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business a - level > 1.1 - markets > Flashcards

1.1 - markets Flashcards

1
Q

What are the 4 Ps of markets?

A

Product
Promotion
Price
Place

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1
Q

What is sales volume?

A

The number of items sold

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2
Q

What is sales value?

A

The financial worth of all the items sold

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3
Q

What is market share?

A

Proportion/percentage of total sales of a product or service achieved by a specific brand

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4
Q

What is the formula for market share?

A

Market share = ( brand_sales / total_sales ) * 100

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5
Q

What is a mass market?

A

A product that is aimed at everyone
Example: McDonald’s

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6
Q

What are the advantages of a mass market?

A
  • High brand awareness
  • Low production costs
  • Large customer base
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7
Q

What are the disadvantages of a mass market?

A
  • High, fixed capital cost
  • Competition
  • Hard to add unique value
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8
Q

What is a niche market?

A

Products aimed at a very specific group of people

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9
Q

Advantages of a niche market?

A
  • Can sell for a higher price
  • Dedicated customer base
  • Less competition
  • Easier to react to changes
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10
Q

Disadvantages of a niche market?

A
  • Smaller customer base
  • More expensive to produce
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11
Q

What is branding?

A

The process of differenciating a product from the name/sign/symbol/design or slogan

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12
Q

What makes building a brand hard?

A

It is time consuming and very expensive, it also relies on the customer’s constant exposure to the firm’s product.

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13
Q

What are the benefits of branding?

A
  • High brand recognition
  • Increased demand
  • Increased price
  • Reduced competition
  • Protection against recessions
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14
Q

What are dynamic markets?

A

Markets that are subject to continual and rapid change.

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15
Q

How do you adapt to change?

A
  • React to trends
  • React to legislation
  • Multi-skilled staff
  • Market research
  • Investment into R&D
  • Develop a niche
  • Continuous improvement
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16
Q

How does competition effect customers?

A
  • Competitive prices
  • More choice
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17
Q

What is good about online retailing?

A
  • 24/7 service
  • Larger target market
  • Convenience
  • Lower O/H costs, no shop rent
  • Easier to gather personal info
  • Afford greater flexibility
  • Global movement
  • Easy to adjust prices for inflation
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18
Q

What is product orientation?

A

Focus on the products, not the consumers. Develop wants for the consumers

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19
Q

What is market orientation?

A

A focus on the market, respond to customer needs and wants

20
Q

What are the aims of market research?

A
  • Identify and anticipate needs and wants
  • Quantify likely demand
  • Provide insight into consumer behaviour
21
Q

What is market research?

A

Gathering, presenting and analysing data

22
Q

What is primary research?

A

Information that did not exist before the company started it.

23
Q

Top methods of primary research

A
  • Questionnaires
  • Telephone interviews
  • Personal interviews
  • Focus groups
24
Q

What is secondary reseaerch?

A

Collecting data that was already available before the company started research.

25
Q

Advantages of Primary Research

A
  • More accurate
  • Controlled environment
26
Q

Disadvantages of Primary Research

A
  • Expensive
  • Time consuming
27
Q

Advantages of Secondary Research

A
  • Quick to complete
  • Cheaper
28
Q

Disadvantages of Secondary Research

A
  • Data may be inaccurate
  • May find patterns in the data that do not exist
29
Q

What are the two types of secondary data?

A
  • Internal Data
  • External Data
30
Q

Internal data comes from?

A

Internal documents (inside the business) or previous studies conducted by the business

31
Q

External data comes from?

A

Outside the business, individuals or organisations that have collected data for their own reasons (repurposed)

32
Q

What is the use of IT resources for?

A

Using the internet to gather data outside of the business, link to secondary research

33
Q

What does human behaviour do to research?

A

We may not be fully honest to be kinder, human nature

34
Q

What is sampling and bias?

A

Gathering data from a group of respondents that may not reflect the general public

35
Q

What is sampling and bias known as?

A

Sampling discrepancy

36
Q

What is market segmentation?

A

Dividing the market up and grouping consumers with similar needs

37
Q

What is demographic segmentation?

A

Changes through age, gender, income, ethnicity

38
Q

What is geographic segmentation?

A

Region, country

39
Q

What is psychographic segmentation?

A

Attitudes, opinions and lifestyles

40
Q

What is behavioral segmentation?

A

Usage rate and loyalty

41
Q

What are the benefits of segmentation?

A
  • Stop wasting money
  • Extend into new markets
  • Change price to meet the income
  • Meet customers needs better
  • Increase sales, due to fitting customers desires
  • Adapting marketing pricing for areas or people
42
Q

What are the disadvantages of market segmentation?

A
  • Costs a lot
  • Hard to complete and not always accurate
  • May lose out on potential sales
43
Q

What is market positioning?

A

Where your product or brand stands in relations to the products of other businesses.

44
Q

Example of repositioning

A

Lucosade, changing from a health drink to a fitness drink

45
Q

What is risk?

A

Where the owners take actions that have unknown outcomes

46
Q

What is uncertainty?

A

External issues that could influence the business

47
Q

Examples of uncertainty?

A
  • Economic changes
  • Social changes
  • Labor growth
  • Supply chain issues
  • Natural disasters
  • War

business a - level (4 decks)

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