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Business > 10 marketing, competition and customer > Flashcards

10 marketing, competition and customer Flashcards

1
Q

What is Marketing?

A

It is identifying customer needs and wants and satisfying them profitably.

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2
Q

who is a customer?

A

A customer is a person or business that buys a good/service from another business- to re-use it to get profit.

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3
Q

what are the 4 marketing departments?

A
  1. sales
  2. Market research
  3. Promotion
  4. Distribution
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4
Q

What is the sales department responsible for?

A

It is responsible for the sales of the product.

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5
Q

why might there be separate teams in the sales department?

A

because each region might have a diff team.

There might even be an export team.

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6
Q

what does the market research department research on?

A
  1. customer needs
  2. market changes
  3. impact of competitors
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7
Q

whom will the get the report of the market research?

A

the marketing director.

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8
Q

what does this research help into?

A

It helps to decide:

  1. development of new product
  2. pricing levels
  3. sales strategies
  4. promotion strategies
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9
Q

what is the responsibility of the promotion department?

A

it makes advertising for the product and promotions.

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10
Q

why does the promotion department have to choose the most effective advertising media?

A

because it is limited by the marketing budget.

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11
Q

What is the marketing budget?

A

A limited amount of money to spend.

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12
Q

What does the distribution department do?

A

It delivers the product to the market.

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13
Q

what is the role of marketing in reality?

A
  1. Identify customer needs
  2. satisfy customer needs
  3. Maintain customer loyalty
  4. Build customer relationship.
  5. Anticipate change in customer needs
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14
Q

What info should be obtained when identifying customer needs?

A
  1. what product customer want
  2. what price is the customer willing to pay
  3. what after-sales service they want
  4. where and how they want to buy the product
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15
Q

How to maintain customer loyalty?

A
  1. Build customer relationship
  2. keep close links with the customers
  3. find out if the product/ service is continuing to satisfy their needs
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16
Q

How to find out if the product/service is satisfying the customer needs?

A

By maintaining customer relationship.

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17
Q

What is customer relationship?

A

It is the comm with the customer to make him loyal to the business and its products.

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18
Q

What is customer loyalty?

A

When an existing customer buys from the same business.

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19
Q

Why do businesses build customer relationship?

A

To gain info about the customer.

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20
Q

How does getting info about the customer helps the marketing (dept. department)?

A

It helps the market research team to understand how they use and why do customers buy the product.

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21
Q

How does anticipating changes in customer needs help?

A

By identifying the new trends in the customer needs/gaps in the market, the business can produce the good/service that is not currently available.

22
Q

How does the business get benefited if it succeeds in its role?

A
  1. maintain/ (📈 market share inc)
  2. Entre new markets at home/abroad
  3. develop new products/ improve existing ones
  4. 🔼 profitability
23
Q

Why does the market changes over time?

A
  1. change in consumer fashion
  2. change in tech
  3. change in income
  4. ageing population
24
Q

Why have some markets become more competitive?

A
  1. Globalisation
  2. Transport improvement
  3. e-commerce/online shopping
25
Q

How did globalisation affect the competition?

A

products are increasingly sold all over the world

26
Q

how did the improvement in transport affect the competition?

A

It became easier/cheaper to transport products from one part of the world to the other.

27
Q

how did e-commerce/online shopping affect the competition?

A
  1. the customer can buy products online

2. it gave customers info about products and international businesses dealing with it

28
Q

How can businesses respond to changing spending patterns and 🔼 competition?

A
  1. Maintain customer relationship
  2. keep improving existing products
  3. bring out new products
  4. keep costs low
29
Q

how does maintaining customer relationships help?

A
  1. gives info about the customer
  2. helps in maintaining customer loyalty
    note: it is often cheaper to keep existing customers than finding new ones
30
Q

when does it become essential to keep improving existing products?

A

When the competitors are constantly improving their products, ex: mobile industry.

31
Q

how does keeping to improve existing products help?

A

by making a product that is diff from any other of its kind, your product will be known as a differentiated product in the market, ex: apple.

32
Q

how does bringing out new products help?

A
  1. keep customers’ interest

2. 📈/ maintain it

33
Q

why are the costs kept low?

A
  1. maintain competitiveness

2. keep prices low

34
Q

What is a market?

A

It is the total no. of customers,potential customers, and sellers of a particular good/service.

35
Q

how is the market measured?

A

It is measured by the no. of sales of the value fo sales of the particular good/service.

36
Q

what are types of markets?

A
  1. Mass market

2. Niche market

37
Q

What is a mass market?

A

It is a market where sales are very high.

38
Q

What are the adv of a mass market?

A
  1. large no. of sales
  2. economies of scale
  3. spread the risk
  4. growth opportunities
39
Q

How do businesses in mass markets spread the risk?

A

Usually, these businesses produce multiple types of products.

40
Q

how does producing multiple types of products help to spread the risk?

A

if one product fails, the others will continue selling.

41
Q

how does mass markets provide growth opportunities?

A

as it provides high potential sales.

42
Q

What are the dis of mass markets?

A
  1. expensive to advertise and promote
  2. products may not suit all customers
  3. high levels of competition
43
Q

What is a niche market?

A

a small, specialised, segment of a larger market.

44
Q

What are the adv of niche markets?

A
  1. less competition
  2. successful sales
  3. good customer relationship
  4. high levels of customer loyalty
45
Q

How is the competition less in niche markets?

A

As large companies are competing in mass markets and forgot about these small businesses that operate in the niche market.

46
Q

What are the dis of niche markets?

A
  1. no risk is spread

2. limited no. of sales; limited no. of customers.

47
Q

What are market segments?

A

a sub-group of whole market with similar tastes.

48
Q

how does markets segmentation help the business?

A
  1. make marketing expenditure cost-effective
  2. high sales and profit
  3. find market segments with unmet needs to satisfy
49
Q

how does market segmentation help in keeping the expenditure cost-effective?

A
  1. by focusing on this segment in marketing.

2. make products that closely suit this segment only

50
Q

What are the usual categories markets are segmented in?

A
  1. Socio-economic/financial state
  2. ageing
  3. life style
  4. use of the product
  5. gender
  6. region/location
51
Q

what do businesses should put in perspective when choosing a market segment?

A
  1. the segment size & expected sales
  2. company image/ brand image
  3. cost of entering each segment

Business (4 decks)

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