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Business A Level > 3. Marketing > Flashcards

3. Marketing Flashcards

1
Q

Objectives

A

Sales volume/value
Sales growth
Market share
Brand loyalty

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2
Q

value of objectives

A

aligned with c. obj
provides focus
measure performance

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3
Q

primary MR

A

collected first hand for specific purpose

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4
Q

secondary MR

A

existed already for other purpose

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5
Q

examples primary MR

A

focus group
survey
interviews
product trial
mystery shoppers

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6
Q

examples secondary MR

A

market report
trade associations
sales transactions
big data

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7
Q

Primary benefits and negatives

A

good: fit for purpose, up to date, detailed insight
bad: time consuming, costly, risk of bias

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8
Q

secondary MR benefits and negatives

A

good: free/easy, market insight
bad: out of date, costly, not tailored

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9
Q

Quantitative

A

data, numbers, figures ect

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10
Q

Qualitative

A

opinions, beliefs, attitudes

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11
Q

sampling

A

gather data from sample to represent target population

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12
Q

3 types of sampling

A

quota
stratified
random

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13
Q

benefits of sampling

A

insight provided
decision making = reduces risk/cost
flexible and quick

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14
Q

drawbacks of sampling

A

unrepresentative
risk of bias
not useful with changing opinions

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15
Q

stratified sampling

A

one from each rep group of full target population

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16
Q

quota sampling

A

based on characteristics

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17
Q

random sampling

A

randomly chosen

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18
Q

correlation

A

strength of relationship
+1=positive
-1=negative
0=no

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19
Q

Confidence interval

A

how certain they are of results (margin of error)

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20
Q

confidence level

A

% probability that research is correct

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21
Q

PED

A

%change in quantity demanded/
%change in price

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22
Q

what influences PED

A

brand strength
necessity
time
habit
available substitutes

23
Q

elastic, inelastic, unitary

A

more than 1
less than 1
exactly 1

24
Q

Income elasticity of demand

A

demand in response to changes in income

25
Two products relating to YED
luxury and necessities
26
Inferior goods
switching substitutes income increase but demand decreases
27
4 segmentation
demographic, geographic, income, behavioural
28
mass marketing
target whole market
29
niche targeting
smaller segments targeted
30
positioning
place of product compared to competitors products in customers minds = value
31
market mapping
positioning of product in market
32
boston matrix axis
y axis= market growth x axis= market share
33
4 boston matrix categories
Star Cash cow Problem child/ ? dog
34
extended marketing mix 7ps
product price place promotion people process physical environment
35
2 product types
consumer- bought by final consumer for personal consumption industrial- further processing or use in conduct of other business
36
what is product life cycle used for?
forecaster sales market position product portfolio investment
37
product life cycle stages
development intro growth maturity decline
38
penetration pricing
set low then high aim: gain market share
39
hook and bait
eg. razor handle cheap but blades expensive
40
price skimming
set high price then lower aim: maximise profit
41
branding benefits
adds value customer loyalty charge higher price
42
promotional decisions aim
make customers aware of positioning/ products and persuade customers to buy
43
8 promotional mix
advertising sales promo direct marketing personal selling pr branding social media viral marketing
44
influences on promo mix
objectives target market competition positioning resources technology
45
multichannel distribution
more than 1 distribution channel (each wants cut of profit)
46
benefits of multichannel distribution
reach tm segment increase choice of where to buy- satisfaction higher sales
47
negatives of multichannel distribution
confilct channels decrease profit margin pricing strategies= confusing
48
digital marketing types
email online adverts search engine optimisation content, viral, influences marketing
49
benefits of digital marketing
24/7 international communication receive feedback analyse large data
50
extrapolation
using historical trends to predict future trends
51
market/ sales growth
new-old / old x100
52
market share
business sales/ market size x100
53
market size
all sales in market

Business A Level (9 decks)

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