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20 Cards in this Set

  • Front
  • Back

What is the segmentation process

Segmentation - Identifying meaningfully different groups of customers within the broad markets


Targeting - Selecting which groups or segments to target


Designing the Marketing Mix to attract target groups

What are the 8Ps sometimes referred to as the services mix

-Product


-Price


-Place


-Promotion


-People


-Processes


-Physical Evidence


-Partnerships

Product

The element of the marketing mix that involves researching the customers needs and developing appropriate products


Core Product - The fundamentals features of the product that meet the users needs


Extended Product - Additional features and benefits beyond the core product

Extended Product Options

Add on services


Endorsements


Awards


Testimonies


Customer lists


Customer comments


Warranties


Guarantees


Money back offers


Customer services

Customisation of Products

Transfers the task of product differentiation to the last stage in the supply chain the customer

What are the two views on price

-Decreased prices inevitable: Price transparency, Customer knowledge increases, Price reduction and standardisation




-Decreased prices unnecessary: 89% Purchase books from first site, only 10% are bargain hunters

Pricing options

-Cost-plus: Add profit margin to operational costs


-Target profit pricing: Based on breakeven


-Competition:based pricing


-Market-oriented: Premium pricing, penetration pricing


-Purchase


-Rental or subscription


-Pay per use

What are the two types of Place?

Transactional Place - Where you buy the product


Delivery Place - How you get the product

What is Evans and Wurster views of place

-Reach: The potential audience of the e-commerce site.Reach can be increased by moving form one site to many intermediaries


-Richness: The depth of detail of information which is both collected about the customer and provided to the customer (promotion of marketing mix)


-Affiliation: Whose interest the selling organisation represents, consumers or suppliers. Particularly strong in retail.

Types of Affiliation of Place

-Seller-controlled: Main site of supplier are e-commerce enabled


-Seller-oriented: Sites are controlled by third parties, but are representing the seller rather than providing a full range of options


-Neutral sites: Indépendant evaluator intermediaries that enable price and product comparison and will result in the purchase being fulfilled on target site


-Buyer-oriented: Controlled by third parties on behalf of the buyer


-Buyer-controlled sites: Involved procurement posting or set up so that buyers initiate the market making

Promotion

Communicating with the target group in order to increase sales or awareness

What are the three digital media type

-Paid Media: Advertisers (Paid search, display ads)


-Earned Media: Partner Networks (Publisher editorial, influencer outreach, word of mouth)


-Owned Media: Digital Properties (websites, blogs, mobile apps, social presence)

What is paid media?

Paid Media: bought media where there is investment to pay for visitors, reach or conversions through search, display ad networks or affiliate marketing.

What is earned media?

Earned Media has links to PR where influencers are targeted on behalf of the brand.

What is owned media?

Media owned by the brand. This would be the companies own website, blog.

People

-Includes employees, management, culture, customer service and in the context of social media the other customers.





What are the options for replacing people?

-Auto responders: These automatically generate a response when a company e-mails an organization, or submits an online form.




-E-mail notification: Automatically generated by a company's systems to update customers on issues




-Call-back facility: Customers fill in their phone number on a form and specify a convenient time to be contacted.




-Frequently Asked Questions


-On-site search engines


-Virtual assistants

Process

The systems by which the customer gains access to the service. They need to be designed to match the expectations of the target group.

Physical Evidence

Tangible cues that customers rely on the help them evaluate a product or service before they buy it. The customers perceptions of the company through the website and other online channels

Partnerships

-When two organisations leverage their complimentary strengths.


-Can be made to assist with place and promotion


-Affiliate marketing is commission based arrangement where referring sites get payment for leads