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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 |
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What are the 8Ps sometimes referred to as the services mix |
-Product -Price -Place -Promotion -People -Processes -Physical Evidence -Partnerships |
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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 |
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Extended Product Options |
Add on services Endorsements Awards Testimonies Customer lists Customer comments Warranties Guarantees Money back offers Customer services |
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Customisation of Products |
Transfers the task of product differentiation to the last stage in the supply chain the customer |
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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 |
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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 |
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What are the two types of Place? |
Transactional Place - Where you buy the product Delivery Place - How you get the product |
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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. |
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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 |
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Promotion |
Communicating with the target group in order to increase sales or awareness |
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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) |
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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. |
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What is earned media? |
Earned Media has links to PR where influencers are targeted on behalf of the brand. |
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What is owned media? |
Media owned by the brand. This would be the companies own website, blog. |
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People |
-Includes employees, management, culture, customer service and in the context of social media the other customers. |
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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 |
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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. |
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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 |
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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 |