Flashcards
The Marketing Environment
Flashcards do conjunto (18)
- 1Define the marketing conceptThe achievement of corporate goals through meeting and exceeding customer needs better than competition
- 2What is Customer orientation?Corporate activities focused upon providing customer satisfaction.
- 3What is integrated effort?When all staff are responsible for creating customer satisfaction
- 4What is Goal Achievement?The belief that corporate goals will be achieved through customer satisfaction
- 5what are the 4 forms of customer value?1. Price value
2. Performance value
3. Emotional value
4. Relational value - 6What is price value and give an example of itWhen a firm is cheaper than competitors (Ryanair)
- 7What is Performance value and give an example of itWhen customers are attracted to the functionality and quality of the product (Dyson)
- 8What is Emotional Value and give an example of itIs when a firm in differentiated through branding for mind value (Chanel)
- 9What is relational value?The quality of the service received (Hilton Hotel)
- 10Name 4 characteristics of a market orientated business1. Match customer criteria with marketing mix.
2. customer concern throughout.
3. Invest in market research
4. strive for competitive advantage - 11Name 4 characteristics of an internally orientated business1. Convenience comes first.
2. Price + product is key to sales.
3. Ignores competition
4. Happy to be me too product - 12Why is market planning critical?to ensure marketing effectiveness, firms should seek to conduct it in a planned and structured manner.
- 13Name the 6 elements and the nickname of the MacroenviromentPESTLE: Political, Economic, Social, Technological, Legal, Environmental.
- 14Why should businesses monitor the rapid changes in the variables of the marketing environment?In order to exploit opportunities and to minimizes potential threats
- 15Why has Economic factors have an importance to the macro environment?Low growth rates are reflective of high unemployment (lower disposable income)
Interest rates can effect the rates of borrowing.
Income tax determines the levels of disposable income customers have - 16The did the Global Financial Crises (GFO) effect the macro environment?Credit became scare and expensive to borrow = disposable income decreased as more money had to be spent paying debt. Business sales fell = high unemployment. Ireland and Greece had to receive bailouts from IMF
- 17Name the 4 factors of the micro environment1. Suppliers
2. Customers
3. Distributors
4. Competitors - 18Name the 6 responses to environmental change1. Environmental change
2. Ignorance
3. Delay
4. Gradual Strategic Repositioning
5. Retrenchment
6. Radical Strategic Repositioning