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AQA A-Level Business > 3.3 Decision making to improve marketing performance > Flashcards

3.3 Decision making to improve marketing performance Flashcards

1
Q

Name 4 types of marketing objectives.

A
  • Sales volume and sales value
  • Market and sales growth
  • Market share
  • Brand loyalty/image
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2
Q

Give examples of internal and external influences on marketing objectives and decisions.

A

Internal:

  • Finance
  • Operations
  • Human Resources

External:

  • Political
  • Economic
  • Social
  • Competitors
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3
Q

Advantages of Primary Market research?

A
  • Specific to the needs of the business
  • Up to date + reliable
  • Better for collecting Qualitative data (via 2 way communication)
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4
Q

Disadvantages of primary market research?

A
  • More time consuming
  • Costly
  • Difficult to conduct large sample size
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5
Q

Advantages of secondary market research?

A
  • Easily accesible
  • Fast + less time consuming
  • Better for collecting quantitative data
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6
Q

Disadvantages of secondary market research?

A
  • Not always specific to business needs
  • May be outdated
  • Detailed reports are expensive to purchase
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7
Q

What is market mapping?

A

A technique used to understand how products/businesses are viewd relative to competitors based on two variables. E.g. Modern+Old, Mass market/ Niche market.

Example:

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8
Q

Pros ans Cons of market mapping?

A

Pros:

  • Helps business identify gaps in the market
  • Gain understanding of competition

Cons:

  • Only considers two variables
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9
Q

How do you calculate Market Share?

A

(Total company sales ÷ Total market share) x 100

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10
Q

How do you calculate Market and Sales growth?

A

(Increase in market size/sales (the diff.) ÷ Original size/sales) x 100

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11
Q

What is market size?

A

Expressed in terms of units sold or value (£)

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12
Q

What are the advantages of sampling?

A
  • Quicker + easier than trying to collect data from entire population
  • Bigger sample size = more representative
  • Cheaper
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13
Q

Draw an example for each type of correlation and suggest their correlation value.

A
  1. +0.9
  2. -0.8
  3. 0
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14
Q

What are confidence levels and confidence intervals?

A
  • Confidence level: An indication of how accurate the research findings are.
  • Confidence Interval: The possible range of outcomes for given confidence. As the confidence narrows, the confidence level will fall.
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15
Q

What is extrapolation?

A

Predicting future trends and is reliable when conditions stay the same.

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16
Q

What is the value of technology in gathering + analysing data for marketing decision making?

A
  • Technology = faster collection of market research data + specific to customers
  • Can help identify correlations, trends + patterns

E.g. Boots loyalty cards

17
Q

What is price elasticity of demand and what is the PED scale?

A

Price elasticity of demand = the effect of a change in price on quantity demanded.

PED scale:

3 1 0

(elastic) (inelastic)

18
Q

What is income elasticity of demand?

A

Income elasticity is the effect of a change in consumer income on the quantity demanded.

19
Q

What are the methods of segmentation?

A
  • Behavioural = E.g. consumer habits + brand loyalty
  • Income = how much people earn
  • Geographic = location
  • Demographic = e.g. age, gender.
20
Q

What can a business use to help them position themself in the market?

A

Market mapping

21
Q

What is the scale of segmentation in a market?

A
22
Q

What are the 7 P’s?

A
  • Product: goods/services
  • Price: matches product
  • Place: channel distribution
  • Process: transaction
  • Promotion: awareness
  • People: customer service
  • Physical environment: layout
23
Q

What is the value of new product development?

A

All products must have a balance of design, function and cost.

E.g. improving design = decreased quality

24
Q

Draw a product life cycle. What are the stages?

A
25
Q

Pros and cons of product portfolio analysis?

A

Pros:

  • Useful for making decisions on where funds are allocated
  • Predict future sales, plan production + distribution

Cons:

  • Products/markets don’t usually follow a pattern
  • No clear solutions provided
  • Simplifies complex issues
26
Q

Draw a Boston Matrix model.

A
27
Q

What is price skimming?

A

Setting a high initial price then lowering the price when the product is no longer new.

28
Q

What is penetration pricing?

A

Initial low price in order to penetrate market and undercut competitors. Over time, price increases as demand grows.

29
Q

What is dynamic pricing?

A

Applied to products where price fluctuates with level of demand. E.g. hotel rooms.

30
Q

List some promotional methods.

A
  • Advertising - (e.g. above the line = mass ads)
  • Sales promotions - (special offers)
  • Sponsorship - (paid association)
  • Social media - (facebook, instagram)
  • Public relations (PR: media attention e.g. a blog)
  • Direct marketing - (communication with customer)
31
Q

What is the importance of branding?

A
  • Adds value to product
  • Builds trust
  • Premium price charged
  • Helps business position itself
  • Makes product recognisable
32
Q

List the different possible channels of distribution.

A
33
Q

What is the importance of digital marketing/ e-commerce?

A
  • Allows small business to reach global audience
  • Business can gather customer info easily
  • Easier to target specific segments

AQA A-Level Business (5 decks)

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