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Business > 3.5 - Marketing > Flashcards

3.5 - Marketing Flashcards

1
Q

What are customers’ needs?

A

Customers’ needs are the things people can’t live without

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2
Q

What are customers’ wants?

A

Customers’ wants are the products and services that they don’t need but would like to have

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3
Q

What is market segmentation?

A

It is the process of dividing potential customers into different groups based on characteristics like age, gender, income and much more

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4
Q

What is market research?

A

This is the process of collecting and processing information about the market that a business operates in

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5
Q

What is quantitative research?

A

This collects factual information

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6
Q

What is qualitative research?

A

This generally collects information about opinions and views

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7
Q

What is primary market research?

A

This is market research that is done by a firm for its own use

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8
Q

What is secondary market research?

A

This happens when firms collects information on research that has been performed by other organisations or people

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9
Q

What do we call a business that focused on building products that meet consumers’ needs?

A

Market driven

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10
Q

What are the the four Ps that make the marketing mix?

A

Price - how much a business decided to charge for the product
Promotion - how a business will inform their consumers about a product
Place - where the business is situated, this is where they will sell their product
Product - the product that will suit the needs of a specific target market

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11
Q

What are the four key factors that influence a firm’s pricing decisions?

A

Degree of competition - the more competition a firm faces, the options customers have
Nature of product - whether a good is a luxury good, this will affect how much a business charges
Product life cycled - determines whether charges a low or high price
Costs - the firm aim to make a profit

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12
Q

What is price skimming?

A

This is where a business sets a relatively high initial price and then gradually lowers it over time

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13
Q

What is a disadvantage of price skimming?

A

Slower unit sales growth

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14
Q

What is an advantage?

A

It allows a business to cover high research and development costs

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15
Q

What is price penetration?

A

This is where a business tried to increase market share by offering a low initial price

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16
Q

What is cost-plus pricing?

A

This is a pricing strategy where a business charges the customer based on what it costs to produce the product or service

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17
Q

What is competitive pricing?

A

This is when a business sets its prices for its product and services based on what others firms in the market are charging

18
Q

What is the “mark up” in cost-plus pricing?

A

An addition to the cost of production to make sure the business makes a profit

19
Q

What is the product life cycle?

A

The product life cycle is the series of stages that a product goes through over its lifetime

20
Q

What are the stages of the product life cycle?

A

R&D - before the product is made
Introduction - where the product launches to the market
Growth - more customers buy the product and it grows
Maturity - the number of new customers have slowed down but the market of the product is still mature
Saturation - the sales of the product have reached its peak
Decline - the demand for the product begins to fall

21
Q

What is a product portfolio?

A

This is the full range of products and services that a company offers its customers

22
Q

What is the Boston Matrix?

A

Stars - high market share in a fast growing market
Cash cows - high market share in a slow growing market
Problem child - low market share in a fast growing market
Dogs - low market share in a slow growing market

23
Q

What are the advantages of developing new products?

A

Higher sales - interest new customers
Diversification - having a lot of options reduces the risk of a business
Brand value - selling more products could improve the firm’s reputation

24
Q

What are the disadvantages developing new products?

A

Damage brand

Investment

25
Q

Why are promotional methods important?

A

They are important for firms to use to inform consumers about their products and to persuade consumers to buy them

26
Q

Name some promotional methods

A 
Advertising 
Sales promotion 
Sponsorship 
Public relations 
Product placement 
Social media
27
Q

What is advertising?

A 
Newspapers 
Magazines 
Television 
Internet 
Billboards 
Social media
28
Q

What is PR?

A

Public relations

PR is all about a business’ reputation. It involves maintaining a good public image

29
Q

Name some sales promotion methods

A 
Discount coupons 
Free gifts 
Point of sales displays 
Samples 
BOGOF
Competition
30
Q

What are sponsorships?

A

Sponsorship involves paying athletes, celebrities or other organisations for them to advertise for a business

31
Q

What is it called when products are featured in TV programmes and films?

A

Product placement

32
Q

What is promotional mix?

A

This is the combination of different promotional methods that a business uses

33
Q

Why do businesses use promotion?

A

To create or increase sales
To persuade customers to buy the products
To create or change the image of a product
To inform/remind customers about the product

34
Q

Why the location important?

A

Place or location is about when and where a product is available to the people buying it

35
Q

What are distribution channels?

A

Distribution channels are the different ways that a business can distribute their product

36
Q

What are the different distribution channels?

A

Manufacturer —> wholesalers —> retailers —> customers
Manufacturer —> retailers —> customers
Direct to customers

37
Q

What is e-commerce?

A

Purchases that take place electronically on the internet

38
Q

What is m-commerce?

A

Buying goods online using a mobile phone

39
Q

What are the advantages of e-commerce and m-commerce?

A

Reach more customers
Sell direct to consumer
Cheaper to set up a business

40
Q

What are the disadvantages of e-commerce and m-commerce?

A

Increased competition
Selling online can create problems
Investment needed

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