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Business > 3.5 Marketing - Simle Defintions > Flashcards

3.5 Marketing - Simle Defintions Flashcards

1
Q

Marketing

A

A scientific process that focuses on meeting the needs and wants of the customer profitably.

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2
Q

4 marketing processes

A

Research
Segmentation
Development of a product or service
Devising a marketing mix

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3
Q

Market research

A

The process of gathering, analysing and processing data to find out the needs and wants of potential customers

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4
Q

Primary research
Defintion

A

Business collects original first-hand information. Involves creating new information.
(Field)

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5
Q

Primary research methods

A

Test marketing
Observations
Surveys/questionnaires
Consumer panels/Focus groups

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6
Q

Secondary research
Definition

A

Business uses data that already exists.

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7
Q

Secondary research methods

A

Past sales data
Written word (internet, books, magazines, newspapers)
Government statistics
Market intelligence reports

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8
Q

Qualitative

A

Descriptive opinions
Open questions

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9
Q

Quantitative

A

Numerical data
Closed questions

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10
Q

Survey types of questions

A
  1. Closed questions
  2. Multiple choice
  3. Semantic differential - Express a degree of opinion
  4. Open ended
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11
Q

Segmentation

A

Grouping customers into subsections of the market with similar characteristics.

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12
Q

Segmentation methods

A

Gender
Age
Location
Income

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13
Q

Market size

A

Total size of the market (All the businesses/sales in a market)

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14
Q

Market size
Calculation

A

Total number of units sold X Price per unit

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15
Q

Market share

A

The percentage of sales that any one business controls in the market.

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16
Q

Market share
Calculation

A

Sales of one company / total sales X 100

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17
Q

Design features of a Product

A

Design
Image
Needs of the target market

18
Q

Product differentiation

A

Methods that a business uses to make their product distinct from rivals.

19
Q

Product differentiation methods

A

Quality
Design
Promotion
Branding
Packaging

20
Q

Stages of product development

A

Generate an idea
Check the idea
Develop the product
Trial the product
Launch it

21
Q

Product life cycle

A

A model showing the lifespan of a products sales from launch to being taken of the market.

22
Q

Extension strategy

A

Ways in which a business modifies a product to appeal to more customers and maintain sales.

23
Q

Extension strategies methods

A

Reduce prices
Change the package
Change image
Change name

24
Q

Price

A

The amount charged to a consumer for a good or service

25
Q

Factors influencing prices

A

Competitors pricing
Economy
Cost
Demand
Business objectives
Nature of the market/brand strength
Stage of product lifecycle
Rest of the marketing mix

26
Q

Product portfolio

A

The range of products that business sells

27
Q

Boston matrix

A

A tool to analyse a products share and growth within a market.

28
Q

Promotion

A

The different ways in which a business tries to communicate with its customers.

29
Q

Sales promotion

A

A short term incentive used by businesses to encourage customers to make a purchase.
Money off vouchers, price reductions, free samples and competitions

30
Q

Forms of promotion

A

Social media
Sponsorship
Public relations

31
Q

Public relations

A

Communicating with the media and other interested parties to enhance the image of the business and its products, and therefore improve sales.

32
Q

Sponsorship

A

A business will sponsor an individual or event to raise its profile.

33
Q

Factors affecting choice of promotion

A

Finance
Competitors actions
Nature of the product or service
Nature of the market (how the rest of the market promotes)
Target market

34
Q

Place

A

Where the product is sold
Also involves the method of distribution used to get the product to the consumer.

35
Q

Channel of distribution

A

How the ownership of a reduction passes from the producer to the final customer.

36
Q

Factors influencing choice of channel

A

Choice of intermediary - negotiate with a retailer?
Desired control over channel
Size of the business
Infrastructure available

37
Q

E commerce

A

Buying and selling of goods and services online.

38
Q

M commerce

A

Buying and selling of goods and services online through a mobile device, often through a mobile app or a website accessible on a mobile phone.

39
Q

Marketing mix

A

All the activities/elements that influence wether or not a customer buys a product.

40
Q

Factors influencing choice of marketing mix

A

Product
Competitions
Target market
Business approach

Business (8 decks)

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