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business- marketing Flashcards

1
Q

What is marketing?

A

Process of Identifying anticipating and satisfying customer needs profitably

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2
Q

What does identifying mean?

A

Finding out by using market research about current products

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3
Q

What does anticipating mean?

A

Analysing data and predicting what might happen in the market

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4
Q

What does? satisfying mean

A

Making sure the customers are happy with the product

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5
Q

What is the purpose of marketing?

A

About understanding customers and finding ways to provide goods/ services which customers demand

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6
Q

What is the purpose of market research ?

A

Reduce risk- make sure correct price

Identify customer needs

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7
Q

What is primary research?

A

Entrepreneur does for themselves

Data collected first hand

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8
Q

What is secondary research?

A

Can be done inline by someone else

Data that already exists and has been already collected for a different purpose

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9
Q

Questionnaires + and -

A

Document given to customers

+ relatively cheap, good quality data - money can be spent on advertising
+ quick and easy done by the responder so decisions made quicker and more efficiently

  • reply rates are often low
    -easily ignored - not enough respond - not enough information gathered - incorrect decisions
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10
Q

Interviews + and -

A

+ done by telephone or face to face - detailed information

+ interviewers can explain questions if there misunderstanding - correct decisions - increase productivity

  • time consuming - expensive - done through advertising
  • customers maybe feel uncomfortable- bias - inaccurate data collected - product fail
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11
Q

Focus Group + and -

A

Small groups if people who represent the target market for the product and are asked questions and given info on it

+detailed information about customer taste- specific changes could be made - sales increase
+detailed opinions - qualitative info

-can be costly and time consuming to conduct - has to be carefully managed
-may not reflect viewpoints of others fully- can get biased panel

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12
Q

Trialling + and -

A

+ opportunity for business to trial a good or service to see consumers views on it

  • expensive to set up
    -chosen area must represent target marker for info to be valid and useful
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13
Q

Census + and -

A

questionnaire given by the government to be completed by the whole country

+detailed info
-out of date
(done every 10 years)

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14
Q

Competitors website + and -

A

+ range of different things like prices

  • established business so they have brand loyalty a new business doesnt
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15
Q

Customer reviews + and -

A

+ what they like and dislike specific rating on the product

  • may be established business so reviews may not apply to the new one
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16
Q

magazines and trade press + and -

A

+ quick and cheap - good source of analysis

  • not specific enough
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17
Q

Whats qualitative and quantitative data?

A

Qualitative: based in opinions - more detailed like focus group and interviews

Quantitative: data thats numerical like questionnaire or as graphs - easy to analyse

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18
Q

Qualitative data + and -

A

+ highlight issues that need addressing like why customers don’t buy
+focuses on needs and wants of a customer providing insight

  • expensive to collect and analyse - needs skill
    -based around opinions so there is a risk its biased
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19
Q

Quantitative data + and -

A

+ data is simple
+ can be compared to other competitors

-doesn’t explain behind reasons behind the numerical trend
-lacks reliability if sample size and method isn’t valid

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20
Q

What is a :

Market
Customer
Consumer

A

Market- place where buyers and sellers meet and a sale takes place

Customer- person that buys a product or service

Consumer- person thay uses the product or service

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21
Q

What is market segments?
And what does segmentation include?

A

-Groups if customers within a market thay have a similar interests

-gender
-age
-location
-income

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22
Q

Socio economic groups +

A

+Advertising can be targeted to a specific market segment so its more effective - saves cost - increase in profit - least profitable markets are avoided

+ensures customers wants and needs are matched leading to customer satisfaction meaning increase in sales

+business make better informed decisions leading to increase in profits due to targeted profits

23
Q

What’s market size?

A

Number of customers

24
Q

Formula for market share?

A

Business sales
——————— X 100
Market sales

25
Formula for market growth?
Change ———— X 100 Original
26
2 benefits of calculating market share
-Good indicator of competitive advantage -explains overall market split between competitors
27
What are the 4 P’s?
Product Price Place Promotion
28
What is a product? + how can it be different? + what makes it successful?
-Tangible item capable of satisfying customer needs -design formulation -name needs to be easy to remember -quality needs to be good -efficiency
29
What is invention and innovation?
Invention- creation if an entirely new product Innovation- existing product/service that’s improved
30
Whats a product life cycle?
Model which shows the stages a product goes through over its life
31
What are the functions of the product life cycle?
- helps identify expected sales at each stage -when the product is most profitable
32
What are extension strategies?
Keeps the product on the market for longer when a product reaches maturity or saturation E.g new packaging, advertising
33
Price skimming + and -
+high profits straight away help pay back research and development costs +product may get a reputation so brand loyalty -cant last for long as competitors will launch rival products putting pressure on price -slow down growth if sales of the product as its expensive and no more customers are willing to buy the high price (Involves setting a high price before other competitors come into the market)
34
Price penetration + and -
(Business offers low prices on goods and services) +builds customer usage and loyalty +long term profitability of having higher sales and higher market share -only short term and lowers profits -difficult to raise selling price in the future
35
Cost plus + and -
(Involves setting a price based in cost and adding a fixed amount of profit) = mark-up +profit is guranteed +easy to calculate -if price set too high it will be too expensive compared to rivals therefore uncompetitive
36
Competitor pricing + and -
+ selling prices should be in line with rivals and competitive = attracts customers -business mau need to attract customers other than price like good qualities and food customer service leading to special offers -competitor pricing changes
37
Promotional pricing + and -
(Short term reducing price to attract customers to buy products) +sales volume will increase improving cashflow and increasing market share +encourages customers to trial a product who may become loyal once price increases -only buy the products when on promotion -brand image may be tarnished by too many promotions and customers expect offers
38
2 factors influencing pricing decisions
Product lifestyle Degree of competition
39
What is promotion and why promote? + give two methods
Promotion is an aim to ensure that customers are aware of the existence of the products and remind them about it. -informs customers about the product -persuades them to buy it -sales promotion -Advertising
40
What influences promotional decisions?
-Stages in the product life cycle -competition
41
What is the point of sale?
Place which a retail transaction takes place
42
+ and - of sales promotion
+ effective at achieving a quick boot sales +encourages customers to trial a product -effect lasts short term -customers will come to expect the offers or promotions
43
Advertising + and - (give examples)
+effective for building brand awareness and loyalty +wide coverage meaning messages can be communicated effectively -expensive mostly -lacks flexibility E.g websites, social media,television
44
Social media + and - to promote
+Cheap to set up +encourages engagement with the customer -negative comments go viral
45
Websites + and - to promote business
+visual display of the goods and services like videos and links to clips to showcase goods +easily accessed through the use of search engines like google -content needs to be reviewed and updated -expensive to set up and maintain
46
What is place?
Physical movements of a good/ service from producer to consumer
47
What is location?
Physical store
48
What is a channel of distribution?
Path of a product takes from producer to the final user
49
Modern chain meaning?
No wholesalers meaning savings are passed onto the other
50
Intermediaries + and - ?
+producer access thousands of customers by selling to retailers +helps to distribute product widely and save manufacturer costs of trying to distribute directly to customers -want to make a profit so the prices is increased at each stage -selling in to someone else the producer loses control. Producer may not approve of their display
51
E-commerce and m-commerce + and -
+opportunity to reach a wider target +reduces the need to hold large amounts of stock as the need to be storer centrally and not spread across a no. of stores -expensive to create and maintain a website -limits power of face to face
52
Whats the marketing mix?
How a business combined its product,price,promotion, place to be successful
53
Why is market data important?
-Creates a Detailed understanding of the market -so marketing strategies are effective and objectives are met

my flashcards<3 (10 decks)

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