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Marketing Strategies
HSC Marketing strategies
| Question | Answer |
|---|---|
| `What is the ACCC | Australian Competition and consumer commission - oversees Trade Practices Act, investigates activities of business |
| Bait and switch advertising | Illegal practice where heavily promoted bargains turn out not to be available for sale |
| Brand | name, trademark or logo to identify a company's products |
| Carbon footprint | balance between output of carbon dioxide and its absorption |
| Competitor analysis | Broader than swot because it examines competitors objectives as well as future strategies |
| Three methods of pricing | Cost based, competition based, market based |
| Demographics | general characteristics of a population such as age, religion, income, occupation, family structure and education levels - way to segment a market |
| Discretionary income | income left after necessities (needs) have been purchased. |
| Disposable income | income available after tax is taken out |
| What are the channel choices | Intensive, Selective, Exclusive |
| Implied conditions | not written but product must still be fit for purpose upheld by consumer law |
| Intermediary | a business that sells to another business so they can on sell the product to the consumer |
| Intangible benefits | Relate to things such as service when product was purchased, after sales service, warranties, delivery and installation |
| Internal influences | a producer can control to some extent eg. location, product features and resource inputs |
| Penetration Pricing | setting price of new product lower than competitors to gain market share |
| Positioning | development of an image of product in mind of consumer eg. luxury product |
| Price discrimination | charging different customers in the same market different prices for the same product |
| What is the promotion mix? | Advertising, sales promotion, relationship marketing, personal selling, PR |
| What are the 7 Ps? | Price, Product, Place, Promotion, Physical evidence, processes, people |
| What are the 4 pricing strategies? | price skimming, price penetration, price points, loss leader |
| Generic brand | products no brand name at all |
| Private or house brand | owned by retailer or wholesaler (eg. Coles and Woolworths - Select) |
| 4 common variables for segmenting consumer markets | Demographic, psychographic, sociocultural, behavioural |
| Market segmentation | Dividing the total market into segments and then choosing target market |
| total product concept | Refers to tangible and intangible benefits a product possesses |
| Three ways packaging helps with selling a product | preserves, protects, attracts, display, transport and storage, convenience |
| What is labelling | the presentation of information on a product - must be truthful |
| What is prestige or premium pricing? | pricing strategy where a high price is charged to give the product an aura of quality and status |
| Give 5 examples of special promotions | coupons, refunds, premiums, point of purchase displays, samples |
| What is an opinion leader? | A person who influences others - opinions are respected and sought after. eg. George Clooney, Roger Federer |
| What is word of mouth? | occurs when people influence each other during conversations |
| What are two (2) innovative distribution methods? | telemarketing (call now), internet marketing (do not need to have a traditional store) |
| What is physical distribution? | all activities concerned with efficient movement of products from producer to consumer eg. warehousing, transport, inventory |
| What is physical evidence? | refers to services marketing and the environment in which the service will be delivered (eg. restaurant seating and surrounds) |
| What is e marketing? | the practice of using the internet to perform marketing activities |
| Name three (3) e marketing technologies | Web pages (website), podcasts, SMS, blogs, Web 2.0 (or interactive) |
| Name an advantage and disadvantage of social media advertising | Easy to use and inexpensive (advantage) No control over consumer responses (disadvantage) |
| What is global branding | The worldwide use of a name, term, symbol or logo to identify the seller's products |
| Define a standardised approach to global marketing | assumes the way the product is used and the needs it satisfies are the same globally |
Created by:
lpcarroll
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