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GCSE Business Studies > 5. Marketing > Flashcards

5. Marketing Flashcards

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1
Q

Consumer

A

Someone who uses goods and services produced by businesses

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2
Q

Sales volume

A

Measures the number of items sold

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3
Q

Sales value

A

Measures the revenue generated

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4
Q

Segmentation

A

Occurs when a market is divided into different groups of needs and wants

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5
Q

Benefits of segmentation

A
  • develop its products to fit customer needs more closely
  • target its customers more precisely
  • set the price appropriately
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6
Q

Ways of segmenting a market

A

By gender, by age, by location, by income, by the stage someone has reached in their life cycle

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7
Q

Market research

A

The process of gathering, analysing and processing data relevant to marketing decisions

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8
Q

Market segment

A

A group of buyers with similar needs within the overall market

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9
Q

Types of data used in market research

A

Quantitative data and Qualitative data

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10
Q

Quantitative data

A

This involves the use of numbers such as the size of the market, the growth of the market or the number of customers a business has

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11
Q

Qualitative data

A

This involves views and opinions, but does not provide statistically reliable information. For example, by talking to a small group of customers you may get an insight into how they view the brand or how the product is viewed in relation to competitors

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12
Q

Market size

A

Can be measured by the value or the volume of sales. The volume of sales is the number of units sold.

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13
Q

Primary market research

A

Uses data gathered for the first time

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14
Q

Second market research

A

Uses data that has baeen gathered already

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15
Q

Marketing mix

A

Refers to all the activities influencing wether or not a customer buys a product. The elements of the mix can be analysed using the four Ps: price, place, product and promotion

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16
Q

The choice of marketing mix will depend on factors such as

A

The product, competitors’ products, the target customers and business approach

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17
Q

The elements of marketing mixing (4P’s)

A

Product, Promotion, Price, Place

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18
Q

Factors of a Product

A

The service, the performance of the product, the price, product development, product differentation

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19
Q

Product differentation

A

When a business wants to make their products stand out as different from the competition

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20
Q

Stages of new product development

A

Generate an idea, check the idea, develop the product, trial the product, launch it

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21
Q

Boston Matrix

A

A way of analysing a product’s share and growth in their market

22
Q

Dog

A

Product has a low market share in a low-growth market

23
Q

Four categories of products in the Boston Matrix

A

Dogs, cash cows, question markets, stars

24
Q

Cash cow

A

Product has a high market share in a low-growth market

25
Q

Question mark

A

Product has a low market share in a fast-growth market

26
Q

Star

A

Product has a high market share in a fast-growth market

27
Q

Product life cycle

A

Shows how the sales of a product may change over time

28
Q

Stages of a product

A

Development, introduction, growth, maturity, decline

29
Q

Extension strategies

A

Attemps to maintain the sales of a product and prevent it from entering the decline stage of the product life cycle

30
Q

Price skimming

A

Setting a high price for a product when it first enters the market

31
Q

Penetration pricing

A

Launching a new product at a low price to achieve fast sales

32
Q

Competitive pricing

A

Matching the prices that competitors charge

33
Q

Loss leader pricing

A

A product sold at a loss in the hope that the customer will buy other items from the business where they make a profit

34
Q

Cost plus pricing

A

Where products are priced by covering the cost of it to the retailer and adding a percentage on top

35
Q

Factors influencing the price of a product

A

Costs, demand, competitors’ pricing, stage in the product life cycle, strength of the brand, nature of the market and rest of the marketing mix, the business’s objectives and approach to pricing

36
Q

Promotional activities

A

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

37
Q

Types of promotional activity

A

Advertising, newspaper, online, on the radio, on television and in cinemas, on vehicles, sales promotions, discoungs, buy one get one, coupons

38
Q

Sales promotion

A

Short-term incentives to encourage customers to buy

39
Q

Advertising

A

Involves paid for communications

40
Q

Promotional mix

A

The combination of promotional methods used by a business to communicate with its customers

41
Q

Factors that influence how the promotional mix is used

A 
Costs and finance, 
target market, 
competitors' actions, 
nature of the market, 
nature of the product
42
Q

Reasons for promotion

A

To inform, to remind, to persuade

43
Q

Distribution channel

A

Describes how the ownership of a product passes from the producer to the final customer

44
Q

Wholesalers

A

break bulk; they buy in large quantities from a producer and sell to retailers

45
Q

Retailers

A

The shops that sell direct to the customer

46
Q

Direct marketing

A

When there is a direct link from the producer to the customer with no intermediaries

47
Q

Intermediary

A

A link in the distribution chain between the producer and the customer

48
Q

Physcological pricing

A

Seeting prices slightly lower than a whole number

49
Q

Price discrimination

A

When a company charges different prices to different customers for the same goods or services

50
Q

Premium pricing

A

A strategy where businesses price a product higher than the market average to strengthen quality and establish a luxury brand image

GCSE Business Studies (6 decks)

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