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Flashcards

MKC1200

Alex Colbert Inglês 55 flashcards

Flashcards do conjunto (55)

  1. 1MarketingIs an activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients and society at large
  2. 2Exchange of value (3 points)- Two or more parties must participate, each with something of value desired by the other party
    - All parties must benefit
    - The exchange must meet both parties expectations
  3. 3Marketing Process (4 steps)- UUCD
    - Understand
    - Create
    - Communicate
    - Deliver
  4. 4Marketing Mix: 7 P's- Product
    - Price
    - Place
    - Promotion
    - People
    - Physical evidence
    - Process
  5. 5Marketing Environment: Internal- Factors directly controllable by the company
    - Employees
    - Managers
    - Processes
    - External Vendors (outsourcing)
  6. 6Internal Marketing (3 aspects)- Manage Internal Communication
    - Use market research to understand employee needs and demands
    - Training
  7. 7Micro EnvironmentCC SUC
    - Customers
    - Creditors
    - Suppliers
    - Unions
    - Competitors
  8. 8Types of competition- Oligopoly: Small number of competitors, high entry barrier
    - Monopoly: One supplier, potentially insurmountable entry barriers
  9. 9Levels of competition (4 levels)Total Budget Competition (e.g. competition of how a teen spends limited money)
    Generic competition (e.g. buses competiting with rail or taxi's to satisfy a customers mutual need)
    Product competition: (e.g. Drinks, either soft drinks, water, energy drinks, similar products with different benefits)
    Brand Competition: (e.g. competition between comapnies with indistiguishable products/services, competing on brand recognition alone, such as banks.)
  10. 10Macro environmentTEELS
    - Technological
    - Economic
    - Environmental
    - Legal/Political
    -Sociocultural
  11. 11Evolution of Marketing (5 points)SS TPS
    - Societal Market orientation
    - Service Dominant logic
    - Trade
    - Production concept
    - Sales Orientation
  12. 12Steps in marketingSOP
    - Situation Analysis (where are we now)
    - Organisational Objectives (where we should be)
    - Marketing Planning (how we get from A to B)
  13. 13SWOT Analysis- Strengths (favourable-internal)
    - Weakness (unfavourable-internal)
    - Oppurtunuties (Favourable-external)
    - Threats (unfavourable-external)
  14. 14GlobalisationThe process through which individuals, organisations and governments become increasingly interconnected
  15. 15Market Research Process (5 steps)DD DAP
    - DEFINING the research problem
    - DESIGNING the research methodology
    - DATA collection
    - ANALYSE the data and draw conclusions
    - PRESENT the result and make recommendations
  16. 16Primary vs Secondary (Market research: Types of Data- Primary: Observed or collected from respondents as part of the current research project
    - Secondary: Data collected for some other purpose, used in the context of our current research projects
  17. 17Qualitative vs Quantitative (Market Research: Research methods)Quantitative: Represented numerically and analysed statistically. Can include polls, online surveys etc.
    Qualitative: Focuses on obtaining deep and detailed info. Can include 1-on-1 interviews, focus groups and observations
  18. 18Marketing Information SystemA MIS is the structure put in place to manage information gathered during the usual operations of the organisation
  19. 19Types of research (3 types)-Exploratory
    - Descriptive
    - Casual
  20. 20Factors influencing consumer behaviour- Situational
    - Group
    - Individual
  21. 21Situational consumer factors- Physical
    - Social
    - Time
    - Mood
  22. 22Group consumer factors- Cultural
    - Social
  23. 23Individual consumer factors- Demographics (age, occupation, income..)
    - Lifestyle
    - Personality
    -Psychological (motivation, beliefs, learning, perception)
  24. 24Types of decision making involvement (3 types)- Habitual
    - Limited
    - Extended
  25. 25Consumer decision making processNIEPP
    - Need/want recognition
    - Information search
    - Evaluation of options
    - Purchase
    - Post-purchase decision
  26. 26Types of business markets (4 markets)- Reseller markets
    - Producer markets
    - Government markets
    - Institutional markets (not-for-profit)
  27. 27Target Market Strategies (3 strategies)- Differentiated (One-to-one marketing)
    - Undifferentiated (Mass-Marketing)
    - Target Marketing
  28. 28SegmentationInvolves segmenting your target market based on variables relating to demographic, geographic, psychographic and behavioural factors
  29. 29Positioning definitionDescribes how target markets perceive the organisations offer relative to competing offers based on certain variables such as price, quality etc. Organisations should always position on a competitive advantage
  30. 30Four aspects of the total product concept- Core product, most fundamental use (e.g. telecommunication)
    - Expected product, secondary usage (long battery life, reliable phone service)
    - Augmented product, user-specific uses, not the primary purpose of the product (GPS, camera)
    - Potential product, expected possible future uses (contactless payment, TV streaming)
  31. 31Product Life Cycle (5 stages)- New product development
    - Introduction
    - Growth
    - Maturity
    - Decline
  32. 32Product Classifications (2 classifications)- Consumer: Shopping products, specialty, convenience
    - B2B: Parts, equipment, services
  33. 33Adoption Process (5 steps)AI ETA
    - Awareness
    - Interest
    - Evaluation
    - Trial
    - Adoption
  34. 34Brand definitionRefers to a collection of symbols, such as the name, logo, slogan and design, intended to create an image in the customers mind that differentiates a product from competitor products
  35. 35Brand EquityThe added value, financial and non-financial that an organisation receives from having a well known brand. A consumer based concept
  36. 36Psychological Pricing definitionPricing that attempts to influence a customers perception of price to make a product's price seem more attractive
  37. 37Psychological Pricing Methods- Odd-even pricing (5.95, 9.99 ect..)
    - Reference pricing (competitive pricing, moderate price next to a more expensive competitor)
    - Multiple-unit pricing (e.g. 24 pack of beer costing less than buying 24 individually)
    - Bundle pricing (setting a combination of complimentary products for a single price)
  38. 38Other pricing tactics (8 tactics)- Prestige Pricing: Setting prices high to convey prestige and quality
    - Comparison pricing: Quoting the discounted price and original price together
    - Periodic discounting: Temporarily discounting on a periodic basis
    - Random discounting
    - Captive price: low entry price, charging more for desirable/necessary upgrades
    - Secondary-market pricing: setting different prices for different target markets (e.g. senior discount)
    - Price lining: setting a limited number of discount prices
    - Everyday low prices
  39. 39Prestige pricing pros and cnsPro: Effective when customers cannot objectively compare the quality of products and price is the only proxy
    Con: Less effective during economic downturn
  40. 40Comparison discounting pros and consPro: Attracts customers
    Cons: -Legal requirements, comparison prices must be genuine
    - Customers may be sceptical about whether usual price is authentic
  41. 41Periodic discounting pros and consPros: Attracts customers, smooth demand
    Cons: Requires extra promotion, customers may defer purchases if discount is during a known period
  42. 42Random discounting pros and consPros: Less easy for customers to anticipate discount and defer purchase, preserves retail margins
    Cons: Difficult to administer, may not even attract additional customers
  43. 43Captive pricing pros and consPros: may prompt a consumer to purchase something they otherwise wouldn't have
    Con: Consumer may feel exploited
  44. 44Secondary-market pricing pros and consPros: Attracts consumers within the specific target market, prices can reflect different costs in serving certain markets
    Cons: Ethical issues, difficult to administer
  45. 45EDLP pros and consPros: Easy to administer, predictable margins and sales volume
    Cons: Lower average price over long term, customers have grown to expect discounts
  46. 46Integrated Marketing Communications (IMC)Describes the coordination of promotional efforts to maximise their effectiveness
  47. 47Promotion- The creation and maintenance of communication with target markets
    - The marketing activities that make potential customers, partners and society aware of and attractive to the businesses offerings
  48. 48Model of communication (7 aspects)SEER DDF
    - Sender
    - Encoding (symbols)
    - Exchange Medium
    - Receiver
    - Decoding
    - Distraction noise
    - Feedback
  49. 49Promotion objectives (6 objectives)ATE DAF
    - Awareness
    - Trial encouragement
    - Encourage repeat purchases
    - Demand stimulation
    - Associate product with positive connotations
    - Facilitate reseller support
  50. 50Elements of the promotion mix- Traditional: Adveritisng, public relations, sales promotion, personal selling
    - Additional: Product placement, viral marketing, sponsorship
  51. 51Types of distribution (3 types)- Intensive
    - Selective
    - Exclusive
  52. 52Direct vs indirect distribution- Producers of goods and service dal directly with end users vs producers rely on marketing intermediaries to help them get their offering to end users
    - More profit and limited market reach vs Shared profit and wider market reach
  53. 53Types of intermediaries- Agent/Broker
    - Wholesaler
    - Retailer
    - Industrial distributor (B2B)
  54. 54Types of retailers- Specialty: carry one or a small number of product types
    - General merchandise: offer a wide variety of products
    - Other forms: direct marketing, online retailing, door-to-door, telemarketing
  55. 554 unique characteristics of a service- Intangibility
    - Perishability (inability to store)
    - Inseparability
    - Heterogeneity (variations in quality)

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FlashCards sobre MKC1200, criado por Alex Colbert em 11-06-2018.
Criado por
Alex Colbert
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