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Business Studies > B5 - Marketing > Flashcards

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
Q

What does the Reasearch & Development stage in a product life cycle involve?

A
  • where a product is designed and market research is anaylsed to produce a product which will satisfy customer needs
26
Q

What does the Introduction stage in a product life cycle involve?

A
  • 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
Q

What does the Growth stage in a product life cycle involve?

A
  • 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
Q

What does the Maturity stage in a product life cycle involve?

A
  • 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
Q

What does the Decline stage in a product life cycle involve?

A
  • 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
Q

What are some Extension stratergies in a product life cycle ?

A
  • Adding more/different features
  • Changing target market
  • Price reduction
  • Advertising
31
Q

What is Product Portfolio?

A

the collection of all the products and services offered by a company

32
Q

What is the Boston Martix?

A
  • 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
Q

In Boston Matrix, what label has HIGH Market Growth and HIGH Market Share?

A

Star

34
Q

In Boston Matrix, what label has HIGH Market Growth and LOW Market Share?

A

Question Marks

35
Q

In Boston Matrix, what label has LOW Market Growth and HIGH Market Share?

A

Cash Cow

36
Q

In Boston Matrix, what label has LOW Market Growth and LOW Market Share?

A

Dog

37
Q

What are the 5 pricing methods

A
  • Price Skimming
  • Price Penetration
  • Competitive Pricing
  • Loss Leader
  • Cost Plus
38
Q

What is price skimming?

A
  • 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
Q

What is price penetration?

A

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
Q

What is competitiive pricing?

A

Setting a price similar to competitors. Customers will then judge a product based on non-price methods.

41
Q

What is Loss Leader pricing

A
  • Selling a product at a low or even loss making price

- Could be done to attract customers who buy more profitable products

42
Q

What is cost plus pricing

A
  • Calculating total cost to produce the product or service and profit is added on top.
  • Mostly used in the food industry
43
Q

What happens to demand as price falls?

A

As price falls, demand increases

44
Q

What are the objectives in terms of where a business decides to sell?

A
  • 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
Q

What is a retailer?

A
  • 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
Q

What is a wholesaler?

A

Wholesalers buy bulk and sell to resellers, not consumers

47
Q

What is telesales?

A

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
Q

What is e-commerce

A

Buying an selling goods using an electronic network, such as the internet

49
Q

What is m-commerce

A

M-commerce is a type of e-commerce conducted through mobile devices

50
Q

What are some advertising promotional methods?

A
  • Newspapers
  • Magazines
  • Television
  • Internet
  • Billboard
51
Q

What are some sales promotion promotional methods?

A
  • Free gifts
  • 2 for 1 offers
  • Samples
  • Coupons
  • Competitions

Business Studies (5 decks)

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