Applied marketing

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What is the role of marketing?
Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably
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What is differentation?
Differentiation is ensuring your product or service has unique features which makes it stand out as different from the rest.
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What is segmentation?
Segmentation is the division of a total market into groups which share common characteristics
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What is targeting?
Targeting is focusing the business' marketing efforts on specific segments of the market
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What is direct marketing?
Direct marketing involves the use of a wide variety of media to communicate directly with individuals within the target market to produce a measurable response
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What is relationship marketing?
Relationship marketing is a marketing theory which changes the focus from getting customers (although its still vital) to retaining customers
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What is social marketing?
Social marketing is marketing which is intended to improve social wellbeing by changing attitudes and behaviours in regards to a specific concept or product
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What is competitive advantage?
Competitive advantage is the advantage over competitors gained by offering consumers greater value
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What is product orientation?
Product orientation focuses on the product first. Their resources are used to create the best product that they assume customers will naturally want to buy.
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What is production orientation?
Production orientation focuses on mass producing products to keep costs down and achieve economies of scale. It aims to become the price leader by reducing costs, reducing price and maximising profits.
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What is sales orientation?
Sales orientation focuses on the short-term, selling as many products as possible. It trumps transactions over relationships as sales are needed to survive. Marketing is simply a sales supporting role here
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What is market orientation?
Market orientation sees benefit in understanding the customer and their needs to provide a better way to satisfy that need. They want to create long term relationships with customers
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What is marketing orientation?
Marketing orientation's main target is to satisfy the need of the customer. They are innovators that research the market to identify a need before its competitors to stay ahead. They continuously aim to develop existing products or create new ones
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What is societal marketing?
Societal marketing has developed as part of CSR. It's an approach that doesn't just aim to satisfy customers and make profits but also care about the good of the winder community, incorporating ethical and environmental issues.
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What is green washing>
Organisations spend resources on an environmentally friendly image perception, without actually changing its practices
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What is branding?
Branding a product or service or organisation helps customer recognition, achieves differentiation and provides quality assurance.
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What is brand positioning?
Positioning is the pace the brand holds in the customer's mind
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What is APIC?
APIC stands for Analysis, Planning, Implementation and Control.
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What is SOSTAC?
SOSTAC provides a useful template for all plans: Situation Analysis, Objectives, Strategy, Tactics, Action and Control.
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What is MOST?
MOST stands for Mission, Objectives, Strategy and Tactics
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What is Ansoff’s Matrix?
4 strategic options:
• Market penetration – selling more of your existing products into your existing markets
• Market development – selling existing products into new markets
• Product development – selling new products into existing markets
• Diversific
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What is Michael Porter’s Generic Strategies?
1. Cost leadership – to have the lowest costs and lowest prices to gain the greatest market share
2. Differentiation – to gain competitive advantage by differentiating your offering from the competition
3. Focus – to focus on a segment of the market and f
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Other cards in this set

Card 2

Front

What is differentation?

Back

Differentiation is ensuring your product or service has unique features which makes it stand out as different from the rest.

Card 3

Front

What is segmentation?

Back

Preview of the front of card 3

Card 4

Front

What is targeting?

Back

Preview of the front of card 4

Card 5

Front

What is direct marketing?

Back

Preview of the front of card 5
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