P92 Ch 5 (Marketing)

  1. Define marketing
    Marketing is a series of management processes based on a person's or organisation's interaction with, and understanding of, existing and potential customers, which enable it to provide them with what they need and want
  2. Define market
    A market consists of individuals and organisations who are interested in buying, and who are willing to buy, a particular product or service to obtain benefits that will satisfy a specific need or want and who have the resources to engage in such a transaction..
  3. What are the 6 controllable marketing variables contained within the marketing mix
    • Product
    • Price
    • Promotion
    • Place
    • People
    • Process
  4. Characteristics of goods that distinguish them from services
    • Physical
    • Tangible
    • Perishable
    • Visible
    • Durable
  5. Purpose of market research
    • develop marketing plans
    • identify target markets
    • formulate marketing strategy
    • control marketing operations
    • monitor success of products & services
  6. 6 steps in the marget research process
    • 1. Identifying the missing information needed for analysis
    • 2. Determining the data needed (what), over which a period of time (when) and where it can be obtained
    • 3. Design of research methods (how)
    • 4. sample size and characteristics
    • 5. Data collection: how will it be collected & stored
    • 6. Techniques used in analysis and presentation of results
  7. 6 factors outside of an organisation's control that can influence the organisation's ability to meet the needs of it's customer's
    • Economy
    • Govt. regulation
    • Competition
    • Consumer lobbying
    • Technology
    • Social / cultural influences
  8. 5 stages of new product development
    • Market research
    • Product design
    • Test the prototype
    • Make the necessary amendments
    • Commercial production
  9. 4 important areas in changing markets that need to be monitored regularly
    • competitor activities
    • changes in customers' needs
    • improvement of product quality
    • new technology
  10. Outline the communication process
    From communication to acquisition....

    unawareness > awareness > Comprehension > Conviction > ACTION
  11. 5 essential ellements in any individual communication
    • a source
    • a message
    • a medium
    • a receiver
    • a responce
  12. Tasks address by PR
    • motivating the organisation's workforce by fostering pride in it's public face
    • handling a specific problem or issue
    • building or maintaining the corporate image
    • influencing particular audiences or market segments
    • supporting other communication activities
    • assisting the launch of a new product or service
  13. What does the marketing plan incorporate?
    The marketing plan reflects the places and process of the marketing mix. It considers how an organisation is going to enter into a market and stay in it. It will incorporate:

    • allocation of responsibilities
    • sales targets
    • budgets
    • delivery and availability if the goods and services according to the launch date
    • timescales
    • feedback on progress of sales in relation to the target
    • arrangements for receiving and responding to customers' compants, 'returns' or replacement policy
Card Set
P92 Ch 5 (Marketing)