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Business > 5. Marketing > Flashcards

5. Marketing Flashcards

1
Q

Exchange

A

Occurs when someone gives up something in return for something else, e.g. a business exchange a product for money

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2
Q

Need

A

Something that needs to be fulfilled for us to survive

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3
Q

Want

A

What we would like to satisfy our needs

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4
Q

Customer

A

Is someone who buys a product from a business

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5
Q

Consumer

A

Someone who uses goods and services produced by businesses

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6
Q

Sales volume

A

Measures the number of items sold

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7
Q

Sales value

A

Measures the revenue generated

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8
Q

Segmentation

A

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

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9
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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10
Q

Ways of segmentation

A

By gender, by age, by location, by incom

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11
Q

Market Research

A

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

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12
Q

Market segment

A

A group of buyers with similar needs within the overall market

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13
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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14
Q

Qualitative data

A

This involves views and opinions, but does not provide statistically reliable information

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15
Q

Market size

A

Can be measured by the value or the volume of sales

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16
Q

Equation for value of sales

A

Value of sales = number of units sold x price per unit

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17
Q

Market growth equation

A

Market growth = change in market size/original market size x 100

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18
Q

Market share equation

A

Market share = sales of the product/total market sales x 100

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19
Q

Market research can…

A
  • Indentify opportunities in markets
  • weigh up different possible actions
  • assess the effectiveness of actions that have been taken
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20
Q

Primary market research

A

Uses date gathered for the first time

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21
Q

Secondary market researcch

A

Uses data that has baeen gathered already

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22
Q

Ads and disAds of secondary market research

A
  • It can be gathered quickly and cheaply
  • It can provide infoemation on large sections of the population
  • The existing data may not be exactly what the business wants
  • The existing data may be out of date
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23
Q

Advantages and disadvantages of primary market research

A

Can be tailored to meet the business’s needs and is up to date.

  • Can be expensive
  • can give misleading results
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24
Q

Forms of survey

A

Telephone surveys, questionnaires, customer/supplier feedback, focus groups, internet research, printed press

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25
Q

Marketing mix

A

Refers to all the activities influencing wether or not a customer buys a product.

26
Q

The elements of marketing mixing

A

Product, Promotion, Price, Place

27
Q

In product development a business will consider

A

The design, price, expected sales and cost of development and of production

28
Q

Product differentation

A

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

29
Q

Benefit of product differentiation

A

A business can hope to attract more sales and may even be able to charge more

30
Q

New products

A

A business will want to change its products over time as customer needs and wants evolve

31
Q

Stages of new product development

A

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

32
Q

Boston Matrix

A

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

33
Q

Dog

A

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

34
Q

Four categories of products in the Boston Matrix

A

Dogs, cash cows, question marks, stars

35
Q

Cash Cow

A

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

36
Q

Question mark

A

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

37
Q

Star

A

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

38
Q

Product life cycle

A

Shows how the sales of a product may change over time

39
Q

Stages of a product

A

Development, introduction, growth, maturity, decline

40
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

41
Q

Types of extension strategy

A
  • Cutting the price to make the product better value for money
  • Spending more on advetising to make the product more popular
  • Adding more or different features, updating the packaging of the product
42
Q

Price skimming

A

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

43
Q

Penetration pricing

A

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

44
Q

Competitive pricing

A

Matching the prices that competitors charge

45
Q

Loss leader

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

46
Q

Cost plus pricing

A

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

47
Q

Factors affecting 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

48
Q

A business may communicate about its products in order to:

A

inform customers about the business, try to persuade customers to buy a product,

49
Q

Types of promotion

A

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

50
Q

Sales promotion

A

Short-term incentives to encourage customers to buy

51
Q

Advertising

A

Involves paid for communications

52
Q

Factors influencimg the promotional mix

A

Target audience, competitors’ actions, nature of the market and product, finance

53
Q

Promotional mix

A

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

54
Q

Distribution channel

A

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

55
Q

Wholesalers

A

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

56
Q

ways that the distribution channel connects to the customer

A

Mail-order businesses, Telesales, online selling via e-commerce and m-commerce

57
Q

Retailers

A

The shops that sell direct to the customer

58
Q

Intermediary

A

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

59
Q

Physcological pricing

A

£2.99 instead of £3.00

60
Q

Price discrimination

A

a selling strategy that charges customers different prices for the same product or service based on what the seller thinks they can get the customer to agree to

61
Q

Premium pricing

A

Pricing a product higher than the market average to strengthen quality and establish a luxury brand image

Business (6 decks)

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