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B5 - Marketing Flashcards

1
Q

How can you identify customer needs and wants?

A
  • Suggestion Box
  • Questionnaires
  • Focus Groups
  • Interviews
  • Complaints
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2
Q

What is the marketing mix?

A

A term used to describe a combination of makerting tactics used to achieve business objectives

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3
Q

What is Market Segmentation?

A

Process of dividing a broad consumer or business market, into sub-groups of consumers ( known as segments ) based on some type of shared characteristics e.g. gender

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4
Q

How is segmntation used?

A

To identify a group of customers with similar needs. Learning about these customers helps a business customise their product/service

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5
Q

What are some types of segmentation?

A
  • Gender
  • Age
  • Location
  • Income
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6
Q

What is market research?

A

Involves finding out what customers want and need

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7
Q

Why do businesses conduct market research?

A
  • To identify market opportunities
  • To get better insight into their customers and competitors
  • To gain information to help with decision making
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8
Q

What information is collected in market research?

A
  • Information on demand
  • Information on the competition
  • Information on target market
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9
Q

What is Quantative Data?

A
  • involves gathering data and measuring responses

- is statistical in nature so it is important to use a large enough sample size so the results are meaningful

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10
Q

How Quantitive Data displayed?

A
  • In charts
  • Graphs as statistics and percentages.
  • Questionnaires written to gather numerical data
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11
Q

What are examples of Quantitive reseach?

A
  • questionnaires with closed questions
  • online surveys
  • telephone, on-street or postal surveys
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12
Q

How is Quantitive Research useful?

A
  • Useful for discovering trends relating to consumer preferences
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13
Q

What is Qualitative Research?

A

Seeks to gather and explore feelings and thoughts about a product from consumers

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14
Q

How is Qualititive Research gathered?

A

– Focus group discussions
– Interview with consumers on what they think about the product or service
– Observations of buyer behaviour (e.g. only family groups bought the squash)

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15
Q

How can Qualitative Research useful?

A
  • to discover consumers’ motivations, needs, reactions to products/services AND reactions to new products and to come up with new concepts
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16
Q

What is Primary Research?

A

Original data gathered by the researcher that doesn’t yet exist

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17
Q

What are some methods of primary research?

A
  • Questionnaires / surveys
  • Interviews
  • Focus Groups
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18
Q

What is Secondary Research?

A

Colleting data that already exists

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19
Q

What are some Secondary Research methods

A
  • Internet Research

- Printed media, e.g. Newspapers

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20
Q

What is market size?

A

Measures whether the overall market is increasing or decreasing

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21
Q

What is Market Share?

A

Measures the total sales of one business compared to the total sales in a particular market, expressed as a percentage

22
Q

What is Product Differentiation?

A

When a business makes their product or service different from the competition

23
Q

How can Business’ differentiate products / services

A
  • Brading
  • USP ( Unique Selling Pount )
  • Business Location
  • Design
  • Customer service
  • Quality
  • Product Mix
24
Q

What are the 5 stages of Product Life Cycle

A

1) Research & Development
2) Introduction
3) Growth
4) Maturity
5) Decline

25
What does the Reasearch & Development stage in a product life cycle involve?
- where a product is designed and market research is anaylsed to produce a product which will satisfy customer needs
26
What does the Introduction stage in a product life cycle involve?
- Release of product to the market - Involves high costs in Marketing ; promotion - Sales will be low as customers may to yet be aware of the products - Advertising will be informative to let customers know about the product
27
What does the Growth stage in a product life cycle involve?
- Products are enjoying rapid growth in sales and profits - Customers are aware of the product and demand is high - A business may advertise the product to take advantage of the high demand
28
What does the Maturity stage in a product life cycle involve?
- Products face intense competition now all the producers have joined the market - Sales are high but profits are starting to fall - Products have to be discounted to keep sales high
29
What does the Decline stage in a product life cycle involve?
- Products may be limited in production - Profits and sales have fallen - Product may be withdrawn from sale - The business may decide to heavily discount to get any last sales before the product becomes obsolete
30
What are some Extension stratergies in a product life cycle ?
- Adding more/different features - Changing target market - Price reduction - Advertising
31
What is Product Portfolio?
the collection of all the products and services offered by a company
32
What is the Boston Martix?
- A tool to help a business understand its product portfolio - Looks at two dimensions: market share & market growth, in order to assess new and existing products in terms of their market potential - It helps marketing managers work out how much to spend on each product
33
In Boston Matrix, what label has HIGH Market Growth and HIGH Market Share?
Star
34
In Boston Matrix, what label has HIGH Market Growth and LOW Market Share?
Question Marks
35
In Boston Matrix, what label has LOW Market Growth and HIGH Market Share?
Cash Cow
36
In Boston Matrix, what label has LOW Market Growth and LOW Market Share?
Dog
37
What are the 5 pricing methods
- Price Skimming - Price Penetration - Competitive Pricing - Loss Leader - Cost Plus
38
What is price skimming?
- When products are unique or first to market so a high price is charged. - This is so business can maximise revenue and profits before subsitutes emerge
39
What is price penetration?
Setting prices really low for a new product/service to encourage sales amd to persuade customers to try the product for the first time.
40
What is competitiive pricing?
Setting a price similar to competitors. Customers will then judge a product based on non-price methods.
41
What is Loss Leader pricing
- Selling a product at a low or even loss making price | - Could be done to attract customers who buy more profitable products
42
What is cost plus pricing
- Calculating total cost to produce the product or service and profit is added on top. - Mostly used in the food industry
43
What happens to demand as price falls?
As price falls, demand increases
44
What are the objectives in terms of where a business decides to sell?
- To get its products to as many customers as possible - To get the most cost-effective way to get its product to its customers - To get the product to be easily available to its customers
45
What is a retailer?
- A retailer sells goods direct to a consumer. - The owner of the retail shop may have bought the goods from a wholesaler or manufacturer to sell on to the consumer - An example of a retailer is Tesco's
46
What is a wholesaler?
Wholesalers buy bulk and sell to resellers, not consumers
47
What is telesales?
Involes talking to potential amd existing customers over the phone. It can be used to: - promote a new product - stay in touch with customers
48
What is e-commerce
Buying an selling goods using an electronic network, such as the internet
49
What is m-commerce
M-commerce is a type of e-commerce conducted through mobile devices
50
What are some advertising promotional methods?
- Newspapers - Magazines - Television - Internet - Billboard
51
What are some sales promotion promotional methods?
- Free gifts - 2 for 1 offers - Samples - Coupons - Competitions

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