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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bad: out of date, costly, not tailored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
Q

Two products relating to YED

A

luxury and necessities

26
Q

Inferior goods

A

switching substitutes
income increase but demand decreases

27
Q

4 segmentation

A

demographic, geographic, income, behavioural

28
Q

mass marketing

A

target whole market

29
Q

niche targeting

A

smaller segments targeted

30
Q

positioning

A

place of product compared to competitors products in customers minds = value

31
Q

market mapping

A

positioning of product in market

32
Q

boston matrix axis

A

y axis= market growth
x axis= market share

33
Q

4 boston matrix categories

A

Star
Cash cow
Problem child/ ?
dog

34
Q

extended marketing mix 7ps

A

product
price
place
promotion
people
process
physical environment

35
Q

2 product types

A

consumer- bought by final consumer for personal consumption
industrial- further processing or use in conduct of other business

36
Q

what is product life cycle used for?

A

forecaster sales
market position
product portfolio
investment

37
Q

product life cycle stages

A

development
intro
growth
maturity
decline

38
Q

penetration pricing

A

set low then high
aim: gain market share

39
Q

hook and bait

A

eg. razor handle cheap but blades expensive

40
Q

price skimming

A

set high price then lower
aim: maximise profit

41
Q

branding benefits

A

adds value
customer loyalty
charge higher price

42
Q

promotional decisions aim

A

make customers aware of positioning/ products and persuade customers to buy

43
Q

8 promotional mix

A

advertising
sales promo
direct marketing
personal selling
pr
branding
social media
viral marketing

44
Q

influences on promo mix

A

objectives
target market
competition
positioning
resources
technology

45
Q

multichannel distribution

A

more than 1 distribution channel (each wants cut of profit)

46
Q

benefits of multichannel distribution

A

reach tm segment
increase choice of where to buy- satisfaction
higher sales

47
Q

negatives of multichannel distribution

A

confilct channels
decrease profit margin
pricing strategies= confusing

48
Q

digital marketing types

A

email
online adverts
search engine optimisation
content, viral, influences marketing

49
Q

benefits of digital marketing

A

24/7 international communication
receive feedback
analyse large data

50
Q

extrapolation

A

using historical trends to predict future trends

51
Q

market/ sales growth

A

new-old / old x100

52
Q

market share

A

business sales/ market size x100

53
Q

market size

A

all sales in market

Business A Level (8 decks)

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