Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business A Level > 3.1/3.2/3.3/3.4 Objectives > Flashcards

3.1/3.2/3.3/3.4 Objectives Flashcards

1
Q

What is a market?

A

Where buyers and sellers are willing to make an exchange

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is relationship marketing?

A

It wants to satisfy customers so that they return again.

It is about building relationships with customers so that they are loyal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is marketing?

A

the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the marketing process?

A
  • Set marketing objectives
  • Analyse marketing data
  • Marketing decisions
  • Implement decisions
  • Review
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the main marketing objectives?

A 
Sales Volume
Sales Value
Sales Growth
Market Share
Brand Loyalty
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are internal influences on marketing objectives?

A 
Finance
Human Resources 
Operations
Existing Position
Overall strategy of business objectives
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are external influences on marketing objectives?

A 
PEST C
Political
Economic
Social
Technological
Competitive
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is market research?

A

Gathering and analysing data relevant to the marketing process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How can market research be used by managers?

A
  • Know existing position of business
  • Decide on possible objectives
  • Identify possible actions to be taken
  • How effective marketing decisions have been
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What does the research process look like?

A

Define problem/objective
Develop research plan
Implement plan
Interpret data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the PED formula?

A

% change in qd / % change in price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What affects PED?

A 
Time
How expensive it currently is
Who is paying - company 
Branding of a product
USP
Patent or trademark
Expensive or difficult to switch to another supplier
Amount of available substitutes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is sales forecasting?

A

Sales forecasting is the process of estimating future sales.

  • HR - what are the staffing requirements
  • Finance - estimate future inflows and profits
  • Operations - expected level of sales and produce to match
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

When can market research go wrong?

A

There changes in markets
The way information is gathered
Lack of information from not spending enough

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is segmentation?

A

The process of identifying different groups of similar needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are market segments?

A

The different groups of needs and wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is demographic segmentation?

A

Characteristics of the people in the target population e.g age

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is geographic segmentation?

A

Areas where the customers are based

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is income segmentation?

A

Split into high and low income

20
Q

What is socioeconomic segmentation?

A

On income or professions
A: Higher managerial, administrative or professionals
B: Intermediate managerial administrative or professional
C1: Supervisors, clerical and junior managerial, administrative or professional
C2: Skilled manual workers
D: Semi and unskilled manual workers
E: Casual labour

21
Q

What is behavioural segmentation?

A

The behaviours of customers

  • What they buy
  • When they buy
  • How they buy
22
Q

Why is segmentation useful?

A
  • Understand not all customers are the same
  • More focused and efficient marketing
  • More satisfied customers
23
Q

What is a niche market?

A

Small specific market

24
Q

What is a mass market?

A

The whole of the market, aims to meet the wants and needs of most people

25
Q

Benefits of a niche market?

A
  • Can compete with larger firms, without being a direct threat
  • Limited competition
26
Q

Negatives of niche markets?

A
  • Vulnerable to losing customers
  • Low profits
  • As business grows it attracts larger businesses attentions
27
Q

What is good and bad about mass markets?

A

+ More customers, more potential returns

  • Large investment needed
  • Competition
  • Can lose demand to niche markets
28
Q

What is needed to be successful in mass markets?

A
  • Larger volumes (to fulfill orders)
  • Promotional techniques to attract customers
  • Positioning in the market
29
Q

How can the position of a business be shown?

A

Market Mapping

30
Q

What factors affect the positioning of a product relevant to its competitors?

A

Services
Image
Price
Product

31
Q

What affects the positioning of a product?

A
  • The strengths of the business
  • Innovative business
  • Competitors
  • Market conditions - PEST- C factors
32
Q

What is the marketing mix?

A 
Price
Product
Promotion
Place
Process
Physical Environment
People
33
Q

What is meant by Price? (MM)

A

What the price is

Payment terms

34
Q

What is meant by product? (MM)

A

What the product looks like

35
Q

What is meant by place? (MM)

A

The distribution of the product

How it gets to the customer

36
Q

What is meant by people? (MM)

A

e.g the people who serve you in the shop

37
Q

What is meant by process? (MM)

A

How you buy the product

38
Q

What is meant by physical environment? (MM)

A

How the business looks

39
Q

What are some internal influences of the marketing mix?

A

Changes in financial position
Changes to staff
Changes to operations
Changes to objectives

40
Q

What are external influences?

A

PEST-C

41
Q

What are the different types of consumer products?

A

Convenience items - customers will not travel very far to get these
Shopping goods - customers compare features before buying
Speciality products - thought about buying them for some time and will travel far to get it

42
Q

What is the product life cycle?

A 
Development
Introduction
Growth
Maturity
Decline
43
Q

What is the boston matrix?

A

Stars - top left- are products that are in fast growth markets that are doing well in terms of market share.

Question mark - top right - are in fast growth (appealing) markets, however they are not established and only have a relatively small market share. They are problem children because they may turn out to do well but equally may not.

Cash cows - bottom left- well established and so have a relatively high market share, however the market they are in is growings slowly, perhaps because it is mature and therefore not growing fast any more. These products do not need promoting as heavy as some others because they are well known

Dogs - bottom right - a relatively low share of a slow growth market. Marketing managers must either invest to revitalise these products or let them decline and eventually remove them.

44
Q

Influences on pricing decisions:

A 
Costs
Price elasticity
Competitiveness of the environment
Stage in products life cycle
Positioning
45
Q

What are the different pricing strategies?

A 
Skimming
Penetration
Competitive
Cost plus
Dynamic
Premium
Psychological

Business A Level (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions