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S3 > Business: Marketing > Flashcards

Business: Marketing Flashcards

1
Q

Marketing Definition

A

Marketing is the anticipation, identification and fulfilment of customers needs

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2
Q

What is the activities involved in marketing

A
  1. Carrying out market research
  2. Developing and designing the PRODUCT
  3. Deciding the right PRICE to charge
  4. Deciding on the best method of PROMOTION
  5. Deciding on the right PLACE to sell them
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3
Q

What is market segmentation

A

A market segment is a part of the market which contains a group of buyers with similar characteristics

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3
Q

What are 2 reasons as to why firms segment

A
  1. Firms can’t or don’t want to supply a full range of products
  2. A marketing campaign can be targeted at a particular group of people
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4
Q

Name 4 market segments

A
  • Age
  • Gender
  • Family size
  • Income
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4
Q

What is market research

A

Market research is the gathering, recording and analysing of information about the possible market for a good or service

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4
Q

What is 2 facts about market research

A
  1. Customers want value for money and will shop around to get it
  2. Now there is competitors abroad
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5
Q

What are 4 things that need to be found through market research

A
  1. If there is a gap in the market
  2. What customers like or dislike about the product
  3. What competitors are doing
  4. How much customers will buy of the product
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6
Q

What are 2 methods of market research

A
  • Field
  • Desk
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7
Q

What is the definition of Field research

A

Field research involves finding out information first hand directly from the public or customers

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8
Q

What are 2 advantages of field research

A
  1. Information is gathered specific to your purpose
  2. Information is up to date
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9
Q

What are 2 disadvantages of field research

A
  1. It is more expensive than desk research
  2. People might not give truthful answers
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10
Q

What are three main forms of field research

A
  • Consumer panels
  • Questionnaires
  • Test marketing
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11
Q

What are questionnaires

A

These are forms with lots of questions. These are made to get opinions from the public. These could be in the forms of postal, face to face or telephone.

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12
Q

What is a consumer panel

A

This is when a group of people come together and look at the product. This allows their initial reactions to be recorded. They gather information from their opinions of the shape, colour, design and if they like or dislike the product

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13
Q

What is test marketing

A

This is when a small section of the market test a product in a limited area. This allows problems to be sorted before the launch of the product.

13
Q

What is desk research

A

Desk research uses secondary information, already available from either inside or outside of the business

14
Q

What are 2 advantages of desk research

A
  1. It’s cheaper to access rather than from scratch
  2. It’s less time consuming than field research
15
Q

What are 2 disadvantages of desk research

A
  1. Information may be out of date
  2. Information is available for competitors
16
Q

What are 3 forms of desk research

A
  • Newspapers
  • Reports
  • Internet websites
17
Q

What are 3 internal sources for desk research

A
  1. Trends in sales figures
  2. Customers records
  3. Loyalty cards: record the products customers buy
18
Q

What are 3 external sources used in desk research

A
  1. Government statistics
  2. Internet websites
  3. Trade magazine
19
Q

What are 3 problems with market research

A
  1. The people doing the interview may influence how people answer
  2. People do not behave consistently or predictably
  3. A sample of views does not reflect the nationwide opinion
20
Q

What is a brand

A

A brand is a company or a product with a name, design or symbol which makes it instantly recognisable

21
Q

What are 3 features of a brand

A
  1. Brands have unique logos and packaging
  2. Branded products are seen as high quality
  3. Brands can create loyalty
22
Q

What are examples of brands

A
  • Nescafe
  • Kellogg
  • Nike
  • Persil
  • Heinz
  • Coca cola
23
Q

What are 3 images of your business

A
  1. The packaging the company uses
  2. Your advertising campaigns
  3. Your logo
24
Q

What are 4 benefits of branding

A
  1. Higher prices can be charged
  2. Brands are perceived as being high quality
  3. Brands are instantly recognisable
  4. It’s easier to launch new products as quality and reliability are already there
25
Q

What is an own brand

A

These are products which are sold under the name of a supermarket or retailer, rather than under the name of the manufacturing firm

26
Q

What are 3 features of own brands

A
  1. Own brands are usually cheaper than branded products
  2. Own brands are usually seen as being inferior quality
  3. Own brands appeal to the sector of the market is which price is important
27
Q

What are examples of own brands

A
  • Asda
  • Tesco
  • Morrisons
  • Sainsbury’s
  • M&S
28
Q

What is a product life cycle

A

This is a name given to the length of time a business expects a product to sell for. It is made up of a series of stages

29
Q

What are the 4 stages of a product life cycle

A
  1. Introduction
  2. Growth
  3. Maturity
  4. Decline
30
Q
A
31
Q

What is the introduction stage

A

This is when the product is launched onto the market and is making a loss. It is being heavily advertised and promoted to make customers aware of the product

31
Q

What is the growth stage

A

This is when sales are starting to increase and the product is becoming known. It is also starting to make profit

31
Q

What is the stage maturity

A

This is when sales reach their peak and profit are at their highest. Firms will try and stay here for as long as possible and will start to introduce new variations of the product. The advertising is only used as a reminder

31
Q

What is the decline stage

A

This is when sales and profits are falling and the products become out of date. There are also more rivals throughout the market.

S3 (1 decks)

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