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Business Theme 1 > 1.3.2 > Flashcards

1.3.2 Flashcards

1
Q

What is promotion?

A

Process of communicating information to customers that a business wants them to know.

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2
Q

What acronym should you remember for promotions?

A

B - Branding
A - Advertising
P - Public relations
S - sponsorships
S - sales promotion

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3
Q

Why do we want to do Promotion?

A

Build a recognisable brand which stands from rivals.

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4
Q

What is advertising promotional method?

A

Using paid channels to reach customers

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5
Q

What is sales promotion, promotional method?

A

Marketing technique in order to boost sales by offering temporary incentives.

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6
Q

What is direct mail?

A

Communicating directly to customers.

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7
Q

What are sponsorships?

A

Financial support in return for marketing.

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8
Q

What are public relations?

A

The business seeks to build relationships with customers, to keep the business favourable.

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9
Q

One advantage of Mass advertising?

A

Large audience.

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10
Q

2 disadvantages of Mass advertising?

A

Not tailored to specific customers
Costly

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11
Q

2 advantages of sales promotion?

A

Boost sales
Clear out stock

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12
Q

2 disadvantages of sales promotion?

A

Expensive as requires big discounts

Attracts non loyal customers

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13
Q

One advantage of direct mail

A

Target specific audience

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14
Q

2 disadvantages of direct mail

A

Customers may find it intrusive

Can be costly, no pre existing customer base.

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15
Q

2 advantages of sponsorships

A

Brand opportunities

Can contact with target audience.

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16
Q

2 disadvantages of sponsorships

A

Expensive
May not directly drive sales

17
Q

One advantage of public relations

A

Increased customer loyalty

18
Q

One disadvantage of public relations

A

Difficult to measure the impact of it.

19
Q

What is branding?

A

When a business has differentiated themselves from rivals and become recognisable.

20
Q

What does synonymous mean?

A

When customers automatically relate business to a certain aspect of a market.

21
Q

3 Reasons why we should brand?

A

Recognition and identity
Differentiates from rivals
Brand loyalty

22
Q

3 Types of Branding?

A

Product branding
Own branding product
Manufacture/Corporate branding

23
Q

What is manufacture/corporate branding?

A

When a business use the company name or logo to promote product.

24
Q

1 disadvantage of manufacture/corporate branding?

A

If companies brand image is damaged it will impact all products.

25
Q

3 Advantages of manufacture/corporate branding?

A

Creates strong brand reputation
Economies of scale by promoting multiple products
Leverage its existing reputation

26
Q

Disadvantages of product branding?

A

Cost of creating new brands for each product is expensive.

27
Q

What is product branding?

A

Refers to use of unique name, design or symbol.

28
Q

1 Advantage of product branding?

A

Identity to help differentiate from rivals

29
Q

What is own brand labelling?

A

Use of retailers name to promote specific product or service

Tesco Finest

30
Q

2 benefits of branding

A

Added value
Ability to change premium prices

31
Q

4 ways to build a brand

A

Developing USP
Advertising
Sponsorship
Social media

32
Q

How can building a brand through advertising work?

A

Create ads to target specific audience.

33
Q

How can you build a brand through sponsorships?

A

Gain exposure to being reputation.

34
Q

How can you build a brand by using social media?

A

Can help build loyal following and create community.

35
Q

Why do businesses have to respond quickly to changing social trends?

A

Better customer needs and be first to new trends.

36
Q

What are three current social trends?

A

Viral marketing
Social Media
Emotional Branding

37
Q

What is viral marketing?

A

Using online platforms to create content to promote product at a specific time.

38
Q

How do businesses use social media to reflect social trends?

A

To keep up with latest trends

39
Q

What is emotional branding?

A

Business build strong emotional connections with customers.

Business Theme 1 (22 decks)

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