getting goods to customer (suplly chain, credit facilities) 2. Information system - two way flow, includes advertising and publicity 3. Flow of influence - B2B influence as competitors / potential customers
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What is product differentiation?
Occurs when specific products / brands have specific combination of costs and benefits which a partiular set of potential customers seek
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What is promotion?
Aims to ensure thhat potential customers know about a product or service
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What is distribution?
Makes products or services accessible and available to cosnumers or buyers
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How does marketing link to profit?
Determines consumer demand for a product, motivates its sale and distributes it into ultimate consumption at a profit.
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What are the three product aspects or levels?
1. Physical aspect - actual product, components/materials 2. Functional aspect - core product, how it performs/satisfies needs 3. Wider benefits - augmented product, ancillary benefits e.g. credit terms/guarantee
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What are the two dimensions of product range?
1. Width - range of products in all parts of the market e.g. car manufacturer 2. Depth - variety of options within each segment e.g. colour, size, accessories
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What is the 7ps marketing mix?
1. Product 2. Place - contact, middlemen, distribution 3. Price - FC/VC, competitors, perceptions, market conditions 4. Promotion 5. People - key, customer service 6. Process - user friendly, avoid delay 7. Physical Evidence - intangible, experience
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What is the process of marketing management? Can be in diagram form
Goals - analysis - planning - implement - review/control. It is fundamental to use SMART objectives
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What does market analysis involve?
Identifying why customers buy product/service, market research, quantitative/qualitative analysis
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What is involved in market goal planning?
Uses analysis information to develop strategic marketing plan, identifies target markets, forecasts future demands, sets each level of marketing mix
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What is involved in marketing plan implementation?
Plans properly implemented, all resources available, individuals aware of their role, requires careful managment
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What is involved in the control/reivew process?
Check progress against objetives, set quantifiable targets and take remedial action to check planned/actuall correspond.
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What is social responsibility?
Accepting responsibilities to the various publics of an organisation which go beyond contractual or legal requirements
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Wilson classified the variables which influence buyer behaviour as what?
Cultural, personal, social and psychological - these are not mutually exclusive and will interact to influence.
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What are the main sub cultures relevant to the UK?
Sub cultures are known as further segmenting e.g. Class, Nationality, Ethnicity, Geography or region, Religion, Age, Gender
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What is socialisation?
Individual learns the social expecations, goals, beliefs, values and attitudes that enable them to exist in society. It is an ongoing process, agents are family, education, peer groups mass media
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What is a reference group?
A group with which an individual identifies so much that they take on many of the values, attitudes or behaviours of other members.
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What are the different tpes of reference groups?
1. Primary - informal, belong and interact e.g. family / friends 2. Seconary - formal with less interaction e.g. relgious / professional 3. Aspirational - would like to belong 4. Dissociative - values and behaviours rejected
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What four factors can buyer behaviour be influenced by?
Motivation, Perception, Learning, Beliefs and Attitudes
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What are the two types of perceived needs?
1. Biogenic - physiological states e.g. hunger, thirst and discomfort 2. Psychogenic - psychological states like need for recognition, esteem or belonging (LINK TO MASLOWS PYRAMID)
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Henry Assael definies perception as what?
"The process by which people select, organise and interpret sensory stimuli into a meaningful and coherent picture"
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What are the five factors which are the result of learning?
Drives, stimuli, cues, responses, reinforement
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What is the purchaser definition of a client?
Someone who is availing themselves of a range of professional services
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What is the purchaser definition of a customer?
Someone who engages in a purchase transaction with a supplier of goods
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What is the purchaser definition of a professional?
Soemone who exercises special skills in purchasing, often in large quantities/amounts of expenditure
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What is the purchaser definition of a consumer?
The end user fo the product, may not necessarily be the customer
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What is a decision making unit?
Being part of a group and combing influences.
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What are the main stages in the buyer process?
Need recognition, informtion search, evaluation of alternatives, purchase decision, post purchase evaluation
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What are the four lifestyle factors affecting buyer behaviour?
1. Upwardly mobile, ambitious - prepared to try new products 2. Traditional and sociable - purchasing patterns will be conformist 3. Security and status seeking - resists new products, prefers well established products 4. Hedonistic - in the moment
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What is social marketing?
Changing the behaviours and attitudes of individuals, organisations and societies to bring about social change. Aimed at improing the well-being of the populations they serve.
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What are the top ten tips for social marketing?
1. Talk to customers 2. Segment audience 3. Position product 4. Know competition 5. Go to where the audience is 6. Utilise variety of approaches 7. Use models that work 8. Test, test, test 9. Build partnerships with key allies 10. Review/improve
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What are the six different positioning strategies that can be pursued?
Service attributes, benefits, useage occasions, users, against a competitior, away from a competitor
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What is a brand? According to (?)
According to Lewis, a brand "is the aura of beliefs and expectations about a service which make it relevant and distinctive"
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What should a communications strategy establish?
Objectives, audiences, messages, tools and activites, resources, timescales, evaluation and amendment.
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Other cards in this set

Card 2

Front

Accordng to (?) what is the role of marketing?

Back

According to Moorman & Rust, Marketing "Develops knowledge and skills in connecting the customer to the product, financial accountability and service delivery"

Card 3

Front

According to the BPP Marketing Principles, what is marketing?

Back

Preview of the front of card 3

Card 4

Front

What are the four market orientations?

Back

Preview of the front of card 4

Card 5

Front

What is production orientation and what are its disadvantages?

Back

Preview of the front of card 5
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