Flashcards
Applied Marketing
Flashcards do conjunto (51)
- 1What is meant by the term value?The benefits buyers receive that meet their needs. In other words, value is what the customer gets by purchasing and consuming a company’s offering
- 2What are the 4ps?Product
Price
Place
Promotion - 3What are the two major types of marketing?Traditional & modern
- 4Give some examples of traditional marketingBillboards
TV Advertisements
Radio Advertisements
Postal Mail
Magazine Articles
Newspaper Articles - 5Give some examples of modern marketingEmail Marketing
Social Media Marketing
Search Engine Optimization (SEO)
Search Engine Marketing (SEM)
Affiliate Marketing - 6What is internal marketingEnsuring all members of the organisation are aligned with the marketing concept and are motivated to serve customers and carry our their functional role in a consumer-focused way
- 7Give an example of internal marketingAt Apple it is important that all employees and managers at all levels understand and practice a customer focused philosophy
- 8What are the 4 main pillars to the marketing conceptMarket Focus
Customer Orientation
Coordinated Marketing
Profitability - 9What are the stages in the decision making process?Problem Recognition
Information Search
Information Evaluation
Purchase Decision
Post-purchase Evaluation - 10What does B2B stand for?Business to Business
- 11What does B2C stand for?Business to Customer
- 12What are the 3 different buying scenarios?Routine Purchases
High-Value Purchases
Services - 13What is market segmentation?Market segmentation is a process that consists of sectioning the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behaviour, interests, needs, or location.
- 14What are the different types of market segmentation?Geographic Segmentation
Demographic Segmentation
Psychographic Segmentation
Behavioural Segmentation - 15What is geographic segmentation?Creating different groups of customers based on geographic boundaries
- 16What is psychographic segmentation?Grouping the target audience based on their behaviour, lifestyle, attitudes and interests
- 17What is demographic segmentation?Dividing the market through different variables such as age, gender, income etc.,
- 18What is behaviour segmentation?Focuses on specific reactions and the way customers go through their purchasing processes
- 19What does STP stand for?Segmentation
Targeting
Positioning - 20Define the STP modelSegmentation - divide your market into distinct groups of customers
Targeting - select the most attractive segments to focus your marketing on - factors to consider: size, profitability, ease of reach.
Positioning - determine how to position your product for each target segment - 213 different types of positioning from the STP model• Functional - solving a problem, providing a benefit
• Symbolic - enhancing the self-image, ego of a customer (e.g., luxury cars)
Experimental - focusing on those elements of your brand that connect emotionally with your customers - 22What does PESTLE stand for?Political
Economic
Socio-Culture
Technological
Legal
Environmental - 23What is the competitive environment?The competitive environment is where different businesses compete within a defined marketplace. It relates to how an enterprise is affected by its competition and how it adapts its practices to compete effectively.
- 24What are Porter's Five Forces?• Rivalry among existing competitors: the intensity of competition.
• Threat of new entrants: how easy it is to enter the market.
• Power of suppliers: how easily suppliers can charge higher prices.
• Power of buyers: the ability of buyers to negotiate lower prices/
Threat of substitute products: availability of alternative products - 25What is a direct competitor?Direct competitors are business that offer the same or similar products or services.
Ryanair is a direct competitor with Wizz Air, because they offer the same service of low fare flights - 26What is an indirect competitor?Indirect competitors are businesses that offer different products or services, but they can still compete.
Firms producing camera and smartphones are indirect competitors, even though they offer different products, they compete with each other because consumers can substitute cameras for smartphones. - 27What are the different types of competitive environment?Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly - 28What is perfect competition?Is a market that has numerous competitors which offer exactly the same products or services. Rival manufacturers have a large number of customers. They are usually small and have little market power which means that they have the ability to influence the price. The price is defined by supply and product demand. Agriculture farmers who provide a local market with grains or milk cannot change the market price of their products and have to agree with the going one.
- 29What does monopolistic competition mean?In this environment, there are many competitors, who offer similar (but not identical) products or services. However, they typically serve the same purpose. In monopolistic competition, the companies are price makers, because they have the power to influence the price of products. Restaurants offer different products (different types of food), but their purpose is the same, they aim to feed people. They can easily raise prices, because even though other restaurants serve dishes as well, they do not serve the exact same ones.
- 30What is an oligopoly competitive environment?This environment is dominated by a small group of large sellers. The companies are independent in their pricing and production policies. This is a high concentrated market where merger agreements and cooperations between major players are common. Social media, there are many social media platforms but the market is dominated by a few channels only.
- 31What is a monopoly competitive environment?In this environment, there is only one company producing a unique product. A monopolistic company does not face any competition since there is no substitute of its products or services. Public utilities such as gas, electric and water.
- 32What does SWOT Meant?Strengths (Internal)
Weaknesses (Internal)
Opportunities (External)
Threats (External) - 33What are the two types of research?Primary
Secondary - 34What is secondary research?Secondary research consists of data and information that already exists and can be accessed by an organisation such as published government statistics and published market research reports
- 35Give some examples of secondary data?Journals and trade publications
Websites
Market research reports
Internal data
Government data/statistics - 36What is primary research?Primary research is undertaken or commissioned by an organisation for a specific purpose. The required information does not already exist in any available form and so the research has to be undertaken from scratch.
- 37Give an example of primary researchAn example of this is when a new product needs to be tested, or am advertising campaign needs to be evaluated, so that specific research is necessary as part of this research process
- 38What is quantitative researchQuantitative research usually involves larger-scale surveys or research that enable a factual base to be developed with sufficient strength to allow statistically rigorous analysis.
The success of quantitative research depends in part on establishing a representative sample that is large enough to allow researchers to be confident that the results can be generalised to apply to the wider population.
It is then possible to specify "45% of the market think that … whereas 29% believe…"
The research can be undertaken through telephone interviews, face-to-face interview or mail or online questionnaires. - 39What is qualitative researchThis is research that is about opinions and feelings that are interpreted. This type of research is especially useful for investigating motivation, attitudes, beliefs and intentions.
It is often based on very small-scale samples and as a result cannot be generalised in numerical terms - 40Give some examples of market researchSurveys
Focus Groups
Data Analysis
Competitor Analysis
Marketing Segmentation
Brand Awareness Research - gathering information about how well known a brand is and what the associations people make of the brand - 41What is the difference between questionnaires and surveys?A survey is a research method where you collect and analyse data from a group of people. A questionnaire is a specific tool or instrument for collecting the data.
- 42What is samplingIn market research sampling means getting opinions from a number of people, chosen from a specific group, in order to find out about the whole group.
- 43What does product mean?Product refers to what the business offers for sale and may include products or services.
- 44What does price mean?Price is the value that is placed on something, price is measured in money as a convenient medium of exchange that allows prices to be set quite precisely. Goods and services can be bartered, or there may be circumstances where monetary exchange is not appropriate, for example at election time when politicians make promises in return for your vote. Price is any common currency of value to both buyer and seller.
- 45What does place mean?Place or Distribution provides access to a product for a customer. There are a variety of ways that a customer can access a product. The marketers role is to ensure that not only the product is available to the customer but that the distribution of the product is appropriate to the type of product: a Ferrari is distributed differently to a soft drink. Can refer to where the product is placed in store or appearing on tv / film.
- 46What does promotion mean?Refers to marketing communications and comprises elements such as: advertising, public relations, direct marketing, personal selling and sales promotion, social media. The purpose of promotion is to encourage a customer to enter into an exchange relationship with the producer of the product or service.
- 47What are the extended 3ps?People
Physical Evidence
Process - 48What does people mean?Services depend on people and interactions between people, including the service provider's staff, the customer and other customers. As the customer is often a participant in the creation and deliver of the service product, there are implication for service product quality, productivity and staff training
- 49What does physical evidence mean?Physical evidence comprises the tangible elements that support the service delivery and offer clues about the positioning of the service product or give the customer something solid to take away with them to symbolise the intangible benefits they have received
- 50What does process mean?Because the creation and consumption of a service are usually simultaneous the production of the service is an important part of its marketing as the customer either witnesses it or is directly involved in it.
- 51What is the marketing mix?Product
Price
Place
Promotion
(Extended)
People
Process
Physical Evidence
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- Marketing FlashCards sobre Applied Marketing, criado por Olivia Sharp em 20-09-2024.
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- Olivia Sharp
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