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Business > 5.Marketing > Flashcards

5.Marketing Flashcards

1
Q

Marketing objectives

A

Sales volume and sales value
Sales growth
Market share
Market size and market growth

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2
Q

Internal factors influencing marketing objectives

A

Corporate objectives
Finance
Human resources - staff needed etc

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3
Q

External influences on marketing objectives

A

The market
Technology
Competitors
Ethics and environmental factors

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4
Q

Marketing laws

A

Predatory pricing is illegal

Trade descriptions act regulates promotion businesses can’t lie what advertised?

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5
Q

In what ways can a market be classified?

A

Location
Nature of the product
Seasonality
Development level
Product destination

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6
Q

Market Growth formula

A

Changing market size divided by old market size multiplied by 100

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7
Q

Market share formula

A

Sales divided by total market size multiplied by 100

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8
Q

Sales growth formula

A

Change in sales last year divided by sales last year multiplied by 100

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9
Q

What is market mapping?

A

Compose two features of products or brands such as quality and price

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10
Q

Why is market research done?

A

Sport opportunities
Help decide what to do next
See if plans are working
But can be expensive and bad

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11
Q

Extrapolation

A

Give to predict future sales
Trans and sales data from previous years can be continued into the future to forecast future sales. This allows manager to set target.

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12
Q

Confidence intervals

A

Modern of error for sample results
A confidence level of 95% means you are 95% certain that your confidence in the book contains the value for the population
Can be used to show uncertainty and predict and other figures

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13
Q

Price elasticity of demand

A

Shows how responsive demand is to change with price

Changing quantity demand divided by changing price percentages
Price elasticity of demand is always negative If it’s greater than one, the product is elastic if it’s less than one, it’s in elastic

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14
Q

Elastic product

A

Changing demand is greater than changing price

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15
Q

Inelastic product

A

Changing the amount to less than changing price

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16
Q

Income elasticity of demand

A

Measure of how responsible demand is to change of income

Percentages changing quantity demented over changing real income
Normal goods are less than one
Luxury goods are more than one
And inferior have a negative income elasticity of demand

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17
Q

Segment of the market

A

Divide the market into groups of similar characteristic or needs such as age groups and income groups

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18
Q

Target market

A

The side which market segment to focus on the product and the market appeal to this group

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19
Q

Concentrated market

A

Targeting one or two segments at a time and has growth potential

20
Q

Differentiated market

A

Several segments are targeted and the product and marketing mixes adapt to each segment only feasible for large companies

21
Q

Undifferentiated marketing

A

Segments are ignored and the company tries to reach the entire market of a single product and marketing mix

22
Q

Influences on positioning of a product

A

State of the market such as if the economy in the recession
Companies current products
Attribute of the company

23
Q

7 ps

A

People
Physical environment
Process
Product
Price
Place
Promotion

24
Q

Different factors influence integrated marketing mix

A

Competitive
Market research
Position of market
Location
Type of product
Product life cycle

25
Q

Three types of consumer product

A

Convenience product-inexpensive every day items
Shopping product -clothes, computers, et cetera
Speciality product -unique

26
Q

Product portfolio

A

Combination of all product lines which consists of related products with similar characteristics uses or target customers

27
Q

Boston matrix

A

To model that compares market growth with market share of a companies products
Size of each circle represents sales revenue of the product

28
Q

New products are what in Boston matrix

A

They are question marks/problem children

Require heavy marketing to give them a chance they have small market share high market growth

29
Q

Cash cows

A

Hi, market share but low market growth
They are in maturity phase and have already been promoted

30
Q

Stars

A

Hi market Griffin high market share they’re in the profitable growth phase and have the most potential the future cash cows

31
Q

Dogs

A

Low market share and low market Grove usually a failed product and no longer growing

32
Q

Product life cycle

A

Development
Introduction
Growth
Maturity
Decline

33
Q

Extension strategies keep a product going strong

A

Product development such as improving or redesigning a product
Market development such as finding new markets
Change price
Change the way they promote

34
Q

Factors affecting pricing decisions

A

Cost of product
Price elasticity of demand
Competitors
Products, life cycle

35
Q

Price skimming

A

New products are sold at higher prices when first in market and then later prices will drop when matured

36
Q

Penetration pricing

A

Products are sold at a lower price which may attract customers and then later rises slowly

37
Q

Pricing strategies

A

Predatory pricing
Competitive pricing
Psychological pricing
Loss leaders

38
Q

Types of promotion

A

Merchandising
Direct mail
Personal salon
Sponsorship
Relationship marketing such as loyalty cards
PR/publications

39
Q

Direct selling

A

Selling goods from manufacturer straight to customer

40
Q

Indirect selling

A

Manufacturer retailer to customer

41
Q

Direct selling for an agent

A

Manufacturer to agent to consumer

42
Q

Indirect selling
Two level Channel

A

Manufacturer to wholesaler to retailer to consumer

43
Q

Multi channel distribution

A

Businesses sell through more than one map method such as online and install it gives flexibility for customers and wide market coverage

44
Q

Short distribution channels features

A

Industrial products
Few customers
Expensive complex goods
In frequent sales
Bulky products

45
Q

Long distribution channels

A

Consumer products
Many customers
Inexpensive simple good
Frequent sales
Standard products
Small
Good

46
Q

What does physical environment include?

A

Decor and cleanliness
Appearance of the website and staff
Layout
Safety

Business (8 decks)

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