Marketing Principles - 2014 Multiple choice 1-12
nguyp035's 2016-05-09 00:55
Marketing Myopia is a result of...
Marketing orientation refers to... an organisation that makes strategic or tactical decisions based on what the market wants. This puts customers first e.g. having clearly defined procedures to deal with customer complaints - decisions taken are based around information about customers' needs and wants, rather than what the business thinks is right for the customer.
Customer orientation... requires that a company understands the present value to the customer and how it evolves overtime
Competitor orientation... means that company should understand the short term strengths and weaknesses and long term strategies of current and potential competitors.
Inter-functional co-ordination integrating human and physical resources effectively (including many individuals in the company) to adapt and meet customers needs
Social Marketing is... changing/ maintaining the way people behave - not how aware they are of an issue.
the goal of such is to promote ideas that encourage positive behaviour e.g. caring for the environment and discouraging negative behaviour e.g. smoke in public
it sells the well-being of society as a whole. Used mostly buy not-for profit & government & commercial organisations.
Porters 5 Forces
Ageing population comes under which macro-environmental factor? Social
What is value? The ratio of perceived benefits to price paid.
Benefits are evaluated according to extent to which a product allows their needs to be satisfied
Examples: heterogenous products, price, perceived,
Undifferentiated mass marketing is... a strategy that satisfies the entire market with a single formulation of its product (one product) - little segmentation and targeting e.g. Henry Ford, electric companies offering one service delivery, non branded table salt.
Differentiated marketing (multiple segment specialisation) strategy that offers products/services to more than one market segments - product differentiated to meet needs of each segment. - e.g. Arcadia group with Top Shop, Dorothy Perkins, etc.
Niche marketing (single-segment specialisation) specialised products aimed at a very focused segment of the market. e.g. brewery targeting a small proportion of beer drinkers that are 'ale enthusiasts'.
Segmented marketing strategy used to target several market segments.
Micro-marketing a strategy used to target a small segment of consumers with specific needs for products in the market - in order to gain repeat purchases and loyalty - satisfy a small group of people
Target market is... the segment of the market at which a marketing mix is aimed at
Market segment a grouping of customers who have similar needs and responds in a similar way to a given marketing stimulus
Market segmentation is... the process of identifying groups of customers who have similar needs and respond in a similar way to a given marketing stimulus
Brand community is... a community formed on the basis of attachment to a product e.g. the PlayStation community which provides an online space for players to connect, closely tied to its social media accounts.
Needs are the... underlying forces that drive an individual to make a purchase which removes a feeling of deprivation - need to survive
Wants are a... manifestation of underlying needs (showing of hidden needs), expressed in terms of a particular product form. - you don't need it
Desires a strong feeling of wanting to have something.
Demand... the willingness and ability of buyers to buy a particular product at a particular time at a given price - a step ahead of want (if you have the ability to purchase)
Products are.. anything an organisation offers for sale to meet a need - goods & services
Primary data New original data obtained from field research (survey, questionnaires, interviews)
Secondary data Previously conducted research data e.g. taken from national statistics (collected by gov)
Observational research studying customers' reactions and behaviour without any interaction
Experimental research research which evaluates alternatives within a controlled framework
Core product the essential benefit provided by a good/service (warmth, a hole, entertainment)
Actual product physical features the product possess e.g. colour, design, shape, packaging
Augmented product the core product offer with the addition of differentiating benefits (intangible), e.g. after sales service. - differentiates product from competitiors
Functional quality how technical quality is delivered. - cannot be measured objectively (facts) - can be influenced by environment of queuing and perception of way queue is handled.
Technical quality the relatively quantifiable aspects of a product, which can be measured by customer and supplier. e.g. waiting time at supermarket, reliability of a new car
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