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Marketing Strategies

HSC Marketing strategies

QuestionAnswer
`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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