HSC Marketing Lecture Notes

These flashcards cover the role of marketing, influences on marketing choice, consumer laws, ethical considerations, and the situational analysis and process of marketing with a specific focus on the Qantas case study.

What is the strategic role of marketing in a business?

Marketing is the process of developing a product and implementing strategies for promoting, pricing, and distributing the product to enhance revenue streams and increase market awareness.

How is customer-oriented marketing defined?

A business philosophy where the business sees itself as a customer-satisfying process rather than a production process, placing the customer as the central focus.

What is a marketing plan?

A document listing activities aimed at achieving marketing outcomes, providing a template for future action to reach goals such as profit maximisation.

What are the four key areas that marketing addresses for a business?

Choice, standard of living, brand awareness, and market share.

How do Finance and Marketing interact at Qantas?

Finance depends on marketing to generate funds, while marketing relies on finance to fund expensive strategies like new lounges or carriers, with results judged using financial criteria.

How does Operations interact with Marketing at Qantas?

Operations can constrain marketing by establishing physical limits like flight scheduling, while marketing provides product features that consumers respond to positively.

What was the focus of the Selling Approach used by businesses?

An emphasis on strategies aimed at convincing consumers to buy a product through increased advertising and sales representatives to create demand.

What is the difference between the Resource market and the Industrial market?

The resource market involves the scale of raw materials like mining and agriculture, while the industrial market includes businesses purchasing products to use in the production of other goods.

How is a Niche market defined?

A narrowly selected target market segment that is often neglected by large businesses because it is rarely profitable to alter the marketing mix for such small groups.

Which psychological factors influence customer choice?

Perception, motivation, attitude, personality, self-image, and learning.

How do economic 'Booms' affect marketing potential?

High employment and rising incomes lead to optimistic customers willing to spend, allowing businesses to intensify promotional efforts and increase market share.

According to the transcript, how does Jetstar motivate customers?

By using low prices and targeting the desire of young Australians to travel.

What does the Competition and Consumer Act 2010 protect against?

Undesirable business practices and trade practices that restrict competition, such as deceptive advertising and price discrimination.

What is 'bait and switch' advertising?

Advertising a few products at enticingly low prices to attract customers, then directing them to higher-priced items once the advertised stock runs out.

What does the term 'acceptable quality' imply under consumer law?

That a product is fit for its purpose, acceptable in appearance and finish, free from defects, safe, and durable.

What is 'sugging' in marketing ethics?

Selling under the guise of a survey ($\text{SUG}$), which involves using survey questions to determine consumer needs and then offering a product.

What is a SWOT analysis used for in the marketing process?

To identify internal strengths and weaknesses and external opportunities and threats to indicate a business's position relative to competitors.

What happens during the 'Maturity' stage of the product life cycle?

Sales plateau as the market becomes saturated; businesses may differentiate packaging or adjust prices downward to maintain market share.

What was identified as a major 'Threat' to Qantas in their SWOT analysis?

Competitive challenges from domestic rivals like Virgin Australia and international carriers, as well as increases in fuel costs.

What is the difference between primary data and secondary data in market research?

Primary data is collected from original sources for a specific problem (e.g., surveys), while secondary data is information already collected by others (e.g., government statistics).

What are the three main methods of collecting primary data?

Survey, observation, and experiment.

What was the combined domestic market share objective for Qantas and Jetstar?

To maintain a combined domestic market share of 63\text{%}.

What comprise the 'Four Ps' of the marketing mix?

Product, price, promotion, and place.

What are the three methods used to compare actual and planned results in marketing?

Sales analysis, market share analysis, and marketing profitability analysis.

What corrective action did Qantas take regarding Jetstar international in their revised marketing strategy?

They announced no more Jetstar international ventures in the short term and ditched plans for a new premium Asian airline in $2012$.