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53 Cards in this Set
- Front
- Back
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What does SWOT stand for? |
S- strengths - internal W- weaknesses - internal O- opportunities - external T- threats - external |
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What are the 4ps of the marketing mix? |
product, price, place, promotion |
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What are the 3 Cs used to assess the internal environment? |
company, consumer, competition |
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What does PESTLE stand for? |
P- political E- economic S- social/cultural T- technical L- legal E- environmental |
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What does GMO stand for? |
genetically modified organism |
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What are the 5 Rs of relationship marketing? |
right message, right person, right time, right way, be relevant |
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Define demographics |
data relating to the population and particular groups within it |
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Define brand identity |
how a brand wants to be percieved by consumers |
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Define brand image |
how consumers see a brand |
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What is geurilla marketing? |
using creative, low-cost, innovative advertising in public space |
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What is ambush marketing? |
gaining attention to your brand or product at a sponsored event when it isn't an official sponsor |
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What is bid rigging? |
a scheme between businesses where they secure a contract for goods or services at a predetermined price |
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What is primary research? |
research you've collected yourself |
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What is secondary research? |
collecting data that someone else conducted |
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What is angel-dusting? |
claiming a product contains a beneficial ingredient, but quantity is very small and insignificant |
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Define impulse buying |
overspending on a product you don't really need or even want |
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What is market share? |
% of total sales in the industry a company earns |
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What is a testimonial ad? |
gets you to identify with the person that endorses the product |
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What are rebates? |
money back after you purchase a product |
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What is a refund? |
repayment of money to a dissatisfied customer |
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What is a warranty? |
written guarantee issued to the purchaser of a product that promises to repair/replace the product if necessary within a certain period of time |
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What is a guarantee? |
a formal promise or assurance that certain conditions will be fulfilled |
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What is a sponsor? |
offers support for an event such as cash, equipment or services |
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Define endorsement |
to associate ones name with a product as a sign of support |
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What is peer to peer marketing? |
customers are encouraged to to engage other customers by advocating a product to potential consumers |
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Define relationship marketing |
using each transaction with a customer to build trust and brand loyalty |
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Examples of demographics |
age, gender, race, religion, income, culture |
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Examples of brand naming strategies |
initials (KFC, BMW, UPS) pun (Lord of the Fries, Wok on Water) combination words (Microsoft) |
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Examples of internal factors affecting marketing position |
price, finance, human resources, product development, operational issues |
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Examples of external factors affecting marketing position |
laws, competitive analysis, market trends |
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Examples of jingles |
mix 97 on the radio |
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Examples of trademarks |
big mac/golden arches |
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Examples of various pricing strategies |
cost-plus pricing, psychological pricing, competitive, loss leader, premium |
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Key marketing related functions? |
storage, logistics, transportation, advertising, selling, pricing, research |
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Examples of slogans |
"Always Fresh" "Just Do It" |
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Examples of sales promotions |
coupons, loyalty programs, sales premiums |
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Examples of product permiums |
happy meal- free toy, cereal boxes- free toy |
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Examples of distinguishing guises |
coca-cola bottle fiji water bottle toblerone box |
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Examples of loyalty programs |
airmiles, scene, petro points, shoppers drug mart optimum, subway card |
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What is push money? |
paying employees more money for each product they sell so they are motivated to tell more |
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What are some risks related to JIT inventory system? |
late delivery, lost sales opportunities, unpredictable |
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What are some sources of secondary data? |
past surveys, articles, inventory records, census |
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What are 2 goals of effective advertising? |
1. pre-sell 2. advertise |
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2 ways a customer can show brand loyalty |
1. repurchase 2. spread awareness |
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Why do businesses develop a brand personality? |
they want customers to perceive their brand the right way |
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Negative impacts of advertising? |
false images, unrealistic expectations, misrepresentation |
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What are 5 examples of brand elements? |
1. brand identity 2. brand image 3. brand personality 4. brand extension 5. brand communication |
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5 benefits of using the JIT inventory system |
1. reduce storage costs 2. reduce risk of theft 3. less waste 4. avoid over-stocking and rick of obsolescence 5. increase use of machines, no down time |
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Why do fair trade products appeal to some customers? |
consumers are assured that they are supporting local businesses or businesses from developing countries and not a big business where they are underpaid |
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Five negative impacts of advertising directly on children? |
1. don't understand marketing strategies 2. nagging parents 3. picky about food, clothes, etc 4. junk food ads expose kids to an unhealthy lifestyle 5. they take everything at face value |
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Why is there a growing trend towards organic foods? |
GMOs are becoming more present and people are realizing that chemicals cause health issues in the long run |
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List 5 issues that social marketing might focus on |
1. LGBT relationships 2. racial equality 3. gender equality 4. nontraditional families 5. mental illnesses |
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Why do companies engage in social marketing? |
improve society, shows they have a social conscience, show responsibility because they are a major stakeholder |
