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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
Marketing mix
Refers to all the activities influencing wether or not a customer buys a product.
26
The elements of marketing mixing
Product, Promotion, Price, Place
27
In product development a business will consider
The design, price, expected sales and cost of development and of production
28
Product differentation
When a business wants to make their products stand out as different from the competition
29
Benefit of product differentiation
A business can hope to attract more sales and may even be able to charge more
30
New products
A business will want to change its products over time as customer needs and wants evolve
31
Stages of new product development
Generate an idea, check the idea, develop the product, trial the product, launch it
32
Boston Matrix
A way of analysing a product's share and growth in their market
33
Dog
Product has a low market share in a low-growth market
34
Four categories of products in the Boston Matrix
Dogs, cash cows, question marks, stars
35
Cash Cow
Product has a high market share in a low-growth market
36
Question mark
Product has a low market share in a fast-growth market
37
Star
Product has a high market share in a fast-growth market
38
Product life cycle
Shows how the sales of a product may change over time
39
Stages of a product
Development, introduction, growth, maturity, decline
40
Extension strategies
Attemps to maintain the sales of a product and prevent it from entering the decline stage of the product life cycle
41
Types of extension strategy
- 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
Price skimming
Setting a high price for a product when it first enters the market
43
Penetration pricing
Launching a new product at a low price to achieve fast sales
44
Competitive pricing
Matching the prices that competitors charge
45
Loss leader
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
Cost plus pricing
Where products are priced by covering the cost of it to the retailer and adding a percentage on top
47
Factors affecting the price of a product
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
A business may communicate about its products in order to:
inform customers about the business, try to persuade customers to buy a product,
49
Types of promotion
Advertising, newspaper, online, on the radio, on television and in cinemas, on vehicles, sales promotions, discoungs, buy one get one, coupons
50
Sales promotion
Short-term incentives to encourage customers to buy
51
Advertising
Involves paid for communications
52
Factors influencimg the promotional mix
Target audience, competitors' actions, nature of the market and product, finance
53
Promotional mix
The combination of promotional methods used by a business to communicate with its customers
54
Distribution channel
Describes how the ownership of a product passes from the producer to the final customer
55
Wholesalers
break bulk; they buy in large quantities from a producer and sell to retailers
56
ways that the distribution channel connects to the customer
Mail-order businesses, Telesales, online selling via e-commerce and m-commerce
57
Retailers
The shops that sell direct to the customer
58
Intermediary
A link in the distribution chain between the producer and the customer
59
Physcological pricing
£2.99 instead of £3.00
60
Price discrimination
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
Premium pricing
Pricing a product higher than the market average to strengthen quality and establish a luxury brand image

Business (6 decks)

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