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A Level Business (AQA) > 3.3 - Marketing Managment > Flashcards

3.3 - Marketing Managment Flashcards

1
Q

What is marketing

A
  • The process of advertising a product in order to get a product to the customer, whilst making profit
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2
Q

What is a marketing objective?

A
  • Precise and detailed statements of the aims/goals of companies in the realm of marketing
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3
Q

What are some examples of marketing objectives?

A
  • Increased market share
  • Sales growth
  • Sales volume and value
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4
Q

What is the formula for calculating market share

A
  • Total units sold / total units sold in a market x100
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5
Q

What are the causes of a decreased market share?

A
  • Increased competition
  • Increased costs
  • Change in consumer demand
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6
Q

What are some ways to increase market share?

A
  • Decrease price of product
  • Innovate
  • Improve advertising
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7
Q

What are some internal factors that influence objectives?

A
  • Finance
  • HR
  • Operational issues
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8
Q

What are some external factors that influence objectives

A
  • Economic environment
  • Competitor actions
  • Technological change
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9
Q

What is the acronym to identify external factors in a business?

A

Political
Economic
Social
Technological
Legal
Ethical/Environmental

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10
Q

What are the advantages of primary research?

A
  • Specific to the immediate data needs and topic
  • Offers behavioural insights, not available from secondary research
  • Up to date
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11
Q

What are the disadvantages of primary research?

A
  • Costly
  • Time consuming
  • Requires more sophisticated training and experience to design, study and collect data
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12
Q

What are the advantages of secondary research?

A
  • Saves time
  • Free or inexpensive (except for syndicated data)
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13
Q

What are the disadvantages of secondary research?

A
  • May not be precisely relevant to information needs
  • Information may not be timely
  • Sources may not be original, and therefore usefulness is an issue
  • Methodologies for collecting data may not be appropriate
  • Data sources may be biased and available to competitors
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14
Q

What is PED?

A
  • The responsiveness of demand to changes in price
  • The value is always negative
  • % ∆QD / % ∆P × 100
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15
Q

What is an inelastic product?

A
  • A product where an increase in price will lead to an increase in revenue
  • Less than 1
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16
Q

What is an elastic product?

A
  • A product where an increase in price will lead to a decrease in revenue
  • More than 1
17
Q

What are the influences on PED?

A
  • Supply of product
  • Time period
  • Price levels
  • Income levels
    Nature of goods
18
Q

What is the income elasticity of demand (YED)?

A
  • A measure of responsiveness of demand to changes in income
19
Q

What is the formula for PED?

A

% change in quantity demanded / % change in price

20
Q

What is the formula for YED?

A

% change in quantity demanded / % change in income

21
Q

What is targeting?

A
  • A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers.
22
Q

What is segmentation?

A

dividing into approachable groups such as:
- demographic (age)
- geographic (region)
- income (level of income)
- Behavioural (routine)

23
Q

What is the marketing mix?

A

7P’s that work together to achieve the desired effect

24
Q

What are the 7 P’s?

A

Price, Product, People, Process, Physical Environment, Promotion, Place

25
Q

What is the product life cycle?

A

the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

26
Q

What are the 3 main factors influencing pricing?

A

Demand
Competition
Costs

27
Q

What is the Boston matrix?

A

a product portfolio analysis tool used to plan the development of products.

Y axis = Market Growth Rate
X axis = Relative Market Share

High MGR, low RMS = Question marks
Low MGR, low RMS = Dogs
High MGR, high RMS = Stars
Low MGR, high RMS = Cash Cows

28
Q

What is penetration pricing?

A

setting a low initial price on a new product to appeal immediately to the mass market then increasing price once established

29
Q

What is price skimming?

A

Charging the highest possible price that buyers who most desire the product will pay until competitors begin to produce an alternative

30
Q

What is dynamic pricing?

A

adjusting prices continually to meet the characteristics and needs of individual customers and situations

31
Q

What is Multi-channel distribution?

A

Flow of organisations connecting product from producer to consumer

32
Q

What is e-commerce?

A

the buying and selling of goods and services over the internet

33
Q

What is the two-step distribution channel?

A

producer -> consumer

34
Q

What is the three-step distribution channel?

A

producer-> retailer -> consumer

35
Q

What is the four-step distribution channel?

A

Producer -> Wholesaler -> Retailer -> Consumer

36
Q

What is competitiveness?

A

a disposition to strive for satisfaction when making comparisons with some standard of excellence in the presence of evaluative others

37
Q

What are two ways to increase competition?

A
  • Better value product
  • Recognise customer needs
38
Q

What is a SMART objective?

A

Specific
Measurable
Achievable
Relevant
Time specific

A Level Business (AQA) (10 decks)

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